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Five Fast Office Facts Indianapolis

Maggie Tillotson • 8/9/2023
What You Need to Know in Today's Indianapolis Commercial Real Estate (CRE) Office Market.
  1. Strongest Quarter of New Leasing Since 2021 
    New leasing activity totaled 583,000 SF in the second quarter, the highest quarterly new leasing total since Q4 2021. North/Carmel was the top submarket for new leasing, with 223,000 SF of new leases signed. 

  2. Occupancy Losses Due to Sublease Space 
    Seven of the 10 submarkets posted quarterly occupancy losses, driven largely by numerous vacant blocks of sublease space added to the market. The amount of vacant sublease space increased by 39.3% QOQ.  

  3. Class A Asking Rents Rise QOQ and YOY 
    While overall asking rents declined slightly on a quarterly and yearly basis, Class A asking rents increased both QOQ and YOY to $24.16 psf. Class A asking rents are highest in the Keystone submarket, totaling $26.30 psf. 

  4. Construction Completion and Building Renovations Add to Inventory 
    The market recorded its first construction completion of the year, a 30,000 SF BTS. Two building renovations were also completed, adding 244,000 SF of updated, amenitized space to the market.  

  5. Indianapolis Unemployment Rate Remained Unchanged 
    The unemployment rate for the Indianapolis MSA remained unchanged QOQ and YOY at 2.7%. 


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