1. Office Market
Snapshot
Indianapolis, Indiana
Third Quarter 2012
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2. Office Market Snapshot
Indianapolis • Third Quarter • 2012
Market Tracker Vacancy Net Absorption (Qtr) Net Absorption (YTD)
*Arrows indicate Qtr-Qtr trend 19.7% 57,000 SF 222,000 SF
Overview
Vacancy in the Indianapolis multi-tenant office market remained relatively unchanged in
the third quarter of 2012 at 19.7% but remains 40 bps below the rate in effect a year prior.
A lack of permanent hiring within professional and business services, accompanied by
pervasive uncertainty, continued to mute the pace of growth. The latest employment
figures continue to suggest that commercial real estate fundamentals will stay on a course
Indianapolis Office
of slow, bumpy improvement. The Central Business District (19.1%) continued to track
3Q12 3Q11 lower relative to vacancy than the Suburban market (20.1%) but that gap is tightening.
Vacancy 19.7% 20.1% Submarket variations in vacancy included Fishers (13.9%), Keystone (16.3%), Northwest
CBD 19.1% 16.7% (17.9%), East (18.8%), Downtown (19%), North/Carmel (19%), Midtown (20.7%), South
Suburban 20.1% 22.0%
(23.1%), Northeast (24.7%) and West (35.1%).
Net Absorption (Qtr) 57,000 125,000 The Indianapolis multi-tenant office market posted 57,016 SF of occupancy growth during
CBD 38,000 -112,000 the third quarter of 2012, thereby increasing overall net absorption for the year to 222,421
Suburban 19,000 237,000 SF. Through September the Suburban market has grown by 253,288 SF, while the Central
Net Absorption (YTD) 222,000 -84,000 Business District has given back 30,867 SF. Submarket variations in year-to-date net
absorption included West (-49,080 SF), Northwest (-43,556 SF), Downtown (-30,867
CBD -31,000 -185,000
SF), Midtown (0 SF), East (+1,917 SF), Fishers (+7,807 SF), South (+24,639 SF), Northeast
Suburban 253,000 101,000
(+32,514 SF), North/Carmel (+123,665 SF) and Keystone (+155,382 SF).
Numbers are rounded to the nearest thousand.
Forecast
Vacancy Rate
Vacancy Rate
• ffice sector fundamentals are improving, albeit slowly. The pace of growth rests upon
O
22%
sustained labor market improvements in the form of permanent hiring, particularly in the
20%
Historical Average professional and business services. Expect modest gains in absorption over the next
18% few quarters with gains accelerating in 2013.
16% • xpect multi-tenant office vacancy to remain elevated for the balance of 2012 and most
E
14% likely 2013. Year-over-year vacancy comparisons will continue to show incremental
2005 2006 2007 2008 2009 2010 2011 2012
improvements, but notable quarterly improvements will remain slow.
• sking rents will continue to hold steady, with downward pressure of an elevated vacancy
A
Net Absorption
Net Absorption rate and slow rebound in labor markets continuing to make it a tenants’ market.
450
325 S
• peculative multi-tenant office development is beginning to return to the market for the
Square Feet ('000s)
200 first time since the recession. Expect broader development to return to the market in
75
-50
another 18 to 24 months but not at the levels previously witnessed.
-175
-300
-425
2007 2008 2009 2010 2011 2012
cassidyturley.com

3. Total Indianapolis Multi-Tenant Office Vacancy Release
Indianapolis Area • Third Quarter • 2012
Submarkets Total Vacancy Rate Vacancy Rate Vacancy Rate
Inventory (SF) 3rD Qtr 2012 2nd Qtr 2012 3rd Qtr 2011
Downtown Office Space 9,576,325 19.0% 18.4% 17.2%
Midtown Office Space 837,573 20.7% 20.7% 10.2%
CBD Totals: 10,413,898 19.1% 18.6% 16.7%
Suburban Office Space
North/Carmel 6,430,616 19.0% 19.4% 20.5%
Keystone 3,962,330 16.3% 16.6% 22.9%
Fishers 678,647 13.9% 14.2% 14.6%
Northeast 3,089,123 24.7% 25.6% 25.8%
East 238,130 18.8% 18.8% 19.6%
South 819,802 23.1% 23.4% 24.7%
West 1,111,764 35.1% 33.3% 31.1%
Northwest 3,228,289 17.9% 16.9% 18.4%
Suburban Totals: 19,558,701 20.1% 20.2% 22.0%
Total Indianapolis: 29,972,599 19.7% 19.6% 20.1%
Office Market Statistics – Inventory 3rd Quarter 2012Office MarketStatistics –Vacancy, 3rd Quarter 2012
Office Market Statistics: Inventory, 3rd Quarter 2012 Office Market Statistics: Vacancy 3rd Quarter 2012
Indianapolis SubmarketShare of Inventory
Indianapolis Submarket Share of Inventory Indianapolis Submarket Share of Vacancy
Indianapolis Submarket Share of Vacancy
Downtown Downtown
West 36%
32.8%
3.6%
South Midtown
West
2.6% Midtown 2.8%
6.4%
4.9% South East
3.1% 1%
East
Northwest 0.7% Fishers
10.4% Northwest 1.5%
Keystone
Fishers 9.4%
Keystone 10.5%
2.2%
Northeast 12.8%
10.0% Northeast
12.5% North/Carmel
North/Carmel 20.0%
20.8%
Source: Jason W. Tolliver, J.D.
