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>> HELLO AND WELCOME TO "INSIDE
INDIANA BUSINESS."
I'M GERRY DICK.
DOWNTOWN INDY HAS UNVEILED NEW

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RESEARCH THAT SHOWS DOWNTOWN
INDIANAPOLIS CONTINUES TO
ECONOMICALLY OUTPERFORM THE REST
OF THE COUNTY AND REMAINS THE

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FASTEST GROWING NEIGHBORHOOD IN
MARION COUNTY.
COMPLETED PROJECTS OVER THE PAST
FIVE YEARS TOTALED NEARLY $4

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BILLION AND ANOTHER $982 MILLION
IN PROJECTS ARE IN THE PIPELINE.
RESEARCH SHOWS THE POPULATION
DOWNTOWN SHOULD REACH 30,000

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RESIDENTS BY THE END OF 2020,
NEARLY DOUBLING IN JUST A
DECADE.
HERE TO BREAK DOWN THE STATE OF

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DOWNTOWN ARE DOWNTOWN INDY
PRESIDENT SHERRY SEIWERT AND
INTERNATIONAL DOWNTOWN
ASSOCIATION CEO DAVID DOWNEY.

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WELCOME TO THE PROGRAM.
>> THANK YOU.
>> IT'S THAT TIME AGAIN FOR THE
STATE OF DOWNTOWN, AN EVENT THAT

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DOWNTOWN INDY PUTS ON.
SHERRY, I'LL THROW TO YOU FIRST.
IN TERMS OF THE RESULTS OF THIS
STUDY THAT REALLY MEASURES THE

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VIBRANCY, THE VITALITY OF
DOWNTOWN, CONTINUES TO
OUTPERFORM ECONOMICALLY, GROWING
WITH MORE PEOPLE LIVING AND

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WORKING DOWNTOWN.
>> THAT'S CORRECT, YES.
SO WE ARE CONTINUALLY SEEING
INCREASED INVESTMENT IN

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DOWNTOWN, PARTICULARLY IN THE
HOUSING MARKET.
WE HAVE A COUPLE OF -- 2200 MORE
UNITS IN THE PIPELINE ON TOP OF

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THE 26,000 PEOPLE THAT WE
CURRENTLY HAVE -- I'M SORRY,
27,000 PEOPLE WE HAVE LIVING
DOWNTOWN, THAT WILL BE UP TO

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30,000 BY THE YEAR 2020.
WE HAVE WELL OVER 153,000
EMPLOYEES IN OUR DOWNTOWN MARKET
AND THE OFFICE VACANCY RATE

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CONTINUES TO LOWER, IT'S A GREAT
STORY.
>> I WANT TO TOUCH ON THAT ONE
BECAUSE THE OFFICE VACANCY RATE

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A FEW YEARS AGO WAS A CHALLENGE.
>> IT WAS.
>> BUT THAT CONTINUES TO CHANGE
AND IMPROVE.

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>> YOU BET.
WHEN I STARTED IN THIS POSITION
NOT EVEN SEVEN YEARS AGO, WE
WERE AT 7%, CURRENTLY WE'RE AT

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14%.
SO WITH THE MOVEMENT OF THE TECH
INDUSTRY INTO OUR DOWNTOWN
MARKET AND WE HAVE A HEALTHY

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HEALTHCARE EMPLOYMENT IN OUR
DOWNTOWN MARKET, IT'S GOING THE
RIGHT WAY.
>> I'LL ASK YOU ABOUT HOUSING IN

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THE MOMENT BUT DAVID, AS YOU
LOOK AT DOWNTOWN INDIANAPOLIS,
CERTAINLY YOU HAVE A GLOBAL
PERSPECTIVE ON DOWNTOWNS, YOUR

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ASSESSMENT OF DOWNTOWN
INDIANAPOLIS AND WHAT'S GOING
ON.
>> SO I WOULD SAY IT'S VERY

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CONSISTENT WITH WHAT WE'RE
SEEING AROUND THE COUNTRY.
THESE ARE CITY CENTERS THAT ARE
THE ECONOMIC ENGINES OF THEIR

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CITIES, OF THEIR REGIONS AND BY
ALL THE NUMBERS, INDY SEEMS TO
BE PUSHING FORWARD REALLY HARD.
>> IT SEEMS THAT NOT JUST CITIES

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THE SIZE OF INDIANAPOLIS AND
LARGER BUT SMALLER COMMUNITIES
TOO FOCUSING ON DOWNTOWNS AND
LOOKING AT DOWNTOWNS, AGAIN,

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MAYBE 10, 15 YEARS AGO, THEY
DIDN'T LOOK AT IT BUT NOW THEY
LOOK AT IT AS A REAL ECONOMIC
DRIVER.

