Indianapolis-Carmel, Indiana

Regional Analysis

Indianapolis-Carmel, IN MSA or the Indianapolis metropolitan area, is an 11-county metropolitan area in the US state of Indiana.  The metropolitan area is centered on the capital and most populous city of Indiana, Indianapolis.  The region is the 33rd most populous metropolitan area in the United States, and largest in the state of Indiana.  As of 2014, the population was 1,971,274.

The Indianapolis metropolitan area is a primary industrial, commercial, and transportation center for the Midwest.  Situated in proximity to the vast agricultural region known as the Corn Belt and to the industrialized cities of the upper Midwest and the East, Indianapolis is supported by a diversified economic base.  Tourism and hospitality is an increasingly vital sector to the Indianapolis economy.  A Rockport Analytics study found that 27.4 million visitors generated $4.5 billion in total economic impact in 2015, a record for the city.  Indianapolis has long been a sport tourism destination, but has more recently relied on conventions.  The Indiana Convention Center is connected to 12 hotels and 4,700 hotel rooms, the most of any US convention center.  Additionally, Indianapolis hosts many notable events annually, including the largest single-day sporting event in the world, the Indianapolis 500.  The insurance industry has long been established in Indianapolis; several insurance companies have located their headquarters and regional offices in the city.  With the largest stockyards east of Chicago, Indianapolis is also an important meatpacking center.  The Indianapolis metro area is a major transportation and distribution hub for the Midwest.  Three ports serve the entire state and are all within a three hour drive of Indianapolis.  The Indianapolis region has the fourth-fastest high-tech job growth area in the US, with 28,500 information technology-related jobs at such companies as Angie’s List, BrightPoint, Interactive Intelligence, and Salesforce Marketing Cloud.

Indianapolis metropolitan area benefits from its strategic location within the central region of the state of Indiana, conveniently connected to major transportation networks.  The region is considered a business hub and home to a diverse economy that has strong influences in tourism, manufacturing, agribusiness, information technology, high-technology, services and transportation/logistics.  The Indianapolis metro area has a diverse and well-positioned economic base, as well as its attractive location.  This should have a positive impact and will benefit the growth in the regional economy for years to come.

Local Area Analysis

The 116th Street Centre is located in Carmel, Indiana, within Hamilton County.  It is a suburban city located approximately 15 miles north of Indianapolis.  According to the 2013 census, the population was 85,927, making it the fifth-largest city in Indiana.  High volume  transportation routes such as Interstate 465, 65, 69 and 70 are easily accessed from Carmel.  Major roadways, US 31 and Keystone Parkway, also pass through the City.  Keystone Parkway has been reconstructed, allowing for the free-flow of traffic with six roundabout interchanges for cross street access.  Carmel is bordered by the town of Westfield to the north, the city of Noblesville to the northeast, Indianapolis to the south and the city of Fishers to the east.  The city of Carmel benefits from a convenient location as a suburb of the city of Indianapolis, serving a large, growing trade area and workforce.

The city boasts a prominent retail base, expanded with vast shopping venues and nationally-recognized anchor stores.  A growing economic base, diverse marketplace, efficient access to diverse public transportation networks combined with its proximity to the city of Indianapolis, make the subject property an appealing location for both tenants and investors.

Retail Market Analysis

The Indianapolis and Carmel Retail markets demonstrate sound fundamentals.  Analysis of supply and demand factors indicate the markets are currently stable with no evidence to prove this will change any time soon.  The greatest strength of each of the markets appears to be its low vacancy rates.  There are no observed weaknesses of these markets that stand out.

(Source:  Colliers International Appraisal Report – July 29, 2016)