Charlie Podell, senior vice president of Duke Realty’s Indiana and Ohio Region, was quoted recently in the Indianapolis Business Journal. Speaking at IBJ’s Commercial Real Estate and Construction Power Breakfast, Podell commented on growing demand in the industrial market in general, as well as the growth in the Indianapolis industrial market.
“The market is as vibrant as I’ve seen in my 28 years at Duke Realty,” said Podell. He pointed to several factors that are driving overall growth, such as a thriving economy, low interest rates, and the increasing popularity of online shopping and quick delivery. He said an increase in business among third-party shippers is also a contributing factor.
Investment analysts at the national level say the propulsion from e-commerce growth is driving investment in industrial REITs like Duke Realty.
The location of the Central Indiana region—within a day’s drive of 75 percent of the U.S. population—makes it one of the nation’s top distribution hubs. Much of the new industrial development around Indianapolis is in Hendricks and Boone counties outside the I-465 loop, extending west along I-70 and north along I-65.
The IBJ article also highlights two of Duke Realty’s industrial parks in those counties—Plainfield’s AllPoints Midwest (3.8 million square feet) in Hendricks and Whitestown’s AllPoints at Anson (2.4 million square feet) in Boone. Both parks are owned jointly by Duke Realty and Indianapolis-based Browning Investments. The article touts AllPoints at Anson as one of the area’s fastest-growing industrial parks, citing Amazon’s existing 630,000-square-foot fulfillment center, as well as newer distribution centers for commercial furniture maker Facility Concepts Inc. and Seattle-based shoe and apparel company Brooks Running Co., which are coming soon to the Whitestown location.
“We have properties in both the southwest and the northwest area [of the region],” Podell said. “They are developing and really growing.”
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