NDIANAPOLIS – Cassidy Turley, Central Indiana’s largest commercial real estate brokerage and property management firm, hosted its hallmark The State of Real Estate® event Thursday, January 10 at Clowes Memorial Hall on the campus of Butler University. More than 1,000 national, regional and local commercial real estate professionals and economic development experts attended the event to hear how key market segments performed in 2012, plus expectations for the year ahead.
The State of Real Estate® 2013 covered the industrial, office, retail and capital markets – as well as an overall economic outlook – providing in-depth market analyses and forecasts for attendees. Four days prior to taking office, Indiana Governor-elect Mike Pence was interviewed onstage by the host and creator of Inside INdiana Business, Gerry Dick, regarding various topics affecting Indiana and his future plans for the state.
Cassidy Turley Regional Managing Principal, Jeff Henry said, “This year will be a significant one politically as well as economically, as the nation looks to Washington, DC, to provide the clarity needed to move forward with confidence. Despite slowing growth abroad and lingering public policy uncertainties at home, 2012 was characterized by improving business conditions, offering hope that growth will continue in the year ahead. Indiana’s commercial property markets have proved to be remarkably resilient as every segment of commercial real estate demonstrated strengthening fundamentals over the balance of 2012.”
In conjunction with the show, Cassidy Turley published a 2013 Annual Market Report for Indianapolis, available for viewing at www.cassidyturleyreport.com. Highlights of the report include:
Industrial: Tremendous resiliency with surprisingly robust fundamentals; significant demand driving considerable speculative development and more than 4.3 million square feet (SF) of absorption in the Indianapolis market in 2012.
Office: The first half of 2012 showed the best consecutive six-month period for the Central Indiana multi-tenant office market since the recession; more than 300,000 SF were absorbed through midyear. In June, ground was broken on the first completely speculative Indianapolis-area office development since 2008 at 8335 Keystone Crossing. Vacancy rates and office rents fell flat the second half of the year with increasing economic and political uncertainty.
Retail: Despite a somewhat rocky road throughout 2012, the Indianapolis retail market continues to improve and vacancy rates for all types of Indianapolis retail track lower than the national average. With the best growth of the year posted in the final quarter, net absorption for 2012 finished at 508,380 SF. Retail continues to show a bifurcated market with luxury and value-oriented retailers growing the fastest.
Capital Markets: Continued economic turbulence in Europe accompanied by pervasive public policy uncertainty in the U.S. dampened the lending environment and hampered the pace of investment sales again in 2012. However, strengthening fundamentals in the economy as well as property markets signal that opportunity lies ahead. On the lending side, there was improvement in financing terms as well as availability, which drove investment sales higher in Indianapolis.
Cassidy Turley in Indianapolis is the first market to host The State of Real Estate® 2013 program and will be followed by Northern California on January 22 in San Francisco; Washington, DC, on January 23 and with January 24’s Leasing Breakfast; Los Angeles on January 31; St. Louis on February 7; Columbus, Ohio, on February 21; New York on March 6; and Atlanta on March 14 and March 28.
For more information, visit www.cassidyturley.com/StateofRealEstate.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. The Indianapolis Business Journal 2013 Book of Lists ranks Cassidy Turley as the #1 Indianapolis-area commercial real estate brokerage and the #1 Indianapolis-area commercial property management firm. Cassidy Turley has been named one of the “Best Places to Work in Indiana” by the Indiana Chamber of Commerce for each of the past six years. Please visit www.cassidyturley.com for more information.