The Indianapolis office market recorded over 67,000 SF in positive net absorption, largely attributed to the 60,018 SF in the Suburban submarkets. This was mainly the result of 43,856 SF of positive absorption in the Carmel/Meridian submarket. Class B buildings led the way with more than 39,425 SF of positive absorption. The suburban vacancy rate declined by 37 basis points and the CBD vacancy rate decreased 6 basis points, respectively, decreasing the total vacancy to 16.90%. Rental rates in downtown Indianapolis increased by $0.03/SF to $21.25/SF across all asset classes with suburban markets also increasing by $0.10/SF to $18.56/SF.
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