Indianapolis Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from CBRE, Cushman & Wakefield, Cresa, Colliers, JLL, Marcus & Millichap, Avison Young
Quarterly office market indicators for Indianapolis, aggregated by CREhunt from CBRE, Cushman & Wakefield, Cresa, Colliers, JLL, Marcus & Millichap, Avison Young. As of Q2 2026, average asking rent was $22.37/SF/yr, per CBRE.
Projected current office pricing — Indianapolis
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Indianapolis office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 multiple brokerages asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent trend-adjusted to today). Assumes ~80% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 CBRE | $22.37/SF/yr | — | — | — | CBRE |
| Q2 2026 Cushman & Wakefield | $21.86/SF/yr | 20.0% | 29K SF | — | Cushman & Wakefield |
| Q1 2026 Cresa | $22.43/SF/yr | 21.0% | — | — | Cresa |
| Q1 2026 Colliers | $24.65/SF/yr | 17.7% | 18 SF | — | Colliers |
| Q1 2026 JLL | $22.74/SF/yr | 21.6% | 154K SF | — | JLL |
| Q1 2026 Marcus & Millichap | — | 12.0% | — | — | Marcus & Millichap |
| Q1 2026 Cushman & Wakefield | $21.56/SF/yr | 20.8% | — | — | Cushman & Wakefield |
| Q1 2026 CBRE | $20.40/SF/yr | — | — | — | CBRE |
| Q4 2025 Cresa | $22.88/SF/yr | 20.9% | 95K SF | — | Cresa |
| Q4 2025 Cushman & Wakefield | $21.91/SF/yr | 21.4% | -166K SF | — | Cushman & Wakefield |
| Q4 2025 Avison Young | $22.06/SF/yr | 18.5% | 527K SF | — | Avison Young |
| Q3 2025 Cushman & Wakefield | $21.73/SF/yr | 21.5% | 13K SF | — | Cushman & Wakefield |
| Q1 2025 Cushman & Wakefield | $21.58/SF/yr | 21.9% | 159K SF | — | Cushman & Wakefield |
| Q4 2024 Cushman & Wakefield | $21.78/SF/yr | 22.8% | — | — | Cushman & Wakefield |
| Q2 2020 Cushman & Wakefield | $21.16/SF/yr | 17.2% | 2K SF | — | Cushman & Wakefield |
| Q1 2020 Cushman & Wakefield | $21.15/SF/yr | 17.5% | -75K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Indianapolis office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Carmel | $23.94/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Castleton | $18.31/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| College Park | $18.54/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Downtown | $24.22/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| East | $18.31/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| East/Southeast | $16.26/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Far North | $15.13/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Fishers | $22.86/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Fishers/Geist | $23.28/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Keystone | $24.89/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Meridian Inner Loop | $20.40/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Midtown | $16.39/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| North/Carmel | $22.62/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northeast | $18.42/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northwest | $18.22/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South | $18.64/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| West | $16.39/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| West/Southwest | $16.73/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Indianapolis office did not fully agree. Asking-rent estimates differ by $0.51/SF/yr — from $21.86/SF/yr to $22.37/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| CBRE | — | $22.37/SF/yr | — |
| Cushman & Wakefield | 20.0% | $21.86/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Indianapolis?
- As of Q2 2026, the average asking rent for office space in Indianapolis was $22.37/SF/yr, per CBRE.
- 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 CREhunt's Indianapolis market data come from?
- This report aggregates quarterly office market data for Indianapolis from CBRE, Cushman & Wakefield, Cresa, Colliers, JLL, Marcus & Millichap, Avison Young.
- How much do brokerage estimates differ for office space in Indianapolis?
- For Q2 2026, the brokerage sources CREhunt aggregates for Indianapolis did not fully agree. Asking-rent estimates differ by $0.51/SF/yr — from $21.86/SF/yr to $22.37/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.