Indianapolis Sees Construction Kick Off for 81 KSF Spec Office Space
We are confident now is the time to build and invest in new office space in this market, Joe Sourwine, asset manager of Sourwine Real Estate Services, said of his firm’s groundbreaking on a 80,699-square-foot spec office building in the Indianapolis area. With the growth and development we’re seeing in the Keystone area, all signs point to success for this new spec project.
The property, located at 8335 Keystone Crossing, is the first speculative commercial real estate development in the city since 2008. The three-story Class A space will have 25,000 square feet of leasable area per floor as well as a fitness facility and shared conference space with its sister Keystone Office Centre buildings at 8395 and 8365 Keystone. Cassidy Turley will serve as leasing manager for the property, which has no existing tenant commitments.
Sourwine will own, develop and manage the new multi-tenant space. CSO Architects has designed the building, and Shiel Sexton will manage the construction, which is scheduled for completion in the second quarter of 2013.
We’re excited to fill this space from the ground-up, said Andrew Martin, senior vice president & principal with Cassidy Turley. Sourwine always invests in a strong and smart product. The development will be an ideal spot for just about any company looking to re-locate or expand in the Indianapolis area.
Spec appears to be on the upswing in the right markets. In early June of this year, Myers Crow & Saviers Ltd. announced construction on the 135,000-square-foot Mason Creek Office Center in Houson’s Energy Corridor would begin in the third quarter. And the firm understands the risks and rewards of spec construction: We have been through several economic cycles and we understand Houston pretty well, Mark Saviers, a principal with Myers Crow & Saviers, told Commercial Property Executive. And we believe that the supply and demand dynamics are compelling for this building at that location at this time.