Indianapolis Office MarketBeat Q1 2026

Cushman & Wakefield's Q1 2026 Indianapolis office market report documents that overall net absorption reached 92,000 square feet with a 20.8% vacancy rate and asking rents of $21.83 per square foot, driven primarily by strong Class A tenant demand concentrated in suburban submarkets particularly Keystone. The construction pipeline remains at a five-year low with only 70,000 square feet under construction, while investor sales dominated transaction activity at 87.3% of the 400,000 square feet in office sales during the quarter.