The first quarter of 2025 saw Indianapolis’s urban core continue to grapple with an abundance of unleased office space, prompting owners and investors to explore
alternative strategies such as conversions to mixed-use or discounted sales. Despite this backdrop, landlords have maintained headline rents, and sublease
offerings have begun to recede from their recent peaks as occupiers gain clarity on their long-term space needs. At the same time, non-traditional users—including
flexible workspace operators and amenity-driven developers—have been among the most active transacting parties, keeping some momentum alive even as overall
leasing remains cautious.
alternative strategies such as conversions to mixed-use or discounted sales. Despite this backdrop, landlords have maintained headline rents, and sublease
offerings have begun to recede from their recent peaks as occupiers gain clarity on their long-term space needs. At the same time, non-traditional users—including
flexible workspace operators and amenity-driven developers—have been among the most active transacting parties, keeping some momentum alive even as overall
leasing remains cautious.