One of Central Indiana’s fastest-growing markets
Noblesville, Indiana, anchored by the Innovation Mile district, has emerged as one of Central Indiana’s fastest growing suburban markets. Supported by sustained public and private investment, the city is evolving into a center for advanced industry, corporate office users, entertainment, and mixed-use development. With direct access to I-69, strong quality of life fundamentals, and an expanding educated labor pool, Noblesville is positioned for continued economic growth and long term commercial real estate demand.
A primary driver of this growth is Innovation Mile, the city’s first designated innovation district. Over the past decade, the area has attracted concentrated development across hospitality, multifamily, and commercial uses. All 388,000 square feet of hospitality space delivered during this period has been located within Innovation Mile, reinforcing its role as a new economic focal point. An additional 104,000 square feet is currently planned.
Multifamily development reflects similar momentum. Between 2015 and 2025, inventory more than doubled from 4.8 million to 10.7 million square feet, representing a 123.0 percent increase. Approximately 1.4 million square feet remains in the pipeline, supported by population growth and rising household incomes. Noblesville’s population increased 10.5 percent over the past five years to 77,244 residents, while median household income now exceeds $110,000.
Commercial fundamentals remain strong across property types. The market contains approximately 15.3 million square feet of commercial inventory with an overall vacancy rate of 4.8 percent. Nearly 1.0 million square feet was leased in 2025. Industrial, office, and retail vacancy rates stand at 6.4%, 2.6%, and 2.3%, respectively, indicating broad based tenant demand.
Regional connectivity further supports business activity. Noblesville is located three minutes from I-69, 14 minutes from I-465, and roughly 30 minutes from downtown Indianapolis. Major logistics infrastructure including Indianapolis International Airport, the FedEx national hub, and the CSX intermodal terminal is accessible within an hour, providing efficient regional and national distribution access.
Taken together, these indicators suggest Noblesville is transitioning from a traditional suburb to a secondary employment and innovation node within the Indianapolis metropolitan area. Continued development activity, population growth, and tenant demand point toward sustained expansion of the local commercial real estate market, with Innovation Mile serving as a central driver of future growth.
