Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CONNOR JAMES B
   2. Issuer Name and Ticker or Trading Symbol
DUKE REALTY CORP [DRE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Regional EVP, Chicago
(Last)
(First)
(Middle)
4225 NAPERVILLE ROAD, SUITE 150		 3. Date of Earliest Transaction (Month/Day/Year)
01/26/2005
(Street)

LISLE, IL 60532		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               6,021 D  
Common Stock               1,863 (1) I By 401(k) Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options-Right to Buy $ 24.4375               (2) 04/20/2008 Common Stock 5,000   5,000 D  
Employee Stock Options-Right to Buy $ 23.0625               (3) 01/26/2009 Common Stock 11,961   11,961 D  
Employee Stock Options-Right to Buy $ 20               (4) 01/25/2010 Common Stock 14,368   14,368 D  
Employee Stock Options-Right to Buy $ 24.98               (5) 01/31/2011 Common Stock 11,503   11,503 D  
Employee Stock Options-Right to Buy $ 23.35               (6) 01/30/2012 Common Stock 13,783   13,783 D  
Employee Stock Options-Right to Buy $ 25.42               (7) 02/19/2013 Common Stock 11,757   11,757 D  
Employee Stock Options-Right to Buy $ 32.51               (8) 01/28/2014 Common Stock 16,971   16,971 D  
Employee Stock Options-Right to Buy $ 32.33 02/10/2005   A   26,380     (9) 02/10/2015 Common Stock 26,380 (9) 26,380 D  
Phantom Stock Units (10) 01/26/2005   A   1,107     (10)   (10) Common Stock 1,107 (10) 1,456 (10) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CONNOR JAMES B
4225 NAPERVILLE ROAD, SUITE 150
LISLE, IL 60532		       Regional EVP, Chicago  

Signatures

 Valerie J. Steffen for James B. Connor per POA attached   02/14/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Between January 28, 2004 and February 10, 2005, the Reporting Person acquired 300 shares of DRE's common stock under the company's 401(k) plan.
(2) The Stock Options vested annually at a rate of 20% per year and were fully vested on 4/20/03.
(3) The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/26/04.
(4) The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/25/05.
(5) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/31/06.
(6) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/30/07.
(7) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 2/19/08.
(8) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/28/09.
(9) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 2/10/10.
(10) Represents phantom stock units vested under the 2000 Performance Share Plan of Duke Realty Corporation. Between January 28, 2004 and February 10, 2005, the Reporting Person acquired 349 phantom stock units through dividend reinvestment. The units are valued on a one to one basis of the Company's common stock and are to be settled in cash upon the Reporting Person's termination of employment.

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