Figures

Indianapolis Office Figures Q3 2026

October 8, 2026 5 Minute Read

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  • Demand for office space continues to grow, especially in the desirable Carmel and Keystone submarkets, pushing the overall vacancy rates down 40 basis points (bps) from 20.2% in Q2 2026 to 19.8% for Q3 2026. The decline is part of a downward trajectory that started after Q1 2026, when the vacancy rate hit its highest level in three years at 20.8%.
  • Absorption fell 63% from Q2’s 250,000 sq. ft. to 91,300 sq. ft. but remained in positive territory for the second straight quarter, after losing 60,000 sq ft. in Q1 2026 and 220,000 sq. ft. in Q4 2025.
  • No new construction delivered this quarter, but 68,000 sq. ft. remained under construction in the Fishers/Geist submarket.
  • The average direct asking rate remained fairly stable, rising by only $0.03 from Q2 to $22.40 per sq. ft, but still $0.01 lower than Q1.