Indianapolis Office Figures Q2 2026

—Indianapolis office occupancy rose sharply in Q2 by 250,748 sq. ft., achieving the highest net quarter over quarter absorption rate in three years.

—The rise in occupancy, by 250,748 sq. ft., offset Q1’s decline of negative 113,000 sq. ft., moving the half year’s results in positive territory at 138,000 sq. ft.

—Vacancy dropped to 19.9% for the first time in three years. The northern suburbs drove most of the change.

—Construction remained slow with no buildings delivering yet this year. Only one 48,012 sq. ft. building in Fisher/Geist submarket is under construction.

—The average direct lease rate of $22.37 per sq. ft. remained relatively stable with only a 3-cent average decline from last quarter.