Figures

Indianapolis Office Figures Q4 2025

Northern Suburbs Drive Indianapolis Market Recovery

January 9, 2026 5 Minute Read

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—Indianapolis’ vacancy rate declined by 60 bps to 19.3% in Q4 2025.
—Overall absorption turned positive at 88,102 SF from Q3 2025’s dip of (37,091) sq. ft. In particular, the suburban submarkets’ absorption increase of 243,631 sq. ft. made up for downtown’s decline of (155,529) during Q4 2025.
—All property classes across all submarkets saw lease rate declines this quarter, when compared with Q3 2025. Property classes B and C asking rates fell $0.05 to $19.59 gross. Class A properties saw a slight decline, also dropping $0.05 to $24.44.
—Keystone saw the most leases signed this quarter of any submarket – nine. The largest was for a new lease for DuCharme, McMillen & Associates for 90,378 sq. ft. They will not occupy the space until Q3 2026.