Indianapolis Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from CoStar (Indianapolis), Cushman & Wakefield, CBRE, Colliers, Avisonyoung Us, Cresa
Quarterly office market indicators for Indianapolis, aggregated by PropZone from CoStar (Indianapolis), Cushman & Wakefield, CBRE, Colliers, Avisonyoung Us, Cresa. As of Q1 2026, average asking rent was $20.98/SF.
Projected current office pricing — Indianapolis
low confidenceProjected asking rent
$20.98/SF/yr
Estimated sale value
$112–$146/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 8.6%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $20.98/SF | — | — | — | CoStar (Indianapolis) |
| Q1 2026 | $21.56/SF | 5.0% | 0K SF | — | Cushman & Wakefield |
| Q1 2026 | $20.40/SF | — | — | — | CBRE |
| Q1 2026 | — | 17.7% | 0K SF | — | Colliers |
| Q4 2025 | $30.00/SF | — | -600K SF | — | Avisonyoung Us |
| Q4 2025 | $21.91/SF | 5.0% | 375K SF | — | Cushman & Wakefield |
| Q4 2025 | $22.88/SF | 5.8% | 95K SF | — | Cresa |
| Q3 2025 | — | 3.3% | 0K SF | — | Cushman & Wakefield |
| Q1 2025 | — | 4.1% | 159K SF | — | Cushman & Wakefield |
| Q4 2024 | — | 4.2% | 0K SF | — | Cushman & Wakefield |
| Q2 2020 | — | — | 2K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Indianapolis?
- As of Q1 2026, the average asking rent for office space in Indianapolis was $20.98/SF, per CoStar (Indianapolis).
- What is the office vacancy rate in Indianapolis?
- Vacancy data for Indianapolis office is aggregated from brokerage reports; refer to the quarterly table for available quarters.
- Where does PropZone's Indianapolis market data come from?
- This report aggregates quarterly office market data for Indianapolis from CoStar (Indianapolis), Cushman & Wakefield, CBRE, Colliers, Avisonyoung Us, Cresa.
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