The Indianapolis office market picked up right where it left off during the first quarter of 2017. Since 2015, the market has seen $1 billion in sales activity. With so much product trading hands, many owners (both new and pre-existing) are opening their pocketbooks for capital improvements to their properties. Now that these capital improvements are concluding, the first quarter of 2017 brought a reclassification of building inventory.What do capital improvements mean for tenants?
The Indianapolis Business Journal recently published its annual lists of the top commercial real estate transactions, and JLL was at the top of each list for 2016.Top Office Leases
JLL represented 12 of the largest 25 office leases signed in 2016 (totaling nearly 1.2 million square feet), half of which being in the Top-10. Even more impressively, JLL brokered the Top-5 deals signed in Class A buildings. This is a large increase over 2015, in which… Read More
The Indianapolis office market finished 2016 with strong occupancy growth in the CBD, while the suburbs saw continued investment. Thanks to a burgeoning tech scene, downtown Indianapolis achieved more than 100,000 square feet of occupancy growth this year. This is the highest one-year total in more than a decade. Meanwhile, investment in suburban Indianapolis increased over previous years as several office properties traded hands.
Kevin Gillihan, Vice President, JLL
The northeast Indianapolis submarket used to be contained to the Castleton area, however, growth in the last two decades has pushed the boundaries considerably – not only on the map but also in the buildings going up. For example, prior to 2000, the majority of… Read More
Senior Vice President
There is nearly a 30 percent delta in cost from two similarly aged downtown towers in the Indianapolis CBD. For the sake of saving face, we will define the higher cost building as Building 1 and the lower cost building as Building 2. Building 1 was distressed and bank-owned less than 24 months… Read More
- The Indianapolis Skyline offers one of the best values in the entire United States. With a current average asking rental rate of $20.88 per square foot, full service gross, Indianapolis ranks 3rd out of 43 U.S. Skyline markets.
- The national Skyline average asking rental rate is $36.06 per square foot, full service gross. Meanwhile, the average … Read More
“The buyers who got into the market that bought some of these bank-owned deals have very quickly been able to re-tenant those,” said Rebecca Wells, an executive vice president of Jones Lang LaSalle’s capital markets group. “In some cases, these owners are going to be able to double their money.”
The commercial real estate ecosystem is having a… Read More
Sales of healthcare facilities are on the rise throughout the U.S. including here in Indiana.
Despite inadequate supply nationwide and a resurgence of interest in core asset types, investment sales of medical office buildings topped $5.3 billion in 2013 with demand remaining high this year.
In one example, the JLL team recently completed the $18.4 million sale… Read More
- The median price for a home in Marion County as of February 2014 was $97,900. Home prices in Marion County have begun to rise slowly after falling from 2009-2012 as supply outstripped demand.
- Since 2013, however, demand has outstripped supply, and an unusually chilly winter amplified this trend. Likely sellers did not place their homes on the market in … Read More
By John Robinson
Jones Lang LaSalle
Large blocks of Class-A office space over 20,000 square feet have been in short supply in Indianapolis since 2011.
This shortage continues to spark demand for new construction with a speculative Class-A building now under construction in the Northeast submarket which started on the heels of an 81,000-square-foot Class-A spec project in… Read More