Locals expect few bright spots in 2010

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Senior real estate executives remain pessimistic about the prospects for the Indiana market in 2010, although they see signs of improvement in the investment and residential sectors.

That’s according to a survey of leaders of the local real estate community by the local chapter of the Urban Land Institute. The group plans to unveil and discuss the results, along with national predictions for 2010, at an event at the Westin Indianapolis on Thursday.

Among the revelations in the 32-page report: Developers are most concerned these days about job growth. Last year, the group gave energy and materials costs as their top concern.

The consensus is that the retail, office, industrial and hospitality real estate sectors still are in decline, while residential has either bottomed or is showing signs of improvement.

The industry insiders ranked various parts of the business from “abysmal” to “excellent”. No area achieved more than 25 percent “excellent” ratings. Land development fared worst: About 95 percent of those surveyed rated the outlook for land development at “fair” or worse.

“It’s a fairly sober view of how long until there’s a full recovery in the real estate industry,” said Jim Thomas, a partner in Hearthview Residential and program chair for ULI. “Respondents seem to be fully aware of how difficult things are and how long it will remain so.

“We all know it’s not going to stay challenging forever,” he added.

While new developments likely will remain scarce in 2010, particularly in retail and office, the survey shows optimism for investment sales. Most expect good values on income-producing properties.
The Thursday event will be moderated by Duke Realty Corp. CEO Dennis Oklak and will feature a discussion about the state of the Indiana market as compared to the rest of the country.

It also will feature a presentation of a national report from ULI, Emerging Trends 2010.

Last year’s report predicted weakness in every area except for the apartment market. The local portion gave Indianapolis a “modestly poor” outlook for 2009, with some strength in the areas of mixed-use, urban-infill development, rental housing and industrial. It said downtown Indianapolis and Carmel would be top submarkets.

Other presenters include Mike Horst, senior resident fellow of leadership for ULI; Jennifer Milliken, principal of Milliken Consulting; Bradley Fuson, a partner at Krieg DeVault LLP; Jon Owens, a principal with Colliers Turley Martin Tucker; and Thomas Stapleton, a senior vice president with Eagle Realty Group.

Registration is still open on the group’s Web site at Indiana.uli.org.


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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...