A striking condo building in Bloomington is scaled back, still exceeds height limits, but looks poised to proceed. See more from Indiana Public Media.
The City of Lawrence features terrific access to Interstate 465 with two interchange exits, one at 56th Street/Shadeland Avenue and another at Pendleton Pike. The 56th Street interchange and corridor represents a quality entrance leading to the Village at the Fort. The other interchange at Pendleton Pike represents a challenging corridor but with opportunities, which is the focus of this document.
Beginning in 2007, the City of Lawrence has targeted the improvement of the Pendleton Pike corridor. Lawrence created a corridor plan (created by EDEN Collaborative) which featured right-of-way recommendations and design improvements.
See the development plan here.
Growing tech scene, neighborhood renewal already helping city move forward
More than 12,000 stores are expected to close in 2018 — up from roughly 9,000 in 2017, according to Cushman & Wakefield.
That will bring the two-year total to more than 21,000 stores, blowing by anything that happened in the previous recession. Retail landlords are going to feel further pain this year when lease clauses that are tied to anchor tenants or occupancy might give more tenants the ability to shutter stores in struggling submarkets.
Read a story run by Business Insider.
“Many companies are on the verge of missing a valuable chance to positively affect the financial statement treatment of their real estate leases. And that window of opportunity slams shut on January 1, 2019.” Scott Dougherty of Colliers explains. “Prior to that date, the restructuring of material in-place lease commitments in a company’s portfolio presents a one-time opportunity to minimize and/or optimize the financial statement impact of the organization’s lease commitments.” Read more at Colliers.com.
From JLL Indianapolis:
By looking at the top-30 users with the largest footprint in central Indiana, we are able to determine which sectors are driving the local industrial market.
- Manufacturing still holds a major presence in the state among these large users, particularly those with ties to the automotive industry. Companies manufacturing and distributing technology, particularly computers and cell phones, also have a large presence in the state.
- E-commerce retailers have quickly jumped to the top of the list thanks to the large distribution centers popping up throughout the MSA. This is due to Indianapolis’ central location which provides access to a majority of the population within a single day’s drive. Indy’s prime location is also the reason third-party logistics providers account for the third highest square footage among Indy’s largest tenants.
Get more Indy Snapshots here.
Contact Mike Cagna or Brianna Marshall here.
Of all the things that could change the face of real estate in the next thirty years, who would think that something from the imaginings of H.G. Wells would be at the forefront? Leading the way, without anyone at the helm, are driverless cars. As crazy as it may sound, many in the industry think that this new mode of transporting people from point “A” to point “B” is what will drive the trends in real estate in the coming years.
The concept of an infrastructure populated by automated vehicles has been fast becoming a reality as technology has advanced over the last few decades. A report by the real estate firm Transwestern details the possible implications of technology pushing humans out of the driver’s seat.
“While there are valid concerns about safety, security, government regulation and the potential resistance to give up private cars, the billions of dollars invested by domestic and foreign automakers, countless engineering and design firms, and giant technology conglomerates have made autonomous vehicles a reality,” Jamie Mahoney, research analyst with Transwestern, said in a prepared statement.
While concerns about safety and the shifting of needs like parking space (and the types of space) are at the top of the list, developers see opportunity for growth and profit because of this emerging market change. One signpost has been a major investment by companies like BMW Group, Mobileye, and Intel in Delphi’s autonomous driving platform to the tune of $15.3 billion dollars.
“There are already examples of real estate owners and developers making design decisions to facilitate future property modifications,” Mahoney said, “They will not make sweeping changes overnight, but instead focus on the need to balance today’s requirements with enough flexibility to adjust to future shifts in demand. The sheer volume of dollars being spent on AV research and development—and the companies involved—makes this is conversation that real estate decision makers need to have.”
(Indianapolis, Ind. – November 6, 2017) Browning/Duke Realty, a joint venture (JV) between Browning and Duke Realty, two of Indianapolis’ largest commercial real estate companies, announces that AllPoints Midwest 8, its new 708,230-square-foot warehouse is 100 percent leased. Scheduled for delivery in May 2018, the state-of-the-art building will be the JV’s eighth building in AllPoints Midwest, its industrial park in Plainfield located just west of Ronald Reagan Parkway and Indianapolis International Airport.
“We are pleased that we are able to meet our tenant’s needs with a new, first-class build-to-suit facility in a readily accessible location and deliver it in the time frame they need,” said Mark Hosfeld, Vice President of Leasing and Development of Duke Realty’s Indiana operations. “Late last year we elected to construct a building pad on the site in preparation for a client with an aggressive timeline. By having this pad already in place, we are well-positioned to meet our client’s requirement for a completed warehouse in spring of 2018.”
“AllPoints Midwest offers companies engaged in warehousing and distribution unparalleled advantages,” said Mark Susemichel, Senior Vice President of Development for Browning. “At AllPoints Midwest, companies benefit from superior highway access, proximity to the airport, a growing base of retail and healthcare amenities, various housing options, quality schools and public transportation service to the park via the Central Indiana Regional Transportation Authority (CIRTA), all of which are helping attract and ensure workforce availability, accessibility and stability.”
AllPoints Midwest 8 is being built on 44.09 acres at the intersection of County Road 900/Smith Road and AllPoints Parkway west of Ronald Reagan Parkway. The precast concrete building will include 36′ clear height, a TPO energy-efficient roofing system, LED lighting, a 140′ truck court, 120 trailer parking spaces and 80 – 9′ x 10′ dock doors equipped with levelers, bumpers, seals and lights. An adjacent 17-acre parcel provides the flexibility to expand the building by another 338,580 square feet.
One of the largest modern bulk distribution parks in the Indianapolis area, AllPoints Midwest, which is being jointly developed by Browning and Duke Realty, includes 958 acres which will support approximately 13.6 million square feet of space. To-date, Browning/Duke Realty has delivered seven buildings totaling more than 5.2 million square feet, all of which are 100 percent occupied.
The tenant in AllPoints Midwest 8 was represented by Terry Busch and Seth Kelly with CBRE in the transaction. The JV was represented by Mark Susemichel and John Cohoat with Browning and by Kate Ems and Mark Hosfeld with Duke Realty.
Growth has been the keyword over the last decade when it comes to the industrial construction market. Industrial real estate sales are projected to exceed growth from 2016, which would make the second largest jump in gain in the last ten years. Record growth (and the return of large portfolio deals which had been anemic in recent history) is attracting foreign investors and creating expansion.
The reason for such growth? At the top of the list is eCommerce giants which, in looking for homes to house their rapidly expanding business, are vying for limited large industrial space. Amazon is looking to place their new headquarters, an estimated 8 million square feet need, and cities are competing for the business. With companies like Amazon in the hunt, other large eCommerce businesses are following suit.
It’s not just headquarters and office space that companies are hungry to attain. There is a vital need, with the exponential growth of the eCommerce industry, to have strategically placed distribution centers that can keep up with the demand. At the top of the list of these cities that are meeting the needs of such growth is Houston which added 153 properties totaling over 32.5 million square feet of industrial real estate space. The location, business-friendly environment, and proximity to resources necessary to run large operations make it a top competitor with other markets. Phoenix and Dallas-Fort Worth round out the top three, cementing the Southwest of the country as a leader in the market search.
To see where other cities placed, and what markets had the most growth, please visit: