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Market Report

Indianapolis Office Market Report

2024 Investment Forecast

Recent Commitments and Long-Term Initiatives Bolster
CBD Dynamics; Investors Still Drawn North

Sizable move-ins look to maintain Downtown Indianapolis’ tight conditions. The metro’s CBD vacancy rate continued to rank among the nation’s lowest entering 2024, despite marketwide challenges. Move-ins from Spot Logistics, Milhaus, and Gregory & Appel helped temper an overall gain in the amount of vacant space here last year. In 2024, local commitments are headlined by Forvis LLP, while Enviri Corporation’s anticipated 2025 move-in exhibits longer-term demand in the area. Relatively low operating costs and connectivity to major nearby cities support demand for local space, including from Elanco, which awaits the completion of its new world headquarters west of the White River. Plans to extend the Indianapolis Cultural Trail across the river with the Henry Street bridge development would improve downtown connectivity, potentially aiding further business migration. Dynamics in South County, spanning Garfield Park to Greenwood, are also of note. Vacancy here compressed in each of the past three years, to sub-5 percent entering 2024, bolstered by the expanded presence of Lilly Technology Park.

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