City Center @ Penn - Sublease — Lease in Carmel, IN

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Office
  • Location: Carmel, IN 46032
  • Size: 21,673 SF

Description

City Center at Penn Office Park is strategically located at the gateway of the highly desirable Carmel business and medical corridor. Surrounded by amenities, hotels, hospitals and other quality businesses, City Center at Penn Office Plaza is the business address of today. Property has a total of 2 elevators, one is strictly a passenger elevator and the other is a passenger and freight elevator.

Market Context

This office in Carmel, IN is listed for lease across 21,673 SF. It has been on the market for 54 days. Compare it against other office listings for lease in Carmel, IN — view the full market.

As of Q1 2026, the Indianapolis office market showed average asking rents near $20.98/SF/yr, and cap rates around 8.6%. Source: multiple brokerage reports, Q1 2026.

Office market FAQ

What is the typical cap rate for office in Indianapolis?
About 8.6% as of Q1 2026, per multiple brokerage reports.

Estimated Market Rate

$1.57/SF/mo – $2.13/SF/mo

Mid: $1.85/SF/mo

Estimated total for 21,673 SF: $40,095 per month

Rate-first confidence-weighted blend with cost-of-business adjustment.

Based on comparable properties in similar markets rather than local sales.

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