INDIANAPOLIS — Downtown Indianapolis is growing and changing.
On Thursday, Downtown Indy Inc. joined business and civic leaders, elected officials and community advocates to discuss findings in the 2022 State of Downtown, an annual report that focuses on challenges and highlights accomplishments.
"The data is supporting what we're seeing. We are coming back. The energy is here," said Bob Schultz with Downtown Indy Inc.
Real estate has been and is booming.
According to the report, residential project permits issued doubled from 2019 and 2020. In 2021, there were 39.
There were 128 non-residential projects permits issued in 2021. There were only 34 in 2020 and 24 in 2019.
The number of vacant commercial and office space buildings remain. Downtown Indianapolis has a vacancy rate of 18.1% in 2021. That's about a 2% increase from the previous year and a 4% increase from 2019.
"I wouldn't say we're back to where we are wanting to go, because we have much work to do ahead of us," said Schultz.
Schultz said plans are in the works and in the next five years downtown Indianapolis will look much different. He also hopes to find ways to fill the void in restaurant and retail workers.
"A lot of street-level retailers and others have been challenged with the labor force. There are fewer people that are working in these environments or are shifting around. That's not only impacting our community here locally, that's a national and international trend," he said.
Schultz said the goal is to work with partners to help businesses fill staff openings.
The committee also wants to find ways to bring Black and minority businesses downtown, to make the area more inclusive and more diverse.
Read the full report here.