SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM S-8
                             REGISTRATION STATEMENT
                        UNDER THE SECURITIES ACT OF 1933

                         DUKE REALTY INVESTMENTS, INC.
            (Exact name of registrant as specified in its charter)

           Indiana                             35-1740409
(State or other jurisdiction of             (I.R.S. Employer
incorporation or organization)              Identification No.)

 8888 KEYSTONE CROSSING, SUITE 1200
        INDIANAPOLIS, INDIANA                     46240
(Address of principal executive offices)        (Zip Code)

           DUKE REALTY INVESTMENTS, INC. EMPLOYEES' STOCK PURCHASE PLAN
                              DUKE REALTY 401(k) PLAN
                             (Full title of the plans)

                                  THOMAS L. HEFNER
                                      PRESIDENT
                             DUKE REALTY INVESTMENTS, INC.
                          8888 KEYSTONE CROSSING, SUITE 1200
                             INDIANAPOLIS, INDIANA 46240
                       (Name and address of agent for service)

                                    (317) 846-4700
           (Telephone number, including area code, of agent for service)

                         CALCULATION OF REGISTRATION FEE
-----------------------------------------------------------------------------
                                    Proposed     Proposed
 Title of                           maximum      maximum
Securities            Amount        offering     aggregate     Amount of
  to be               to be         price per    offering    registration
registered         registered (1)   share (2)    price            fee
-----------------------------------------------------------------------------
Common Stock, 
par value
$.01 per share      600,000         $22.4375    $13,462,500    $3,971.44
-----------------------------------------------------------------------------
(1) Consists of 200,000 shares for the Employees' Stock Purchase
Plan and 400,000 shares for the 401(k) Plan. Any additional shares
to be issued as a result of stock dividends, stock splits or
similar transactions prior to the termination of this Registration
Statement shall be covered by this registration Statement as
provided in Rule 416.
(2)  Determined pursuant to Rule 457(c) and (h) using average of
reported high and low prices on December 12, 1997.
<PAGE>
PART II  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF DOCUMENTS BY REFERENCE.

   The following documents, all of which are on file with the
Securities and Exchange Commission (the "Commission "), are hereby
incorporated by reference in this registration statement:

   (a)      The Annual Report on Form 10-K for Duke Realty Investments, Inc.
            (the "Company ") for the fiscal year ended December 31, 1996;

   (b)      The Company's Quarterly Reports on Form 10-Q for the fiscal
            periods ended March 31, 1997, June 30, 1997 and September 30,
            1997;

   (c)      The Company's Current Report on Form 8-K dated November 10, 1997;

   (d)      The Company's Proxy Statement dated March 20, 1997; and

   (e)      The description of the Common Stock of the Company contained
            in the Registration Statement on Form 10, File No. 1-9044, as
            amended.

   All documents subsequently filed by the Company pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act
of 1934, as amended, prior to the filing of a post-effective
amendment which indicates that all securities offered hereunder
have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference herein and
to be a part hereof from the date of filing such reports and
documents.

   For purposes of this Registration Statement, any statement
contained in a report, document or appendix incorporated or deemed
to be incorporated by reference in this Registration Statement
shall be deemed to be modified or superseded to the extent that a
statement contained in this Registration Statement or in any
subsequently filed report, document or appendix which also is or
is deemed incorporated by reference modifies or supersedes such
statement in such report, document or appendix.  Any statement so
modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration
Statement.

   Upon the written or oral request of any person to whom this
Registration Statement has been delivered, the Company will
provide without charge to such person a copy of any and all of the
information (excluding exhibits thereto unless such exhibits are
specifically incorporated by reference into such information) that
has been incorporated by reference into this Registration
Statement but not delivered herewith.  Requests should be directed
to Investor Relations at the following address and telephone
number:  8888 Keystone Crossing, Suite 1200, Indianapolis, Indiana
46240, (317) 574-3531.

ITEM 4.  DESCRIPTION OF SECURITIES.

   Not applicable.

                                      -2-
<PAGE>
ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL.

   Certain legal matters with respect to the Common Stock offered
hereby will be passed on for the Company by Bose McKinney & Evans,
Indianapolis, Indiana.  John W. Wynne and Darell E. Zink, Jr.,
officers and directors of the Company, were partners in Bose
McKinney & Evans through 1987 and 1982, respectively, and were of
counsel to that firm until December, 1990.

ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS.

   The Company is an Indiana corporation.  The Company's officers
and directors are and will be indemnified under Indiana law, the
Articles of Incorporation of the Company, and the partnership
agreements of Duke Realty Limited Partnership (the "Operating
Partnership") and Duke Realty Services Limited Partnership (the
"Services Partnership") against certain liabilities.  Chapter 37
of The Indiana Business Corporation Law (the "IBCL") requires a
corporation, unless its articles of incorporation provide
otherwise, to indemnify a director or an officer of the
corporation who is wholly successful, on the merits or otherwise,
in the defense of any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or
investigative and whether formal or informal, against reasonable
expenses, including counsel fees, incurred in connection with the
proceeding.  The Company's Articles of Incorporation do not
contain any provision prohibiting such indemnification.

   The IBCL also permits a corporation to indemnify a director,
officer, employee or agent who is made a party to a proceeding
because the person was a director, officer, employee or agent of
the corporation against liability incurred in the proceeding if
(i) the individual's conduct was in good faith and (ii) the
individual reasonably believed (A) in the case of conduct in the
individual 's official capacity with the corporation that the
conduct was in the corporation's best interests and (B) in all
other cases that the individual's conduct was at least not opposed
to the corporation's best interests and (iii) in the case of a
criminal proceeding, the individual either (A) had reasonable
cause to believe the individual's conduct was lawful or (B) had no
reasonable cause to believe the individual's conduct was unlawful.
The IBCL also permits a corporation to pay for or reimburse
reasonable expenses incurred before the final disposition of the
proceeding and permits a court of competent jurisdiction to order
a corporation to indemnify a director or officer if the court
determines that the person is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, whether
or not the person met the standards for indemnification otherwise
provided in the IBCL.

   The Company's Articles of Incorporation provide for certain
additional limitations of liability and indemnification.  Section
13.01 of the Articles of Incorporation provides that a director shall not be
personally liable to the Company or its shareholders for monetary
damages for breach of fiduciary duty as a director, except for
liability (i) for any breach of the director's duty of loyalty to
the Company or its shareholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing
violation of law, (iii) for voting for or assenting to an unlawful
distribution, or (iv) for any transaction from which the director
derived an

                                      -3-
<PAGE>
improper personal benefit.  Section 13.02 of the Articles of
Incorporation generally provides that any director or officer of
the Company or any person who is serving at the request of the
Company as a director, officer, employee or agent of another
entity shall be indemnified and held harmless by the Company to
the fullest extent authorized by the IBCL against all expense,
liability and loss (including attorneys' fees, judgments, fines,
certain employee benefits excise taxes or penalties and amounts
paid or to be paid in settlement) reasonably incurred or suffered
in connection with a civil, criminal, administrative or
investigative action, suit or proceeding to which such person is a
party by reason of the person's service with or at the request of
the Company.  Section 13.02 of the Articles of Incorporation also
provides such persons with certain rights to be paid by the
Company the expenses incurred in defending any such proceedings in
advance of their final disposition and the right to enforce
indemnification claims against the Company by bringing suit
against the Company.

   The Company's Articles of Incorporation authorize the Company
to maintain insurance to protect itself and any director, officer,
employee or agent of the Company or another corporation,
partnership, joint venture, trust or other enterprise against
expense, liability or loss, whether or not the Company would have
the power to indemnify such person against such expense, liability
or loss under the IBCL.

   Each of the partnership agreements for the Operating
Partnership and the Services Partnership also provides for
indemnification of the Company and its officers and directors to
substantially the same extent provided to officers and directors
of the Company in its Articles of Incorporation, and limits the
liability of the Company and its officers and directors to the
Operating Partnership and its partners and to the Services
Partnership and its partners, respectively, to substantially the
same extent limited under the Company's Articles of Incorporation.


ITEM 7.  EXEMPTION FROM REGISTRATION CLAIMED.

   Not applicable.


ITEM 8.  EXHIBITS.

