Indianapolis Office Market Report

Metro’s office sector showed promising signs in early 2024. Net absorption surpassed 400,000 square feet from January through March of this year, representing the market’s strongest quarter for office demand since the final frame of 2021. Three of Indianapolis’ four largest submarkets by inventory recorded net absorption of at least 100,000 square feet during that period, reflecting optimistic trends in several of the market’s primary office hubs. Northwest Marion County led the way with a net absorption total of nearly 180,000 square feet, which was the submarket’s strongest quarter in almost seven years. The Park 100 and College Park corridors near the Interstates 465 and 865 interchange were particularly in favor by tenants here. Northeast Marion County also surpassed net absorption of 100,000 square feet during the first quarter of 2024, with pronounced leasing activity near Keystone Crossing and Castleton.