Indianapolis office market report

Q2 2024

Indianapolis' office market saw a slight decrease in leasing activity and a moderate increase in availability in the second quarter compared to last quarter. While still recovering, Indianapolis’ office market has performed better than several Midwest markets due to its diverse tenant base, central location, and cost of living, which is led by affordable housing options. Office sales activity has continued to decline due to elevated interest rates and lingering uncertainty for the asset class.
827,000 sf

Total leasing activity through the first two quarters of 2024

Through the first half of 2024, leasing activity remains relatively on par with the previous three years. However, leasing activity in the second quarter of 2024 was 30% less than the second quarter of 2023.

$305M

Total dollar volume of office building sales since 2022

A combination of rising interest rates and investor sentiment has stalled office sales significantly in 2024. Price per square foot has declined but not as significantly as in major gateway markets like Chicago or San Francisco. Only $3M of office sales were recorded in the second quarter 2024.

770,000 sf

Sublet availability across the market

This is the lowest amount in the past two quarters.

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Get in-depth office market reports and insights from commercial real estate experts in the Greater Indianapolis area. Avison Young advisors look at Indianapolis commercial real estate activities and the latest Indianapolis statistics to provide you expert market research on Indianapolis' office properties.

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