A recent IBJ article described the lack of smaller office spaces in the newly created downtown Fishers and the velocity of tenants desiring to lease in the new downtown area. Having clearly defined its image as an incubator for entrepreneurial businesses, downtown Fishers is hot property for the small, growing firm. While that is great for the newly developed area, the real opportunity for serious employment growth lies in the gateway to Fishers, I-69 between 96th and 106th streets.
With strong demographics and low land costs, Fishers has been able to attract an impressive list of large corporations along the I-69 corridor over the past years. Companies like Comcast, Freedom Mortgage, Navient, Stanley Securities and Sun Capital (formerly Marsh) call the corridor home. Most, if not all, of these users require parking ratio’s higher than the 3.5-4/1,000 SF the North Meridian and Keystone suburban options offer and are able to find 5-6/1,000 SF parking ratios in Fishers.
Today, the corridor has over 340,000 SF of available existing office space with land earmarked for another 500,000 SF or more, all of which can accommodate higher parking ratios.
Two Concourse, the Edgeworth Laskey Properties (ELP) class A+ spec 140,000 SF office building, has 135,000 SF available and is in hot pursuit for some of the large corporate users searching the greater Indianapolis area. Boasting best in class construction and finishes, Two Concourse also has the ability to offer higher parking ratios with the excess land ELP owns to the north which also supports future growth options.
Hitting the open market for the 1st time in July of 2016, 10300 Kincaid Drive will offer two 100,000 SF floor plates and over 6/1,000 SF parking ratio. The Lexington Properties owned building was originally a build to suit for Bank One, which has been subleased and subsequently re-leased to Roche. Roche has officially terminated its lease on the property and will be moving its functions housed in the building south on 1-69 to its owned campus off of Hague Road. Kincaid Drive is perfectly situated for large corporate users. The 100,000 SF floor plates are virtually unheard of in this market and offer highly efficient space, perfect highway signage, a large cafeteria, and 7/1,000 parking.
With large tracks of fundamentally strong office space available, strong demographics and a growing list of area amenities, look for corporate users to lease up this available space in the very near future.