By Lance Evinger III, Hendricks Commercial Properties
In an era where consumers seek more than just products, experience-driven spaces are reshaping the commercial real estate landscape. In Indianapolis, developers and urban planners are increasingly focused on transforming some of the city’s most underutilized yet high-potential areas into dynamic destinations that foster engagement, connection and excitement.
Indianapolis boasts a diverse and rapidly evolving commercial real estate market that continues to attract significant investment and development. Key sectors — including office, industrial, retail and mixed-use developments — have experienced steady growth, with a strong focus on adaptive reuse projects and innovative design concepts. The city’s strategic central location, robust infrastructure and thriving convention scene make it a prime destination for businesses and developers alike.
Named USA Today’s No. 1 Convention City in the U.S. in 2024, downtown Indianapolis attracts over 10 million visitors annually, a number that continues to grow. In the past year, downtown hotels have set all-time monthly revenue records, fueled by major events like the NFL Combine and NBA All-Star Weekend. At the same time, the Indiana Convention Center has seen a 14.5 percent year-over-year increase in visitors, further cementing the city’s reputation as a top-tier event destination. With convention traffic and tourism on the rise, demand for experience-driven developments is stronger than ever.
Projects such as Bottleworks District exemplify this shift, transforming historic spaces into immersive environments that seamlessly blend retail, dining and entertainment. Once the world’s largest Coca-Cola bottling plant, the meticulously restored Bottleworks District has emerged as a thriving hub of activity and innovation.
Now in its second phase of development, the district is meeting the increasing demand for flexible, boutique office spaces that cater to the evolving needs of the modern workforce. Amenities take center stage, driving strong leasing activity across both retail and office sectors, with anchor tenants such as Lumina Foundation and Indiana Members Credit Union reinforcing the district’s appeal.
The demand for experiential and community-focused spaces is driving new developments that cater to changing consumer preferences and work-life balance trends. With ongoing investment in infrastructure and urban revitalization efforts, Indianapolis remains a competitive player in the Midwest commercial real estate landscape.
The $600 million redevelopment of Circle Centre Mall by Hendricks Commercial Properties marks a transformative shift in the evolution of urban retail spaces. Once a cornerstone of downtown Indianapolis, this traditional indoor mall is being reimagined to meet the expectations of today’s consumers.
By introducing experience-driven concepts, the 2.5-block space will become a dynamic open-air destination where visitors can shop, dine and engage in unique activities that extend beyond traditional retail. The redevelopment will feature over 500,000 leasable square feet, 300 residential units and 2,700 parking stalls, creating a vibrant hub that caters to the diverse needs of the community.
Still in early planning stages, project plans include the integration of entertainment venues, interactive installations and curated retail and dining experiences aimed at attracting a diverse audience and contributing to the revitalization of downtown Indianapolis. The addition of a pedestrian-only main street will connect residential, parking, entertainment, retail and office space to further enhance the visitor experience, encouraging exploration and fostering a sense of community.
As commercial real estate continues to evolve, experiential design, strategic tenant curation and community engagement are becoming critical components of successful developments. By focusing on experience-driven spaces, developers are attracting foot traffic while fostering meaningful connections and long-term loyalty among visitors.
From the revitalization of Bottleworks District to the upcoming transformation of Circle Centre Mall and other exciting projects on the horizon, the redevelopment efforts in downtown Indianapolis are reshaping the way people engage with spaces. The future of commercial real estate lies in crafting environments that inspire, entertain and foster meaningful connections.
Lance Evinger III is vice president of acquisitions and dispositions at Hendricks Commercial Properties. This article originally appeared in the February 2025 issue of Heartland Real Estate Business magazine.