The Downtown Indy Inc. named 2024 a “blockbuster year”

Indianapolis, Indiana – The 2024 State of Downtown study, which details the state of the city’s core, was released by Downtown Indy Inc.

The general condition of downtown, according to representatives of Downtown Indy Inc., is improving; they refer to this year as a “blockbuster year.”

For the annual speech on Thursday, dozens of company owners and local officials gathered inside the iconic L.S. Ayres building.

According to representatives of Downtown Indy Inc., the annual number of visitors to the downtown area is expected to exceed 7.4 million.

The group claimed that conventions and athletic events were very important.

Additionally, they stated that since 2022, the population has grown by 3%, meaning that more people are relocating downtown.

According to Taylor Schaffer, president and CEO of Downtown Indy Inc., “the report really reflects the momentum that we’ve seen downtown over the last year.” “Even with the addition of new units, we are still seeing very strong residential trends with people wanting to be a part of the downtown ecosystem.”

Additionally, violent crime is down 23% from 2023–2024, according to Downtown Indy Inc.

However, administrators acknowledge that achievement is not without difficulties.

According to data provided by Downtown Indy Inc., the percentage of vacant commercial space is 9.9%. Since 2018, the percentage has risen annually to 6.4%.

Entrepreneurs claimed to have observed.

“I haven’t really watched them (businesses come and go; I’ve just seen them all go,” stated Carrie Abbott, proprietor of the candy store The Best Chocolate In Town. “And it’s more about how quickly and at what rate businesses are returning.”

Abbott is optimistic that things will improve, though.

“Hopefully, every opening is taken up as soon as possible. There’s just so much accessible that I’m not even concerned about competing businesses on a single block,” Abbott remarked.

All of this is happening at a time when efforts to revitalize downtown are intensifying.

New apartment complexes are being built, such as “Rise off Meridian.” The Marion County Jail is scheduled to be demolished this month, though its future is still unknown, and Salesforce is mandating that employees return to the office for a portion of the workweek.

Downtown Indy Inc. is prepared for another incredible year ahead with even more events this year that will keep Indy on the map.

“We’re pretty excited about where downtown is at this point and we’re looking ahead to make sure that momentum doesn’t slow down,” Schaffer said.