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Indianapolis has 2,613 commercial real estate spaces for lease, representing 23,034,683 sqft space.
966 buildings are available for sale.
In the past 30 days, Indianapolis has had 190 spaces leased and 661 new spaces come on market.
Indianapolis Commercial and Office Space Overview
A vibrant and bustling city in the heart of Indiana, Indianapolis is a major economic force in the Midwest and a rapidly growing cultural powerhouse. Home to major sports franchises, entertainment and cultural touchstones, and a diverse economic portfolio, life in Indianapolis is arguably as attractive and dynamic as any other U.S. city of a similar size.
With an estimated population of over 850,000, Indianapolis is among the most populous metropolitan areas in the United States and the third largest by population in the Midwest. Home to major economic players in the finance, insurance, real estate, manufacturing, professional and business services, healthcare, and wholesale trade, Indianapolis has earned its reputation as a world city - a title reserved for major contributors to global trade. Those seeking business opportunities in the city will find plenty of modern office space for rent, as well as other commercial real estate from which to choose, with a median average rate per square foot/year resting comfortably at $23.
Economy of Indianapolis
As of 2017, Indianapolis had a gross domestic product of $117 billion, with leaders in the finance, insurance, real estate, manufacturing, professional and business services, healthcare, education services, and wholesale trade contributing to this considerable economic output. Three Fortune 500 companies call Indianapolis home, including Anthem Inc, Eli Lilly, and Simon Property Group.
In addition, the local and state government contributes more than $10.2 billion annually to the city’s GDP, the equivalent to the fifth-highest contributor in the private sector. While deindustrialization has contributed to economic slumps in the past, Indianapolis’ focus on new industries and manufacturing has spurred economic expansion in industrial areas of the city, where commercial real estate is comparatively low in contrast to Indianapolis’ central core.
Trends of Indianapolis
Indianapolis is a major cultural and economic force in the Midwest, rivaling only Chicago in terms of population and impact. With an unemployment rate hovering below 6% (just below the rest of the nation), the job market in Indianapolis continues to show signs of strength and longevity.
With a median household income of $43,101, lower than average housing prices, and a sparse population per square mile, Indianapolis is an attractive option for young, affluent professionals looking to settle down or start a family in a dynamic city. Home to major sporting teams and events, Indianapolis continues to strike a healthy balance between tradition and history with new cultural and economic forces that help shape the city’s future.
Where to Rent Office Space in Indianapolis
Indianapolis’ commercial and office real estate has largely and historically been centralized around the Wholesale District, but as with many other growing cities (and especially in those with a history of manufacturing), the outskirts and developing suburban areas are ripe for growth and expansion.
With comparatively low commercial and office real estate terms, establishing new business endeavors in Indianapolis is an increasingly attractive option. However, companies who rely on professional or business services, retail, or finance should strongly consider the Wholesale District to retain visibility and foot traffic exposure in the bustling downtown area.