Office, retail space trends leave recession behind


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For the first time in about a year, a Greenwood office building has vacancies.

Even with three of the building’s 93 small offices currently empty, Greenwood Office Suites is still beating the average vacancy rate for the city and south side.

Vacancies in office and retail buildings jumped during the national recession, when struggling businesses couldn’t afford rents or decided to downsize their offices to save money, vice president Jason Tolliver of Cassidy Turley real estate group said. But the rental market is slowly bouncing back, although one building owner has lowered rent and made other concessions to get and keep tenants.

About 20 percent of offices in multiunit buildings in Greenwood and southside Indianapolis are vacant, while only about 5 percent of retail locations such as strip malls and shopping centers are empty, according to reports from real estate groups Cassidy Turley and CB Richard Ellis.

 

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