Cassidy Turley Market Research
One American Square, Suite 1300
Indianapolis, IN 46282
317.634.6363 cassidyturley.com

4. Multi-Tenant Office Vacancy and Absorption by Submarket and Class Absorption
Multi-Tenant Office Vacancy and
Indianapolis Area • Third Quarter • 2012
Indianapolis, Indiana
3rd Quarter 2012 by Submarket and Class
3rd Quarter Vacancy % Net Absorption
Inventory Vacant 3Q 2Q 3Q Quarter YTD
SUBMARKETS SF SF 2012 2012 2011 SF SF
DOWNTOWN
Class A 5,922,508 1,246,472 21.0% 20.3% 20.0% -41,387 -118,418
Class B 3,755,626 589,692 15.7% 15.2% 11.9% 79,655 103,384
Class C 913,849 176,449 19.3% 19.2% 18.4% -701 -15,833
TOTALS 10,591,983 2,012,613 19.0% 18.4% 17.2% 37,567 -30,867
MIDTOWN
Class A 406,060 121,369 29.9% 29.9% 8.2% 0 0
Class B 224,059 18,761 8.4% 8.4% 8.4% 0 0
Class C 207,454 33,000 15.9% 15.9% 15.9% 0 0
TOTALS 837,573 173,130 20.7% 20.7% 10.2% 0 0
CBD TOTALS
Class A 6,328,568 1,367,841 21.6% 21.0% 19.3% -41,387 -118,418
Class B 3,979,685 608,453 15.3% 14.8% 11.6% 79,655 103,384
Class C 1,121,303 209,449 18.7% 18.6% 17.9% -701 -15,833
TOTALS 11,429,556 2,185,743 19.1% 18.6% 16.7% 37,567 -30,867
NORTH/CARMEL
Class A 3,981,461 702,981 17.7% 18.4% 20.5% 30,075 156,492
Class B 2,108,166 474,458 22.5% 22.2% 21.4% -7,066 -43,364
Class C 340,989 47,226 13.8% 13.8% 14.0% 0 10,537
TOTALS 6,430,616 1,224,665 19.0% 19.4% 20.5% 23,009 123,665
KEYSTONE
Class A 2,626,617 418,920 15.9% 16.8% 24.1% 21,703 143,347
Class B 1,335,713 225,032 16.8% 16.4% 20.6% -6,233 12,035
TOTALS 3,962,330 643,952 16.3% 16.6% 22.9% 15,470 155,382
FISHERS
Class A 319,650 22,894 7.2% 7.2% 12.7% 0 18,857
Class B 358,997 71,490 19.9% 20.5% 16.3% 2,009 -11,050
TOTALS 678,647 94,384 13.9% 14.2% 14.6% 2,009 7,807
NORTHEAST
Class A 873,818 284,494 32.6% 33.8% 33.5% 10,772 10,669
Class B 1,798,603 418,190 23.3% 23.6% 24.4% 5,591 15,474
Class C 416,702 59,272 14.2% 17.1% 15.7% 12,144 6,371
TOTALS 3,089,123 761,956 24.7% 25.6% 25.8% 28,507 32,514
Source: Jason W. Tolliver, J.D.
Cassidy Turley Market Research
Source: Jason W. Tolliver, J.D.