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>> VERY MUCH SO.
AND WE'RE SEEING EMERGING
DOWNTOWNS, INDY WOULD BE WHAT WE
CONSIDER A GROWING DOWNTOWN.

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EVEN THE ESTABLISHED ONES LIKE
YOUR MAJOR MARKET CITIES,
EVERYONE IS ADDRESSING THESE
SAME THINGS WITH OFFICE, TECH,

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RESIDENTIAL INCLUSION, IT'S
REALLY BECOMING A DYNAMIC.
>> SHERRY, IN TERMS OF YOU TALK
ABOUT THE NUMBER OF PEOPLE

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LIVING DOWNTOWN AND WE SEE A LOT
OF -- HAVE SEEN A LOT OF
CONSTRUCTION, IS THE BALANCE,
THE SUPPLY AND DEMAND COMING

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MORE INTO BALANCE NOW?
DOES THAT AFFECT THE
AFFORDABILITY IN A POSITIVE WAY?
>> YOU KNOW, BECAUSE WE'VE BEEN

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SO AGGRESSIVE WITH GROWTH ON THE
DEVELOPMENT SIDE, WE REALLY HAVE
STARTED TO SEE THE OCCUPANCY
LEVELS TICK DOWN JUST A LITTLE

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BIT.
WE'RE STILL AT A HEALTHY LEVEL
OF 93.4%, WHICH IS BY COMPARISON
TO OTHER COMPETING CITIES, WE'RE

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DOING WELL.
BUT WE DO REALLY NEED TO SLOW IT
DOWN A LITTLE BIT, ABSORB WHAT
WE HAVE UNDER CONSTRUCTION AND

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GET THOSE OCCUPIED.
>> CHALLENGES, DAVID, YOU A LOOK
AT CITIES, WHETHER IT'S
INDIANAPOLIS OR ANY CITY IN THE

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UNITED STATES, THEIR DOWNTOWNS,
WHAT ARE SOME OF THOSE BIG
CHALLENGES THAT CITIES ARE
FACING SM

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>> UNIVERSAL ACROSS THE COUNTRY,
WE'RE MANAGING SUCCESS NOW, SO
WE'RE HAVING DIFFERENT THINGS
HAPPENING WITH SOCIAL ORDER,

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PEOPLE AFFECTED BY HOMELESSNESS,
HOUSING ATTAINABILITY,
AFFORDABILITY.
DOWNTOWNS ARE EXCITING PLACES TO

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BE, SO THE CHALLENGES REALLY ARE
AROUND MANAGING THAT PROSPERITY.
>> SHERRY AS WE WRAP UP IN TERMS
OF AN EXCITING PLACE TO BE, THE

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ECK IT GROWTH IN
TECH
GROWTH HAS BEEN CERTAINLY ON AN
UPSWING, A LOT OF HAPPENING IN

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DOWNTOWN INDIANAPOLIS.
7200 NEW JOBS ADDED OR BEING
ADDED DOWNTOWN, AND THAT MAKEUP
OF A LOT IN THE TECH SPACE, THE

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CREATIVE CLASS, THOSE TYPES OF
JOBS.
>> YES, YES.
33% OF OUR IMMEDIATE DOWNTOWN

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JOBS ARE MADE UP OF THE CREATIV
CLASS.
SO WHEN YOU THINK ABOUT DESIGN
AND MUSIC, YEAH, WE'RE DELIGHTED

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THAT WE'RE GETTING THAT
CREATIVITY INTO OUR WORKFORCE.
>> THE STATE OF DOWNTOWN, NEW
SHOWS INDIANAPOLIS CONTINUES TO

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BE STRONG.
SHERRY SEIWERT FROM DOWNTOWN
INDY, DAVID DOWNEY, THE
INTERNATIONAL DOWNTOWN