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Indianapolis IN Office Space Guide

 

[Updated Jan 2020] A guide to executive suites and office space for rent in Indianapolis IN as well as general information that may be useful if you are thinking of renting offices in the city.

For further Indianapolis IN offices information or to search office space to rent in Indianapolis IN just click. Or contact us for any office space inquiry.

History & Geography

The capital of Indiana is also the state’s largest city and the second largest in the Midwest region of the US. Indianapolis sits on the Central Till Plains in central Indiana and is dissected by Fall Creek and the White River. Surrounding the city are flatlands covered mostly by forest and prairie. The area surrounding Indianapolis was originally inhabited by the Miami tribe, however they were displaced following European settlement. In 1825 the city was made the new state capital and Alexander Ralston and Elias Pym were hired to build a city from nothing. Indianapolis grew rapidly and during the American Civil War was a major base of the Union armies. Because of its position as a railroad hub and transportation center Indianapolis was very important during the war. It was also the site of a large prisoner of war camp. By 1900 the city had a population of 169,000, over ten times what it was in 1850. With the advent of the automobile, Indiana became a large manufacturing center rivalling Detroit. The city also began to spread as suburbs sprung up on its outskirts. Indiana continued to prosper well into the 20th century, boosted further by discoveries of large oil and gas fields in the vicinity of the city. This period of prosperity lasted until the 1970s when the city’s economy declined and many skilled workers left the city. In the late 1980s, much of the city was refurbished and renovated in an attempt to revitalize the local economy. The city’s airport was also designated an international airport which boosted Indianapolis’ tourism and role as a transportation center. More recently the city has built an entirely new airport, the Indianapolis International Airport which is today one of the most modern in the country. New hotels and a convention center have also recently been constructed, further boosting the city’s role as a tourist destination.

 

Economy

Indianapolis has a fairly diversified and therefore strong economy that has proved fairly resilient to the recent economic crisis. The main industries in Indianapolis are manufacturing, health care, social services and retail. However, there are also many employed in the areas of transportation, warehousing, wholesale trade, administration and various services, including technical, professional and scientific. Recently Forbes magazine rate Indianapolis the sixth-best city for jobs in the US. The city has also been ranked as the most affordable major housing market. The city has also become a popular retirement destination and is ranked as one of the easiest cities to relocate to. Among the major companies headquartered in the city is pharmaceutical giant Eli Lilly and Company, health insurance provider Wellpoint and Marsh Supermarkets. The city is also home to REIT Simon Property Group Roche Diagnostics, Conseco, Emmis Communications and Allison Transmissions. Other companies with a major presence in the city are Rolls-Royce, Sallie Mae, Delta Faucet Company, Ice Miller Raytheon, Carrier and General Motors. Indianapolis does also have a tourism industry, among the largest for cities in the Midwest.

Tourism & Culture

Indianapolis has a thriving cultural scene and a healthy tourism industry. Of late, the Indianapolis government has been making a concerted effort to boost the city’s cultural and arts profile. Among the designated cultural areas in the city are Fountain Square, the Wholesale District, Canal and White River State Park and Indiana Avenue, all of which have become popular tourist attractions in their own right. Recently completed is the Indianapolis Cultural Trail, a pedestrian and bike path which connects all of downtown’s main cultural and entertainment areas. The path also features bike rental facilities and drop-off points. One of the city’s most famous icons is Monument Circle, which has the Soldiers’ and Sailors’ Monument. Monument Circle lies right next to Chase Tower, the tallest building in the city. War Memorial Plaza is another well-known landmark in Indianapolis, dedicated to soldiers from Indiana who fell in America’s wars. Perhaps the largest draw the city has, and the event for which it is most famous is the Indianapolis 500 car race. The event is held at the Indianapolis Motor Speedway and is the reason why Indianapolis is known as The Racing Capital of the World.

Transportation

The city is served by Indianapolis International Airport which was only completed in 2008, making it one of the most modern and efficient airports in the country. It covers 1,200,000 square feet and has 40 gates. The city itself is served by IndyGo, the public transportation corporation. The corporation operates an extensive bus system and currently, talks are underway to develop a regional transport plan which will include a light rail system and express bus routes. A people mover is operated by Indiana University Health and connects the Indiana University School of Medicine to downtown. Amtrak trains run out of Indianapolis Union Station and go to Philadelphia, Washington and Chicago.

 

Office space for rent in Indianapolis

Currently, downtown Indianapolis has a vacancy rate of 10.2 percent, which is much down on the previous years where it climbed as high as 22 percent. Some of that was due to the State of Indiana consolidating its offices in a central facility. However of late more tenants having been moving into large blocks of space, including the companies SpinWeb and T2 Systems which both took up office space of over 15,000 square feet. Current average rates are USD 16.48 per square foot. Much of Indianapolis’ Grade A office space is also to be found in suburban office parks, which generally have lower rents than equivalent space in the city’s CBD.

Our office space search, advisory and acquisition services are FREE, always. Our Indianapolis office space brokers and agents are globally regulated by the Royal Institution of Chartered Surveyors (RICS) ensuring the highest standards of commercial property advice and service at all times.

The Office Providers are Regulated by the Royal Institution of Chartered Surveyors (RICS)

The Office Providers are Regulated by the RICS

 

 



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