Commercial Real Estate Market in Carmel, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
122 active listings and 1,517 off-market properties in Carmel, IN. Commercial property asks $136/SF to buy and $42.34/SF/Yr to lease.
Market Trends
Carmel, IN spans 83.9 square miles in Hamilton County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Carmel, IN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Carmel, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Carmel, IN runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Carmel, IN runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 74.5%
- Planned_development 9.9%
- Open space 5.4%
- Commercial 4.1%
- Mixed use 4%
- Industrial 2.1%
Largest Zones share of zoned land by district
Residence
Residence
Residence
Planned Unit Development
Park And Recreation
Carmel, IN zones 27,378 acres across 23 districts. Commercial zoning covers 4.1% of zoned land, residential 74.5%, open space 5.4% and industrial 2.1%. The largest single district is Residence at 46.1%. For commercial buyers the practical constraint is that only 6.2% of land carries a commercial or industrial designation.
Planned Unit Development (PUD)
B7 Business District 16. B8 Business District 17. C1 Mixed-Use District 18. C2 Mixed-Use District 19. UC Urban Core District 20. MC Meridian Corridor District 21. I1 Industrial District 22. M3 Manufacturing District 23. PUD Planned Unit Development District B. Secondary Zoning Districts: 1. Home Place Overlay District 2. Keystone Parkway Overlay District 3.…
Market overview
Demographics & Economy
Carmel, IN has 140,138 residents in 57,936 households. Density runs 1,670 people per square mile. Median household income here is $128,845 and median gross rent $1,561 a month.
140,138
Population
57,936
Households
2.4
Avg Household Size
39
Median Age
69%
College-Educated
98%
High-School Grad
83.9 sq mi
ZIP Area
1,670
Density / Sq Mi
$128,845
Median Household Income
$68,218
Median Earnings
$1,561
Median Rent
$433,642
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Williams Creek | — | — |
| Zionsville | — | — |
| Meridian Hills | — | — |
| North Crows Nest | — | — |
Commercial property in Carmel, IN asks $136/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Carmel?
Commercial property in Carmel, IN asks an average of $136 per square foot. The 3 most recent recorded sales traded at a median of $134/SF, so asking sits 2% above the achieved median.
How much does it cost to lease commercial space in Carmel?
Asking lease rates in Carmel, IN average $42.34 per square foot per year.
What zoning applies to commercial property in Carmel?
Carmel, IN zones 27,378 acres across 23 districts, of which 4.1% is commercial and 2.1% industrial. The largest single district is Residence at 46.1% of zoned land. Residential zoning covers 74.5% and open space 5.4%.
Where does Realmo's Carmel market data come from?
Realmo compiles Carmel, IN figures from 3 recent recorded sales, 43 active sale listings, 79 active lease listings, 1,517 tracked off-market properties, the current Carmel zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 43 active for-sale and 79 active for-lease listings in Carmel, IN. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 27,378 zoned acres across 23 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