4.1   Amended and Restated Articles of Incorporation of Duke Realty
      Investments, Inc., incorporated by reference to Exhibit 3.1 to the
      Registration Statement on Form S-3, as amended, of Duke Realty
      Investments, Inc. and Duke Realty Limited Partnership, File
      No. 33-61361.
4.2   Amended and Restated Bylaws of Duke Realty Investments, Inc.,
      incorporated by reference to Exhibit 3.2 to the Registration
      Statement on Form S-3, as amended, of Duke Realty Investments, Inc.
      and Duke Realty Limited Partnership, File No. 33-61361; Amendment
      to Amended and Restated By-Laws of Duke Realty Investments, Inc.,
      incorporated by reference to Exhibit 4.3 to the Registration Statement
      on Form S-8 of Duke Realty Investments, Inc., File No. 333-39965.
5     Opinion and consent of Bose McKinney & Evans regarding the legality of
      the securities being registered.
                                      -4-
<PAGE>

15    Acknowledgment letter of KPMG Peat Marwick LLP re unaudited interim
      financial information.
23.1  Consent of KPMG Peat Marwick LLP.
23.2  Consent of Bose McKinney & Evans (included in Exhibit 5).
24    Powers of Attorney.


ITEM 9.  UNDERTAKINGS.

A.  The undersigned registrant hereby undertakes:

    (1)  To file, during any period in which offers or sales are being made,
    a post-effective amendment to this registration statement:

       (i)  To include any prospectus required by Section 10(a)(3) of the
        Securities Act of 1933;

      (ii)  To reflect in the prospectus any facts or events arising after
        the effective date of the registration statement (or the most recent
        post-effective amendment thereof) which, individually or in the
        aggregate, represent a fundamental change in the information set
        forth in the registration statement;

     (iii)  To include any material information with respect to the plan of
        distribution not previously disclosed in the registration statement
        or any material change to such information in the registration
        statement;

PROVIDED, HOWEVER, that paragraphs (A)(1)(i) and (A)(1)(ii) do not
apply if the registration statement is on Form S-3 or Form S-8,
and the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed by the registrant pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.

    (2)  That, for the purpose of determining any liability under the
    Securities Act of 1933, each such post-effective amendment shall be
    deemed to be a new registration statement relating to the securities
    offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.

    (3)  To remove from registration by means of a post-effective amendment
    any of the securities being registered which remain unsold at the
    termination of the offering.

    (4)  If the registrant is a foreign private issuer, to file a post-
    effective amendment to the registration statement to include any
    financial statements required by Rule 3-19 to Regulation S-X at the start
    of any delayed offering or throughout a continuous offering.


                                      -5-
<PAGE>
B.  The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of
1933, each filing of the registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof.

C.  Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final
adjudication of such issue.


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in
Indianapolis, Indiana, on December 17 , 1997.

                                                DUKE REALTY INVESTMENTS, INC.

                                                By:  /s/ Dennis D. Oklak
                                                    -------------------------
                                                    Dennis D. Oklak
                                                    Executive Vice President,
                                                    Treasurer and Chief
                                                    Administrative Officer

     Pursuant to the requirements of the Securities Act of 1933,
this registration statement has been signed on December 17, 1997,
by the following persons in the capacities indicated.

        SIGNATURE                                  TITLE

      John W. Wynne*
      -----------------------       Director and Chairman of the Board
      John W. Wynne

                                      -6-
<PAGE>
      Thomas L. Hefner*
      -----------------------       Director and President and
      Thomas L. Hefner              Chief Executive Officer
                                    (Principal Executive Officer)

      Darell E. Zink, Jr.*
      -----------------------       Director and Executive Vice President,
      Darell E. Zink, Jr.           Chief Financial Officer and Assistant
                                    Secretary (Principal Accounting Officer)

      Edward T. Baur*
      -----------------------       Director
      Edward T. Baur

      Geoffrey Button*
      -----------------------       Director
      Geoffrey Button

      Ngaire E. Cuneo*
      -----------------------       Director
      Ngaire E. Cuneo

      Howard L. Feinsand*
      -----------------------        Director
      Howard L. Feinsand

      L. Ben Lytle*
      -----------------------        Director
      L. Ben Lytle

      John D. Peterson*
      -----------------------        Director
      John D. Peterson

      James E. Rogers*
      -----------------------        Director
      James E. Rogers

      Daniel C. Staton*
      -----------------------       Director
      Daniel C. Staton

      Jay J. Strauss*
      -----------------------        Director
      Jay J. Strauss


*By:   /s/ Dennis D. Oklak
      -----------------------
           Dennis D. Oklak
           Attorney-in-Fact

                                      -7-
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SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM S-8
                             REGISTRATION STATEMENT
                        UNDER THE SECURITIES ACT OF 1933

                         DUKE REALTY INVESTMENTS, INC.
            (Exact name of registrant as specified in its charter)

           Indiana                             35-1740409
(State or other jurisdiction of             (I.R.S. Employer
incorporation or organization)              Identification No.)

