INDIANAPOLIS – Downtown Indy Inc. has unveiled its 2024 State of Downtown report sharing how the heart of the city is doing.
Officials with Downtown Indy Inc. said the overall state of downtown is on the upswing, calling it a “blockbuster year.”
Dozens of business owners and city leaders gathered inside the historic L.S. Ayres building for the annual address Thursday.
Officials with Downtown Indy Inc. told FOX59/CBS4 they estimate more than 7.4 million people visited downtown year over year.
The group said sporting events and conventions played a huge role.
Plus, they said more people are moving downtown as the overall population has increased by 3% since 2022.
“Overall, the report really reflects the momentum that we’ve seen downtown over the last year,” said Taylor Schaffer, the president and CEO of Downtown Indy Inc. “We continue to see really strong residential trends even as new units come online with people having a desire to be part of the downtown ecosystem.”
Downtown Indy Inc. also said violent crime is down 23% from 2023-2024.
But officials admit that success doesn’t come without challenges.
Numbers from Downtown Indy Inc. show commercial vacancy rates are sitting at 9.9%. That’s increased every year since 2018 when the number was 6.4%.
Business owners said they’ve noticed.
“I haven’t really seen them (businesses) come and go, I’ve just saw them all go,” said Carrie Abbott, the owner of The Best Chocolate In Town confectionary shop. “And it’s more about the rate and pace of businesses coming back.”
But it’s something Abbott is hopeful will turn around.
“I hope every space is filled sooner than later. I’m not even worried if it competing business even on one block there’s just so much available,” said Abbott.
This all comes as efforts to reinvigorate downtown are at a fever pitch.
New apartment buildings like “Rise off Meridian” are going up. Salesforce is requiring workers to come back to the office part of the week and the Marion County Jail is set to be torn down this month but its future is still unclear.
And with even more events still to come this year that will keep Indy on the map, Downtown Indy Inc. is ready for another blockbuster year ahead.
“We’re pretty excited about where downtown is today and are looking to the future to ensure that that momentum doesn’t dissipate,” said Schaffer.
For a link to the report, click here.
