The players: Indiana's major real-estate development companies.

• Author: McKimmie, Kathy
• Position: Real Estate & Construction - Industry Overview

Hoosier real-estate developers make their mark not just around the state but across the country.

Two Indianapolis-based real-estate investment trusts continue to dominate their sectors when measured by market capitalization, according to the National Association of Real Estate Investment Trusts (NAREIT). Simon Property Group is the largest publicly traded retail REIT in North America and the preeminent player in regional malls. The S&P 500 company was named the Most Admired Real Estate Company by Fortune magazine for 2003. Through its subsidiary partnerships, it owns or has an interest in 238 properties with 183 million square feet of gross leasable area in 36 states, as well as nine assets in Europe and Canada. Simon's retail properties drive some $40 billion in annual sales, and the portfolio consistently outperforms the industry.

NAREIT ranks Duke Realty Corp. tops in the mixed industrial/ office category. Its market cap was $6.9 billion at the end of the second quarter. It serves more than 4,500 tenants occupying an office, industrial and retail portfolio comprised of more than 110 million square feet in a dozen major cities in the Midwest and Sunbelt. "We try to be the dominant developer in our market with a full-service vertically integrated operation in each," says Denny Oklak, president and COO. That means Duke serves as land developer, leasing agent, property, manager and construction company. Duke owns or controls more than 4,000 acres of undeveloped land that can support more than 63 million square feet of future development.

A pretty even split between office and industrial development gives Duke some protection against an economic hit when one segment isn't going well, says Oklak. Right now the office side is "particularly low," but even so, the occupancy rate of 86 percent is about 2 to 3 percentage points ahead of national numbers, he says. The industrial side is pretty steady. One ongoing project in Indiana is the development of the Lebanon Business Park in Boone County. Five million square feet have been built so far using about half of the 700 acres in the last eight years. Two buildings totaling 1.1 million square feet will be ready early next year for Case New Holland's Midwest distribution facilities. The manufacturer of agricultural tractors and combines is expected to employ about 700 at the facility.

Mansur Real Estate Services, Indianapolis, has many high-profile projects in Indianapolis including Fall Creek Place...