You’ve seen the red logo. If you drive anywhere near Keystone Crossing or the downtown skyscrapers in Indy, Jones Lang LaSalle—basically everyone just says JLL—is everywhere. But honestly, most people think they just put "For Lease" signs on glass buildings. That is such a tiny sliver of what’s actually happening behind the scenes in the 2026 Circle City market.
Commercial real estate in Indy is hitting a weird, fascinating fever pitch right now.
It’s not just about office space anymore. While the national headlines are obsessed with "the death of the office," JLL Indianapolis is busy proving that theory wrong, or at least showing how it’s morphing into something else entirely. The local team, led by heavy hitters like Brian Seitz (Executive Managing Director) and John Vandenbark (Managing Director), is currently navigating a market where industrial warehouses are the new gold and "amenity-rich" office space is the only thing keeping the lights on in the CBD.
The Industrial Juggernaut in the Crossroads of America
If you want to understand why Jones Lang LaSalle Indianapolis is a powerhouse, you have to look at the dirt. Specifically, the dirt in Plainfield, Whitestown, and Greenwood.
Indianapolis isn't just a basketball town; it’s the logistics heartbeat of the Midwest. JLL’s industrial team is currently managing a landscape where vacancy rates have historically hovered around 5% to 7.6%. That's incredibly tight for a market this size.
Take a look at what just happened recently. In late 2025, JLL Capital Markets closed the sale of Outlook Hamilton in Noblesville. It was a 172-unit luxury active adult community, which shows they aren't just doing warehouses. But the real meat is in the big boxes. In early 2026, the firm secured over $54 million in financing for massive industrial portfolios across the Midwest, including assets that feed directly into the Indy supply chain.
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Why does this matter to you?
Because the "Amazon effect" hasn't slowed down. It's matured. Companies aren't just looking for four walls and a roof; they are looking for 36-foot clear heights, ESFR sprinkler systems, and enough dock doors to move a small country's worth of inventory. JLL is the one brokering these deals, often before the concrete is even dry.
What’s Really Happening Downtown?
Let’s be real: downtown Indy has had a rough few years. But JLL's data shows a stabilization that most people aren't talking about yet.
By the end of 2025, net absorption in the Indianapolis office market actually turned positive. It wasn't a massive explosion of growth, but it stopped the bleeding. We are seeing a "flight to quality." If a building has a gym, a rooftop deck, and a high-end coffee shop, it’s leased. If it’s a beige box from 1984?
Good luck.
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The JLL office at 8900 Keystone Crossing (Suite 1150) oversees a massive portfolio that includes high-profile spots like the Capital Center and Regions Tower. They are currently managing over 16.5 million square feet of office projects. That is a staggering amount of space.
The Services Nobody Sees
Most folks don't realize JLL is basically a massive consulting and tech firm disguised as a real estate broker. In the Indianapolis office, they’ve got people doing things you wouldn't expect:
- Project & Development Services: They aren't just finding the space; they are literally managing the construction and build-outs.
- Capital Markets: This is the high-stakes world of debt advisory and investment sales. Ken Martin leads this group in Indy, and they are the ones moving hundreds of millions of dollars in assets while the rest of us are grabbing lunch at St. Elmo’s.
- Sustainability Consulting: This is huge for 2026. If a building isn't ESG-compliant (Environmental, Social, and Governance), big corporate tenants won't touch it. JLL is the one retrofitting these old Indy landmarks to meet 2026 standards.
The Human Element
It’s easy to get lost in the "Fortune 500" corporate speak, but the Indy office is surprisingly local. These are people who went to IU and Purdue. Brian Seitz has been doing this for nearly 30 years. He’s won the CoStar Power Broker award basically every year since the early 2000s.
This local expertise is why they can predict that a specific plot of land in Hancock County is about to become a 500,000-square-foot distribution center two years before it happens. They know the zoning boards, they know the local developers, and they know where the next highway exit is going to be.
Why 2026 is a Turning Point
We are currently in a "higher-cost environment." Interest rates haven't plummeted back to the "free money" era of 2020, and construction costs are still up about 3.5% to 4% annually.
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This has changed the game for Jones Lang LaSalle Indianapolis.
Instead of just building new, they are seeing a massive surge in "re-imagining" space. You’re seeing old retail centers being converted into medical offices or "medtail." You’re seeing suburban office parks being looked at for residential conversion.
It’s a puzzle, and JLL is the one holding the box with the picture on it.
Actionable Steps for Indy Business Owners
If you’re a local business owner or an investor, you can’t just sit on the sidelines and wait for the "market to get better." It's already moving.
- Audit Your Current Footprint: If you’re paying for 10,000 square feet but your team is hybrid and only uses 4,000, you’re burning cash. JLL’s tenant rep teams are literally built to renegotiate these "zombie" leases.
- Look North and East: While everyone looks at Fishers and Carmel, the industrial and "flex" growth is pushing further into McCordsville and even Lebanon (thanks to the LEAP district).
- Prioritize Amenities over Square Footage: If you are trying to get people back to the office, a shorter commute and a better breakroom matter more than an extra five desks.
- Leverage Local Data: Don't rely on national real estate news. Indy is its own beast. JLL releases quarterly "MarketBeats" specifically for Indianapolis. Read them. They are free, and they contain the vacancy and rent-per-square-foot data you need to actually negotiate.
The Indianapolis market isn't dying; it’s just getting more complicated. Whether it’s a life sciences lab near 16 Tech or a massive warehouse in Mount Comfort, the footprint of JLL is the blueprint of where the city is going next. Stay focused on the data, watch the industrial absorption rates, and don't be afraid to pivot from the traditional office model.