 8888 KEYSTONE CROSSING, SUITE 1200
        INDIANAPOLIS, INDIANA                     46240
(Address of principal executive offices)        (Zip Code)

           DUKE REALTY INVESTMENTS, INC. EMPLOYEES' STOCK PURCHASE PLAN
                              DUKE REALTY 401(k) PLAN
                             (Full title of the plans)

                                  THOMAS L. HEFNER
                                      PRESIDENT
                             DUKE REALTY INVESTMENTS, INC.
                          8888 KEYSTONE CROSSING, SUITE 1200
                             INDIANAPOLIS, INDIANA 46240
                       (Name and address of agent for service)

                                    (317) 846-4700
           (Telephone number, including area code, of agent for service)

                         CALCULATION OF REGISTRATION FEE
-----------------------------------------------------------------------------
                                    Proposed     Proposed
 Title of                           maximum      maximum
Securities            Amount        offering     aggregate     Amount of
  to be               to be         price per    offering    registration
registered         registered (1)   share (2)    price            fee
-----------------------------------------------------------------------------
Common Stock, 
par value
$.01 per share      600,000         $22.4375    $13,462,500    $3,971.44
-----------------------------------------------------------------------------
(1) Consists of 200,000 shares for the Employees' Stock Purchase
Plan and 400,000 shares for the 401(k) Plan. Any additional shares
to be issued as a result of stock dividends, stock splits or
similar transactions prior to the termination of this Registration
Statement shall be covered by this registration Statement as
provided in Rule 416.
(2)  Determined pursuant to Rule 457(c) and (h) using average of
reported high and low prices on December 12, 1997.
PART II  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF DOCUMENTS BY REFERENCE.

   The following documents, all of which are on file with the
Securities and Exchange Commission (the "Commission "), are hereby
incorporated by reference in this registration statement:

   (a)      The Annual Report on Form 10-K for Duke Realty Investments, Inc.
            (the "Company ") for the fiscal year ended December 31, 1996;

   (b)      The Company's Quarterly Reports on Form 10-Q for the fiscal
            periods ended March 31, 1997, June 30, 1997 and September 30,
            1997;

   (c)      The Company's Current Report on Form 8-K dated November 10, 1997;

   (d)      The Company's Proxy Statement dated March 20, 1997; and

   (e)      The description of the Common Stock of the Company contained
            in the Registration Statement on Form 10, File No. 1-9044, as
            amended.

   All documents subsequently filed by the Company pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act
of 1934, as amended, prior to the filing of a post-effective
amendment which indicates that all securities offered hereunder
have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference herein and
to be a part hereof from the date of filing such reports and
documents.

   For purposes of this Registration Statement, any statement
contained in a report, document or appendix incorporated or deemed
to be incorporated by reference in this Registration Statement
shall be deemed to be modified or superseded to the extent that a
statement contained in this Registration Statement or in any
subsequently filed report, document or appendix which also is or
is deemed incorporated by reference modifies or supersedes such
statement in such report, document or appendix.  Any statement so
modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration
Statement.

   Upon the written or oral request of any person to whom this
Registration Statement has been delivered, the Company will
provide without charge to such person a copy of any and all of the
information (excluding exhibits thereto unless such exhibits are
specifically incorporated by reference into such information) that
has been incorporated by reference into this Registration
Statement but not delivered herewith.  Requests should be directed
to Investor Relations at the following address and telephone
number:  8888 Keystone Crossing, Suite 1200, Indianapolis, Indiana
46240, (317) 574-3531.

ITEM 4.  DESCRIPTION OF SECURITIES.

   Not applicable.

                                      -2-
ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL.

   Certain legal matters with respect to the Common Stock offered
hereby will be passed on for the Company by Bose McKinney & Evans,
Indianapolis, Indiana.  John W. Wynne and Darell E. Zink, Jr.,
officers and directors of the Company, were partners in Bose
McKinney & Evans through 1987 and 1982, respectively, and were of
counsel to that firm until December, 1990.

ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS.

   The Company is an Indiana corporation.  The Company's officers
and directors are and will be indemnified under Indiana law, the
Articles of Incorporation of the Company, and the partnership
agreements of Duke Realty Limited Partnership (the "Operating
Partnership") and Duke Realty Services Limited Partnership (the
"Services Partnership") against certain liabilities.  Chapter 37
of The Indiana Business Corporation Law (the "IBCL") requires a
corporation, unless its articles of incorporation provide
otherwise, to indemnify a director or an officer of the
corporation who is wholly successful, on the merits or otherwise,
in the defense of any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or
investigative and whether formal or informal, against reasonable
expenses, including counsel fees, incurred in connection with the
proceeding.  The Company's Articles of Incorporation do not
contain any provision prohibiting such indemnification.

   The IBCL also permits a corporation to indemnify a director,
officer, employee or agent who is made a party to a proceeding
because the person was a director, officer, employee or agent of
the corporation against liability incurred in the proceeding if
(i) the individual's conduct was in good faith and (ii) the
individual reasonably believed (A) in the case of conduct in the
individual 's official capacity with the corporation that the
conduct was in the corporation's best interests and (B) in all
other cases that the individual's conduct was at least not opposed
to the corporation's best interests and (iii) in the case of a
criminal proceeding, the individual either (A) had reasonable
cause to believe the individual's conduct was lawful or (B) had no
reasonable cause to believe the individual's conduct was unlawful.
The IBCL also permits a corporation to pay for or reimburse
reasonable expenses incurred before the final disposition of the
proceeding and permits a court of competent jurisdiction to order
a corporation to indemnify a director or officer if the court
determines that the person is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, whether
or not the person met the standards for indemnification otherwise
provided in the IBCL.

   The Company's Articles of Incorporation provide for certain
additional limitations of liability and indemnification.  Section
13.01 of the Articles of Incorporation provides that a director shall not be
personally liable to the Company or its shareholders for monetary
damages for breach of fiduciary duty as a director, except for
liability (i) for any breach of the director's duty of loyalty to
the Company or its shareholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing
violation of law, (iii) for voting for or assenting to an unlawful
distribution, or (iv) for any transaction from which the director
derived an

                                      -3-
improper personal benefit.  Section 13.02 of the Articles of
Incorporation generally provides that any director or officer of
the Company or any person who is serving at the request of the
Company as a director, officer, employee or agent of another
entity shall be indemnified and held harmless by the Company to
the fullest extent authorized by the IBCL against all expense,
liability and loss (including attorneys' fees, judgments, fines,
certain employee benefits excise taxes or penalties and amounts
paid or to be paid in settlement) reasonably incurred or suffered
in connection with a civil, criminal, administrative or
investigative action, suit or proceeding to which such person is a
party by reason of the person's service with or at the request of
the Company.  Section 13.02 of the Articles of Incorporation also
provides such persons with certain rights to be paid by the
Company the expenses incurred in defending any such proceedings in
advance of their final disposition and the right to enforce
indemnification claims against the Company by bringing suit
against the Company.

   The Company's Articles of Incorporation authorize the Company
to maintain insurance to protect itself and any director, officer,
employee or agent of the Company or another corporation,
partnership, joint venture, trust or other enterprise against
expense, liability or loss, whether or not the Company would have
the power to indemnify such person against such expense, liability
or loss under the IBCL.

   Each of the partnership agreements for the Operating
Partnership and the Services Partnership also provides for
indemnification of the Company and its officers and directors to
substantially the same extent provided to officers and directors
of the Company in its Articles of Incorporation, and limits the
liability of the Company and its officers and directors to the
Operating Partnership and its partners and to the Services
Partnership and its partners, respectively, to substantially the
same extent limited under the Company's Articles of Incorporation.

ITEM 7.  EXEMPTION FROM REGISTRATION CLAIMED.

   Not applicable.

ITEM 8.  EXHIBITS.

