Indianapolis
Retail Construction Report
Phillip Richardson
1
© Marcus & Millichap 2008
Research Associate, Research Services
www.MarcusMillichap.com
Second Quarter 2008
Sources: Marcus & Millichap Research Services, Reis, TWR, US Census BureauThe information contained herein was obtained from sources deemed reliable. Every effort was made to obtain complete and accurate information; however, no representation, warranty or guarantee to the accuracy, express or implied, is made.
Retail supply growth in the Indianapolis marketwill be robust in 2008, with 2.7 million square feetforecast to be completed this year, a 55 percentincrease from 2007. The majority of deliveriesscheduled for 2008, came online during the first halfof the year.Unlike other metros in the Midwest, Indianapolishas been relatively unaffected by the downturn inthe residential market due to the metro’s highlyaffordable housing. As such, residents in the areahave more disposable income for retail goods andservices. Supply will likely exceed demand in 2008,as builders are slated to add 3 percent to area stockthis year. The increase in deliveries is expected tocreate an uptick in vacancy and may curtail revenuegrowth.The largest project under way is Simon PropertyGroup’s final two phases of the 950,000-square footHamilton Town Center. This open-air mall isscheduled to be complete in the second quarter andwill include national-credit tenants such as Dick’sSporting Goods, Bed Bath & Beyond, as well as a 16-screen cinema and IMAX theater.
Construction Pipeline
Projects Sq. Ft.Est. 2Q 08 Completions
12 1,526,000
Est. 1H 08 Completions
21 1,823,000
Est. 2H 08 Completions
13 960,000
Est. 08 Completions
34 2,783,000
Planned
20 1,469,000
Construction HighlightsMarket Facts
Metro U.S.Population
1,682,815 301,825,750
Total Households
667,391 113,136,906
Median Age
35.5 36.7
Median HH Income
$57,794 $51,680
Retail Vacancy*
12.8% 10.2%
Avg. Asking Rent/Sq. Ft.*
$15.09 $20.04
* Year-end 2008 Forecast
2008 Estimated Completions Planned Retail Construction
Indianapolis
Retail Construction Report
Second Quarter 2008
Phillip Richardson
2
© Marcus & Millichap 2008
Research Associate, Research Services
www.MarcusMillichap.com
Indianapolis SubmarketsIndianapolis Retail Submarket Map
NortheastNorthwestSoutheastSouthwest
Construction Pipeline by Submarket
ProjectsSquare FeetSubmarketUnderConstructionUnderConstructionProjectsPlannedPlannedSquare Feet
Southeast 2 193,000 - -Northeast 3 175,000 2 124,000Southwest - - 6 322,000Northwest - - 3 98,000Nondefined Areas 18 2,001,000 9 925,000
Sources: Marcus & Millichap Research Services, Reis, TWR, US Census BureauThe information contained herein was obtained from sources deemed reliable. Every effort was made to obtain complete and accurate information; however, no representation, warranty or guarantee to the accuracy, express or implied, is made.
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