The apartment market was the star of the show in 2011, said Angela Wethington, a senior vice president at Cassidy Turley.
The prognosis for Central Indiana’s commercial real estate markets in 2012: healthier than last year, but not by much.
Cassidy Turley’s “state of real estate” report, to be released today, predicts no end to the unwelcome themes of uncertainty, slow growth and lender reluctance that have dogged the office, industrial and retail markets since the economy went sour in 2007.
The metro area could see one or two speculative office and distribution buildings get under way this year. But the new development that occurs — aside from apartments — is likely to be limited to a handful of mixed-use projects, such as a Broad Ripple parking garage that includes 25,000 square feet of retail space on the first floor.
Here’s an overview from Cassidy Turley’s report:
Office
The metro-area vacancy rate rose slightly to 20.3 percent in December from 20.1 percent a year earlier. Vacancies are 18.9 percent in Downtown buildings and 21.2 percent for suburban buildings.
About 60 percent of the 1.3 million square feet of new leases signed last year came from education, health-care, government and technology tenants, said Andrew Martin, an office broker.
Demand for space by law firms and other professional services such as accounting firms has cooled off and isn’t likely to heat up this year, he said.
The most active office leasing markets in 2011 were in… continue reading
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