4.1   Amended and Restated Articles of Incorporation of Duke Realty
      Investments, Inc., incorporated by reference to Exhibit 3.1 to the
      Registration Statement on Form S-3, as amended, of Duke Realty
      Investments, Inc. and Duke Realty Limited Partnership, File
      No. 33-61361.
4.2   Amended and Restated Bylaws of Duke Realty Investments, Inc.,
      incorporated by reference to Exhibit 3.2 to the Registration
      Statement on Form S-3, as amended, of Duke Realty Investments, Inc.
      and Duke Realty Limited Partnership, File No. 33-61361; Amendment
      to Amended and Restated By-Laws of Duke Realty Investments, Inc.,
      incorporated by reference to Exhibit 4.3 to the Registration Statement
      on Form S-8 of Duke Realty Investments, Inc., File No. 333-39965.
5     Opinion and consent of Bose McKinney & Evans regarding the legality of
      the securities being registered.
                                      -4-
15    Acknowledgment letter of KPMG Peat Marwick LLP re unaudited interim
      financial information.
23.1  Consent of KPMG Peat Marwick LLP.
23.2  Consent of Bose McKinney & Evans (included in Exhibit 5).
24    Powers of Attorney.

ITEM 9.  UNDERTAKINGS.

A.  The undersigned registrant hereby undertakes:

    (1)  To file, during any period in which offers or sales are being made,
    a post-effective amendment to this registration statement:

       (i)  To include any prospectus required by Section 10(a)(3) of the
        Securities Act of 1933;

      (ii)  To reflect in the prospectus any facts or events arising after
        the effective date of the registration statement (or the most recent
        post-effective amendment thereof) which, individually or in the
        aggregate, represent a fundamental change in the information set
        forth in the registration statement;

     (iii)  To include any material information with respect to the plan of
        distribution not previously disclosed in the registration statement
        or any material change to such information in the registration
        statement;

PROVIDED, HOWEVER, that paragraphs (A)(1)(i) and (A)(1)(ii) do not
apply if the registration statement is on Form S-3 or Form S-8,
and the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed by the registrant pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.

    (2)  That, for the purpose of determining any liability under the
    Securities Act of 1933, each such post-effective amendment shall be
    deemed to be a new registration statement relating to the securities
    offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.

    (3)  To remove from registration by means of a post-effective amendment
    any of the securities being registered which remain unsold at the
    termination of the offering.

    (4)  If the registrant is a foreign private issuer, to file a post-
    effective amendment to the registration statement to include any
    financial statements required by Rule 3-19 to Regulation S-X at the start
    of any delayed offering or throughout a continuous offering.

                                      -5-
B.  The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of
1933, each filing of the registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof.

C.  Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final
adjudication of such issue.

                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in
Indianapolis, Indiana, on December 17 , 1997.

                                                DUKE REALTY INVESTMENTS, INC.

                                                By:  /s/ Dennis D. Oklak
                                                    -------------------------
                                                    Dennis D. Oklak
                                                    Executive Vice President,
                                                    Treasurer and Chief
                                                    Administrative Officer

     Pursuant to the requirements of the Securities Act of 1933,
this registration statement has been signed on December 17, 1997,
by the following persons in the capacities indicated.

        SIGNATURE                                  TITLE

      John W. Wynne*
      -----------------------       Director and Chairman of the Board
      John W. Wynne

                                      -6-
Thomas L. Hefner*
      -----------------------       Director and President and
      Thomas L. Hefner              Chief Executive Officer
                                    (Principal Executive Officer)

      Darell E. Zink, Jr.*
      -----------------------       Director and Executive Vice President,
      Darell E. Zink, Jr.           Chief Financial Officer and Assistant
                                    Secretary (Principal Accounting Officer)

      Edward T. Baur*
      -----------------------       Director
      Edward T. Baur

      Geoffrey Button*
      -----------------------       Director
      Geoffrey Button

      Ngaire E. Cuneo*
      -----------------------       Director
      Ngaire E. Cuneo

      Howard L. Feinsand*
      -----------------------        Director
      Howard L. Feinsand

      L. Ben Lytle*
      -----------------------        Director
      L. Ben Lytle

      John D. Peterson*
      -----------------------        Director
      John D. Peterson

      James E. Rogers*
      -----------------------        Director
      James E. Rogers

      Daniel C. Staton*
      -----------------------       Director
      Daniel C. Staton

      Jay J. Strauss*
      -----------------------        Director
      Jay J. Strauss

*By:   /s/ Dennis D. Oklak
      -----------------------
           Dennis D. Oklak
           Attorney-in-Fact

                                      -7-