The Indianapolis Commercial Real Estate Market

Indianapolis thrives at the intersection of affordability and steady economic growth - a rising Midwestern metro area that’s proving to be a smart bet for commercial real estate investors. Known for its central location and robust infrastructure, Indy offers an efficient gateway to regional and national markets, especially for logistics, manufacturing, and healthcare industries. As population growth and business investment continue to expand across the region, demand for quality commercial space stays strong.

Crexi is proud to support this momentum by equipping brokers, buyers, and tenants with the insights and tools they need to navigate Indianapolis’ evolving marketing. From the latest property listings to powerful lead management features, Crexi helps commercial professionals in Indy work smarter and close deals faster.

To date, Crexi’s commercial real estate platform has powered more than $664 billion in transactions and helped market over $7 trillion in asset value across the U.S.

Crexi proudly serves Indianapolis, Carmel, Fishers, Greenwood, Plainfield, Noblesville, Zionsville, and the entirety of Marion County as the region’s fastest-growing digital commercial real estate marketplace.

The State of Indianapolis Commercial Real Estate 

Indianapolis may be known as the Racing Capital of the World, but its commercial real estate market is built for endurance. With a strong foundation in healthcare, logistics, manufacturing, and education, Indy continues to evolve into one of the Midwest’s most balanced and opportunity-rich metros. Its central U.S. location gives it a strategic advantage for businesses looking to scale, while low operating costs and a stable workforce attract both national brands and local entrepreneurs.

Beyond the business appeal, Indianapolis offers a dynamic quality of life. The city is home to an impressive park system, walkable cultural districts, professional sports teams, and a thriving dining and arts scene - all of which make it as livable as it is investable. From historic buildings downtown to growing suburban hubs, there’s a broad mix of CRE opportunities to meet nearly every investor profile.

As population trends shift and remote-friendly work continues to influence where companies choose to grow, Indianapolis stands out as a market with longevity, resilience, and room to run.

Indianapolis Regional Breakdown

Indianapolis continues to attract new residents with its combination of affordability, opportunity, and livability. The city boasts a younger, well-educated population and a growing share of high-income households, trends that are helping shape a more dynamic local economy. With over 2 million people in the surrounding metro area and a rising talent base, Indy is well-positioned for continued growth across both residential and commercial sectors.

• Indy is home to about 879,293 people, with more than 2.1 million residents in the Indianapolis-Carmel-Greenwood, IN metro area. 
• The median age in Indianapolis is 34.3, which is slightly younger than the overall figure in Indiana.
• Nearly 37% of Indy residents have a Bachelor’s degree or higher, a number that is about 20% higher than the rate in Indiana. 
• The median household income in Indianapolis is $66,629, with about 30% of residents earning six figures.

Indianapolis Job Market

Indianapolis is seeing steady growth in the job market, thanks to a diverse economy, competitive business climate, and strategic location at the heart of the Midwest. With GDP growth nearing 30% over the past decade and unemployment well below the national rate, the region is proving its strength and sustainability. Industries like tech, advanced manufacturing, and motorsports continue to anchor the economy, while public-sector employers and major healthcare networks help drive long-term stability.

A strong pipeline of talent from forty-plus higher education institutions supports both innovation and workforce expansion. And with its extensive interstate network, award-winning airport, and growing public transit system, Indy offers the connectivity that modern employers need. For companies and job seekers alike, Indianapolis is a smart place to grow, hire, and thrive.

• The GDP of Indianapolis is 161.8 million, an increase of nearly 30% over the past decade. 
• The Indianapolis-Carmel-Greenwood metro area’s unemployment rate is 3.1%, marking impressive improvements over the past several months. 
• Key industries in Indianapolis include technology, advanced manufacturing and logistics, agriculture, life sciences, and of course, motorsports. 
• The largest employers in Indianapolis (based on number of employees) include Walmart Inc., the U.S. Government, Indiana University Health, the State of Indiana, Indiana University, and The Kroger Co. 
• The area is host to more than three dozen higher education institutions, including IU Indianapolis, Marian University, the University of Indianapolis, and DePauw University.
• Nicknamed the “Crossroads of America,” Indy houses an extensive transportation infrastructure that includes four major interstates, the IndyGo public transit system, and the Indianapolis International Airport - consistently ranked as one of the top airports in the U.S. 

Indianapolis Industrial Market

Market Overview (Cushman & Wakefield Q1 2025)

• Inventory: 353,332,308 SF
• Vacancy rate: 10.7%
• Absorption:  -240,443 SF (YTD)
• Key leases by tenant: Undisclosed tenant (805,000 SF), Epson America Inc. (750,820 SF), DHE (457,704 SF)
• Under construction:  3,265,507 SF 
• Largest submarkets: Southwest, Northwest, East

Crexi Insights

These are the most recent Indianapolis industrial lease and sales trends from Crexi Insights (as of May 2025):

For Lease (active)

• Asking rate/SqFt (median): $9 per year
• Median SqFt/listing: 6,667
• Days on market (median): 189
• Total listings on Crexi: 259 spaces

For Sale (active)

• Median asking price: $1.5 million
• Price/SqFt: $91
• Days on market: 181
• Total listings on Crexi: 65

