IBJNews

Locals expect few bright spots in 2010

Back to TopCommentsE-mailPrintBookmark and Share

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.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I never thought I'd see the day when a Republican Mayor would lead the charge in attempting to raise every tax we have to pay. Now it's income taxes and property taxes that Ballard wants to increase. And to pay for a pre-K program? Many studies have shown that pre-K offer no long-term educational benefits whatsoever. And Ballard is pitching it as a way of fighting crime? Who is he kidding? It's about government provided day care. It's a shame that we elected a Republican who has turned out to be a huge big spending, big taxing, big borrowing liberal Democrat.

  2. Why do we blame the unions? They did not create the 11 different school districts that are the root of the problem.

  3. I was just watching an AOW race from cleveland in 1997...in addition to the 65K for the race, there were more people in boats watching that race from the lake than were IndyCar fans watching the 2014 IndyCar season finale in the Fontana grandstands. Just sayin...That's some resurgence modern IndyCar has going. Almost profitable, nobody in the grandstands and TV ratings dropping 61% at some tracks in the series. Business model..."CRAZY" as said by a NASCAR track general manager. Yup, this thing is purring like a cat! Sponsors...send them your cash, pronto!!! LOL, not a chance.

  4. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  5. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............

ADVERTISEMENT