Top Indy Properties Attract Tenants and Investors

Chase Tower in Indianapolis, which will be renamed Salesforce Tower under a deal which will see the tech giant occupy more than 200K of space.

INDIANAPOLIS—The office market in this metro area had been for years heavily weighted toward the suburbs, but recently its downtown began seeing a flood of new tenants and investors. That change has continued into 2016, according to JLL’s new Skyline report, its study of the top downtown properties across the US.

Rents for Indianapolis’ top office buildings jumped into record territory in 2016, averaging about $20 per square foot for the first time in at least a decade, more than 5% higher than the first quarter of 2015. And rents for trophies, the ultra-premium office towers within the city’s 12 Skyline buildings, just hit $21.50 per square foot, JLL found.