The Indianapolis office market has seen a bit of an uptick in spec office construction on the horizon with over 200,000 SF of office development due to be delivered in 2016. The most prominent of these projects is PK partners River North development. The 105,000 SF property will feature lake views, outdoor balconies, multiple parking options including climate controlled spaces underground, and geothermal heating and cooling. In addition to the office project, multifamily units and a high-end Hampton Inn hotel are planned for the site.
Currently, Glick Companies, Sheaff Brock investments and a few smaller tenants will call River North home along with the developer, PK Partners. The redevelopment of lakeside office park into the new 66,000 SF Lakeside Green building will be complete mid-2016. Atapco is delivering a single story product that will be LEED certified, have geothermal heating and cooling, and offer amenities from the multifamily project Atapco is developing across the street.On a smaller scale, 580 E. Carmel Drive is scheduled to be completed in January of 2016. The 33,000 RSF building will be located at Keystone Avenue and Carmel Drive. Offering 8,000 SF floor plates and building signage opportunities for tenants less than 10,000 SF will make this an appealing option for smaller users desiring to be in Carmel.
The over 200,000 SF of spec office is a very strong increase of the previous 6 year average of +/-60,000 SF. 2017 will likely see an increase over 2016 with the 1st buildings of the Midtown Carmel office projects delivered. Approximately 250,000 SF will be delivered although most or all of that will be preleased prior to delivery. The Midtown project will effectively connect Carmel City Center with Main Street and the Arts & Design district. With direct Monon access, a public plaza with community events and high end local and regional dining and shopping options, space in Midtown will be at a premium. Additionally, over 250 multifamily units are planned for the 1st phase of delivery.
While the spec office market is not back (and likely never will be) to its peak delivery periods of 500,000 SF or more annually prior to the recession, spec office is on the rise in Indy.
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