One Indiana Square, Suite 1300
Cassidy TurleyIN 46282
Indianapolis, Market Research
One American Square, Suite 1300
317.634.6363
Indianapolis, IN 46282
317.634.6363
cassidyturley.com

5. Multi-Tenant Office Vacancy and Absorption by SubmarketVacancy and Absorption
Multi-Tenant Office
and Class
Indianapolis Area • Third Quarter • 2012 Indianapolis, Indiana
3rd Quarter 2012 by Submarket and Class
3rd Quarter Vacancy % Net Absorption
Inventory Vacant 3Q 2Q 3Q Quarter YTD
SUBMARKETS SF SF 2012 2012 2011 SF SF
EAST
Class B 160,000 27,683 17.3% 17.3% 16.9% 0 -683
Class C 78,130 17,170 22.0% 22.0% 25.3% 0 2,600
TOTALS 238,130 44,853 18.8% 18.8% 19.6% 0 1,917
SOUTH
Class A 239,480 37,214 15.5% 19.0% 18.0% 8,365 10,906
Class B 398,376 107,473 27.0% 26.0% 30.1% -3,872 7,681
Class C 181,946 44,894 24.7% 23.3% 21.6% -2,500 6,052
TOTALS 819,802 189,581 23.1% 23.4% 24.7% 1,993 24,639
WEST
Class A 266,074 131,021 49.2% 44.7% 27.6% -12,185 -61,110
Class B 598,565 207,367 34.6% 32.0% 34.6% -15,791 -976
Class C 247,125 52,299 21.2% 24.4% 26.5% 7,885 13,006
TOTALS 1,111,764 390,687 35.1% 33.3% 31.1% -20,091 -49,080
NORTHWEST
Class A 1,757,744 253,434 14.4% 12.9% 13.9% -26,418 -29,513
Class B 1,470,545 323,411 22.0% 21.7% 23.8% -5,030 -14,043
TOTALS 3,228,289 576,845 17.9% 16.9% 18.4% -31,448 -43,556
SUBURBAN TOTALS
Class A 10,064,844 1,850,958 18.4% 18.7% 21.3% 32,312 249,648
Class B 8,228,965 1,855,104 22.5% 22.2% 23.4% -30,392 -34,926
Class C 1,264,892 220,861 17.5% 18.8% 18.8% 17,529 38,566
TOTALS 19,558,701 3,926,923 20.1% 20.2% 22.0% 19,449 253,288
ALL INDIANAPOLIS
Class A 16,393,412 3,218,799 19.6% 19.6% 20.5% -9,075 131,230
Class B 12,208,650 2,463,557 20.2% 19.8% 19.9% 49,263 68,458
Class C 2,386,195 430,310 18.0% 18.7% 18.4% 16,828 22,733
TOTALS 30,988,257 6,112,666 19.7% 19.6% 20.1% 57,016 222,421
Source: Jason W. Tolliver, J.D.
Cassidy Turley Market Research
Source: Jason W. Tolliver, J.D.
One American Square, Suite 1300
Cassidy Turley IN 46282
Indianapolis, Market Research
One American Square, Suite 1300
317.634.6363
Indianapolis, IN 46282
317.634.6363
cassidyturley.com

6. Indianapolis Office
office Market statistics Market Statistics Third Quarter 2012
Indianapolis Area • Third Quarter • 2012
North/Carmel Fishers
Inventory 6,430,616 SF Inventory 678,647 SF
Vacant SF 1,224,665 SF Vacant SF 94,384 SF
Vacancy Rate 19.0% Vacancy Rate 13.9%
YTD Net Absorption 123,665 SF YTD Net Absorption 7,807 SF
Northwest
Inventory 3,228,289 SF
Keystone
Inventory 3,962,330 SF
Vacant SF 576,845 SF
Vacant SF 643,952 SF
Vacancy Rate 17.9%
Vacancy Rate 16.3%
YTD Net Absorption -43,556 SF
YTD Net Absorption 155,382 SF
Northeast
Inventory 3,089,123 SF
Vacant SF 761,956 SF
Vacancy Rate 24.7%
YTD Net Absorption 32,514 SF
Midtown
Inventory 837,573 SF
Vacant SF 173,130 SF
Vacancy Rate 20.7%
YTD Net Absorption 0 SF
West East
Inventory 1,111,764 SF Inventory 238,130 SF
Vacant SF 390,687 SF Vacant SF 44,853 SF
Vacancy Rate 35.1% Downtown Vacancy Rate 18.8%
YTD Net Absorption -49,080 SF Inventory 10,591,983 SF YTD Net Absorption 1,917 SF
Vacant SF 2,012,613 SF
Vacancy Rate 19.0%
YTD Net Absorption -30,867 SF
South
Inventory 819,802 SF
Vacant SF 189,581 SF
Vacancy Rate 23.1%
YTD Net Absorption 24,639 SF
About cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more contact Information
than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune Jason W. Tolliver, J.D.
500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion Research Director
in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports One American Square, Suite 1300
more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with Indianapolis, IN 46282
a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, T: 317.634.6363
corporate services, project leasing, property management, project and development services, and research and F:317.639.0504
consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with Copyright © 2012 Cassidy Turley.
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