Vacancy rates rising in downtown Indianapolis

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Rising vacancy rates in top-tier Indianapolis office spaces has sparked a renewed effort to keep existing tenants happy and attract new ones.

The Indianapolis Business Journal reports the Downtown Initiative aims to ensure downtown tenants are satisfied and will include employers, building managers and owners and residential builders.

The vacancy rate for Class A space hit 21.4 percent at the end of last year. That's up from 8.7 percent in 1998 during the height of the tech boom. Many office buildings have entire floors available for lease.

Cassidy Turley office broker Jon Owens says he doesn't think the trend will reverse anytime soon and says it's important to address the issue.

Information from: Indianapolis Business Journal 

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