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Good to see that the Glendale Apartment proposal is becoming reality. Here's a rendering; I assume this is looking north-west-ish from the east side of Rural toward the rear entrance to the Target parking lot and Building 1000.
I saw that announcement too--funny thing is that I'm pretty sure I saw several floors framed already, maybe a week or two ago?

But yeah, great mall infill. We don't see enough of that in Indy.
 

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I saw that announcement too--funny thing is that I'm pretty sure I saw several floors framed already, maybe a week or two ago?

But yeah, great mall infill. We don't see enough of that in Indy.
It's crazy that they're framing floors and asking for city assistance at the same time. Unless their request for city assistance was resolved already and I didn't hear about it?
 

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I saw that announcement too--funny thing is that I'm pretty sure I saw several floors framed already, maybe a week or two ago?

But yeah, great mall infill. We don't see enough of that in Indy.
They were working on the 2nd floor on the west side of Rural when I went by early last week:



I was at Lowes earlier this week and it looked like they were still on the 2nd floor. The east side of Rural looks like foundation work right now.
 

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They must have had excavators and dozers on site waiting for the approval, then started immediately. That looks like about the amount of progress Cityscape had made on a similar project at Ft. Harrison in 6-8 weeks.
Yeah, there was definitely something strange about the timing of it all. The site was, at the very least, being staged when they asked for assitance from the city. I remember the article that UrbanAziz linked, but I do not remember ever hearing about the approval of the assistance. It obviously happened quickly and Kite was ready to roll.
 

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Um, a year-over-year decline in jobs in the metro is not good news for development. It's bad news for commercial real estate.

Also, note that 5 of those "top 10", and the top two, are state capitals. State government didn't lay off people in the pandemic.
 

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Um, a year-over-year decline in jobs in the metro is not good news for development. It's bad news for commercial real estate.

Also, note that 5 of those "top 10", and the top two, are state capitals. State government didn't lay off people in the pandemic.
In this environment it is a good thing, when you compare it to the nation as a whole, and given the worst of the job losses are likely behind us.

Even if you assume the Indiana state government laid off half their Indianapolis workers, Indy would still be solidly on this list.
 

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In this environment it is a good thing, when you compare it to the nation as a whole, and given the worst of the job losses are likely behind us.
Um, no. You have to assume that in a macro sense, job losses = commercial vacancy. Anecdotally, every story out there confirms it.

Higher vacancy rate = less new stuff built.
 

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It is that it's not a good thing to have lost jobs, but it's a good thing that we are doing better than most others. If we continue on this path, we will be among the first to get new investment in commercial real estate once America starts seeing its way out of the COVID disaster.

So bad news with a silver lining.
 

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It is that it's not a good thing to have lost jobs, but it's a good thing that we are doing better than most others. If we continue on this path, we will be among the first to get new investment in commercial real estate once America starts seeing its way out of the COVID disaster.

So bad news with a silver lining.
Bingo
 

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it's not a good thing to have lost jobs, but it's a good thing that we are doing better than most others. If we continue on this path
Big IF. So yes, when vacancy is absorbed and tenants can pay rent, things will eventually get better.

It doesn't mean they'll get better faster here.

This is just plain bad news, no silver lining.
 

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I consider that Indianapolis doing the second best of all large MSAs is a good thing. You (CDC guy) definitely often seem to have a strong Debbie Downer propensity.
 

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I consider that Indianapolis doing the second best of all large MSAs is a good thing. You (CDC guy) definitely often seem to have a strong Debbie Downer propensity.
Bad news is bad news, and acknowledging it as such is the best approach I've found.

Then it's possible to make a realistic assessment of what's likely to follow.

In this case, it's pretty straightforward:

Job loss = some business closings = lower demand for commercial real estate = vacancy = less need for new projects.

Or am I the only person who remembers 2008-10? I can't be the only person who knows about restaurants closing and office people working from home for 6 months now and high unemployment.

Sometimes economic news isn't positive and when that's the case I don't like to pretend otherwise.
 

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I believe the perspective that several of us are taking is that it is a good thing that the Indianapolis MSA has only dropped a small amount of its total jobs compared to a year ago. No one is saying that it is not having a negative impact on real estate to lose around 30,000 jobs in a year. We are just saying that it is a good thing to see that Indy did the second best (or first best?) of all large MSAs in the country in the percentage of jobs lost. It’s a very crappy situation - not just nationally but internationally - but to see the first or second smallest percentage of job loss out of all large MSAs is something to consider as a bit of a bright spot - or a silver lining - as mentioned by rjhart, above.
 

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After making my comment above, I would have to say though that starting off the original post pertaining to the year to year job numbers with a statement like “good news for development in Indy” probably wasn’t the most accurate statement about the news..... Anyway - onward and upward - or whatever.
 
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