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Indianapolis Office Space In-depth
With a population of nearly 800,000, Indianapolis is the thirteenth most populated city in the United States. It is also the second most populated state capital. Indianapolis’s economy is much diversified, mainly relying on manufacturing, and hosting sporting events such as the renowned Indianapolis 500. Indianapolis is second to only Washington D.C... Read More
Indianapolis Office Space In-depth
With a population of nearly 800,000, Indianapolis is the thirteenth most populated city in the United States. It is also the second most populated state capital. Indianapolis’s economy is much diversified, mainly relying on manufacturing, and hosting sporting events such as the renowned Indianapolis 500. Indianapolis is second to only Washington D.C. for having the most national monuments within the city limits, giving the city a very culture oriented feeling. The city was founded on the White River thinking that it would be a center for trade, but was found to be too shallow for a proper trade route. However, in 1847, the Madison and Indianapolis railway system made it possible for expansive growth. By the late 19th century, major natural gas and oil deposits helped the economy prosper. The climate in Indianapolis is very erratic, ranging from the high 80’s in the summer to the low teens in the winter.
With its wide range of cultural and art attractions, Indianapolis is trying to initiate more tourism. Monument Circle, which is located in the middle of Indianapolis, features the soldiers and sailors monument. Also, war memorial plaza, which is a five block plaza also located near the center of the city, was constructed to honor all the men who have died in World War I and II.
Apart from the wonderful culture and heritage Indianapolis has, it is a great place to look for new office space. Overall, the Indianapolis office space vacancy rate has gone up since the last quarter of 2007, which is now at about 17%. However, Indianapolis just added one and one-half million square feet of office space, which increased the amount of rentable office space and therefore increased the vacancy rate of office space. Absorption still stays at about 100,000 square feet of office space in Indianapolis.
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