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More downtown office buildings are being converted to hotels than last two decades combined

  • ​​​Since the 1990s there have been or soon will be 10 downtown office buildings converted to a hotel.  While that may not seem like very many, over half of them are happening as we speak!

  • The need for more hotel rooms in Downtown Indy has been heightened recently due to the city’s growing number of visitors due to conventions, sporting events, and business travelers. 

  • These conversion projects will tighten the CBD office supply, particularly among Class B product. The earlier hotel conversions occurred in largely empty buildings, several of which had been sitting vacant for decades. However, more recent projects include properties that were majority occupied at the time of sale to the hotel developer (such as One North Penn and the IBJ Building). As these tenants relocate and office inventory shrinks, the CBD should see its vacancy rate decline if all else remains equal. 

Source: JLL Research

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