Sales Comps (past 12 months)

• Median sold price: $970,000
• Sold price/SqFt: $91
• Total sales volume: $894.9 million
• Sold cap rate: 6.9%
• Median SqFt sold/transaction: 11,200
• Total SqFt sold: 4.1 million 
• Days on market (median): 148

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Indianapolis Office Market

Indianapolis’ office market is going through a reset - not a slowdown, but a shift. Leasing has tapered off a bit, and vacancy is up in some areas, but tenants are still active, especially when it comes to newer, high-quality spaces. Developers are moving carefully, with most new projects either built-to-suit or already pre-leased before breaking ground. It’s a more measured pace, but one that reflects a healthy push toward long-term stability. As one of the country’s key logistics crossroads, Indy remains a strong contender for companies looking for space that works as hard as they do.

Market Overview (Cushman & Wakefield Q1 2025)

• Inventory: 39,681,263 SF
• Vacancy rate: 21.9%
• Absorption:  -159,910 SF (YTD)
• Key leases by tenant: Krieg DeVault LLP (26,965 SF), JLL (15,573 SF), Ernst & Young U.S. (15,440 SF)
• Under construction:  326,656 SF 
• Largest submarkets: Downtown, North/Carmel, Keystone

Crexi Insights

For a fresh perspective on Indianapolis's office real estate market, here are the most recent office lease and sales trends from Crexi Insights (as of May 2025):

For Lease (active)

• Asking rate/SqFt (median): $20 per year
• Median SqFt/listing: 2,324 SF
• Days on market: 223
• Total listings on Crexi: 771 spaces

For Sale (active)

• Median asking price: $1.2 million 
• Price/SqFt: $178 
• Asking cap rate: 7%
• Days on market: 162
• Total listings on Crexi: 81

Sales Comps (past 12 months)

• Median sold price: $550,000
• Sold price/SqFt: $92
• Total sales volume: $171.3 million
• Median SqFt sold/transaction: 5,166 SF
• Median sold cap rate: 9.2%
• Days on market (median): 216

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Indianapolis Retail Market

Indy’s retail market is in a healthy rhythm, with steady leasing activity and low vacancy rates across much of the metro. Local and regional retailers are still actively securing space, especially in well-positioned trade areas with strong foot traffic. While new construction remains limited, that tight supply is helping keep the market balanced and rents consistent. From neighborhood centers to destination retail, demand continues to track with population growth and shifting consumer habits. As the retail landscape evolves, Indianapolis is holding its own with adaptability and staying power.

Market Overview (Cushman & Wakefield Q1 2025) 

• Inventory:  45,739,577 SF
• Vacancy rate: 4.2%
• Absorption:  -36,965 SF (YTD)
• Key leases by tenant: Fun Max Adventure Park (39,478 SF), Wow Bargain Deals (22,247 SF)
• Under construction: 10,973 SF

Crexi Insights

Here are the most up-to-date Indianapolis retail lease and sales trends from Crexi Insights (as of May 2025):

For Lease (active)

• Asking rate/SqFt (median): $22 per year
• Median SqFt/listing: 2,522 SF
• Days on market: 321
• Total listings on Crexi: 396 spaces

For Sale (active)

• Median asking price: $1.1 million
• Price/SqFt: $212
• Asking cap rate: 7.2%
• Days on market: 106
• Total listings on Crexi: 126 

Sales Comps (past 12 months)

• Median sold price: $540,000
• Sold price/SqFt: $119
• Total sales volume: $874.3 million
• Sold cap rate: 7.9%
• Median SqFt sold/transaction: 3,845 SF
• Days on market (median): 134

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Indianapolis Multifamily Market

Indianapolis’ multifamily market is charting a stable course, buoyed by a mix of steady rent growth, manageable vacancy, and consistent investor interest. While new construction has slowed, that pullback is helping the market rebalance after a wave of recent deliveries. 

Demand remains healthy, especially in suburban pockets where renters are prioritizing space and value over proximity to downtown. With a stable economy and strong fundamentals in place, Indy continues to attract attention from both local and out-of-state investors. As the region grows, its multifamily sector is well-positioned to evolve alongside it.

Market Overview (Colliers Q1 2025)

• Multi-unit inventory: 170,732 units
• Vacancy rate: 7.2%
• Effective rent per unit: $1,312
• Market rent change: 2.3% (YoY)
• Units under construction: 6,692
• Key projects under construction: Sylo at the Farm (400 units), Monon Square (367 units), Silver at Saxony (362 units)

Crexi Insights

Here are the most recent Indianapolis multifamily Insights from Crexi (as of May 2025):

For Sale (active)

• Median asking price: $812,500
• Price/SqFt: $148
• Price/Unit: $141,700
• Asking cap rate: 7.4%
• Days on market: 93
• Total listings on Crexi: 31

Sales Comps (past 12 months)

• Median sold price: $226,100
• Sold price/SqFt: $50
• Sold price/unit: $95,300
• Total sales volume: $737.5 million
• Total SqFt sold: 2.6 million
• Days on market (median): 89

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Get more in-depth Indianapolis market data with Crexi Intelligence.