According to JLL’s 2017 Most Expensive Streets study, which looks at the priciest U.S. office space, those high-profile spots command an average asking rent of $48.65 per square foot, a 46.9-percent premium compared to the rest of the country. In Indianapolis, Meridian Street at Market Street boasts an average asking rent of $26.05 per square feet.
Just how much will companies pay to occupy one of America’s most desired office addresses?
While Indianapolis’ priciest real estate is quite a bit lower than the national average, it’s still 30% higher than the area’s market average asking rent in Indianapolis, which sits at just $19.94. The price isn’t scaring anyone away. Indianapolis’ most expensive streets remain as popular as ever. Just 11% of Indianapolis’ most expensive real estate is vacant – a full 5% lower than the market average.
Meridian’s Location, location, location vs. cost
Traditional drivers like the financial, law and consulting industries continue to make their presence felt on these streets. However, tech is having an outsized effect. As tech companies grow and become critical drivers of space and economies, their offices will begin to mirror large corporations. These companies are also focused on talent and workspace productivity so there is less concern for cost and more concern for location and design.
Who’s who of Indianapolis
As you can imagine, some high profile companies call the most expensive real estate home. Monument Circle, located in the heart of the urban core, remains Indianapolis’ most prestigious business location. Companies like Salesforce, Bose McKinney & Evans, Bingham Greenebaum Doll, Level Office, Downtown Indy, Inc. and the Columbia Club are just a few. What’s more is other companies want to be near them and are taking up space in the area as well. At just 11% vacancy, the tower can charge a premium.
See more of American’s most expensive streets and download the full report to compare streets across the the country.