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Market Report

Indianapolis Office Market Report

4Q 2023

Leasing Trends Improve in Eastern Indianapolis;
Minimal Development Allows Demand to Catch up

East Marion County stands out nationally. In the final quarter of 2022, V2X occupied 1.1 million square feet in the East Marion County submarket. An additional 86,000 square feet of space was absorbed here on net between April and June of this year, allowing vacancy to compress to 2.8 percent entering the mid-point of 2023. This stood as the tightest rate among major U.S. metro submarkets with at least 4 million square feet of stock. Although local rent growth here was the fastest among all Indianapolis submarkets at 9.4 percent, the average asking rate stood at nearly half the market mean in June, attracting cost-sensitive firms to the area. 

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