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Office Insights from the Top
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A great group of industry professionals eager to hear the latest information regarding the current state of the office market here in Indianapolis came together yesterday at the Hyatt to listen and learn from our panel of the areas top owners, developers and brokers.
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The conversation began with the question "What are some of the challenges in the office space market"? Bill Ehert with Summit Realty Group answered, "One of the biggest challenges in the current market is that traditional office space is not preferred anymore."
Ralph Balber with Newmark Knight Frank Hahlakar agreed. "Class A space isn't as popular as it once was. Class B space is very popular now, especially the unique spaces. Companies are looking for creative spaces, especially tech companies that are employing a large percentage of millennials".
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"Companies are getting more work done with fewer people," Ehert added. Matt Carlstedt with Citimark Real Estate stated, "Not only are unique, creative spaces in demand, but companies are also looking for more amenities, such as conference & fitness centers. Most tenants won't use them, but you need these amenities to stay competitive."
"And it's not so much the downtown vs suburban areas. It is seemingly easier to build in the suburbs, but companies want to recruit the best talent, which tends to prefer downtown amenities" stated John Vandenbark with CBRE.
The overall sentiment was that the market is looking positive. John Edgeworth with Edgeworth Laskey Properties added, "Construction has slowed down but still remains steady."
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Lauth's Mike Jones added, "It's not just office, but the industrial and retail sectors are also very active." And Jones knows because, as he jokes "I don't have all the answers. I just read a lot of stuff"
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A Couple of Big Thank Yous
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If his attorney gig doesn't work out, Andy Buroker, partner at Krieg DeVault, could have a back up career as a TV commentator. Andy did
an excellent job as our moderator yesterday morning, and for that we and our panelists are incredibly grateful.
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We also owe a huge thanks to Jeff Abrams, partner at Benesch Law, for proctoring our event and making sure all the brokers that attended
receive their CE credits, a great little perk for attending our events!
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Also Attending the Summit
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(L-R) Tom Laskey withEdgeworth Laskey Properties, Deron Kintner, Deputy Mayor of Economic Development with the City of Indianapolis, & Matt Huffline with Royal Title Services enjoyed a little power networking with their coffee.
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(L-R) Susie Viehmann, Regina Mastroianni, Ken Petruska & James Winkler, all with Cushman Wakefield|Summit Realty Group, turned out to support Bill Ehret, founder of the firm and panelist.
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(L-R) Kari Jackson, partner at Barnes & Thornberg & Sara Kuester, executive director of BOMA Indianapolis were also on hand at the summit
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