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 *
CUNEO NGAIRE E
   2. Issuer Name and Ticker or Trading Symbol
DUKE REALTY CORP [DRE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
THE CROWN BUILDING, 730 FIFTH AVENUE, SUITE 2102		 3. Date of Earliest Transaction (Month/Day/Year)
01/03/2005
(Street)

NEW YORK, NY 10012		 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               33,773 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 $ 23.0625               (1) 01/26/2009 Common Stock 7,500   7,500 D  
Employee Stock Options-Right to Buy $ 20               (2) 01/25/2010 Common Stock 2,500   2,500 D  
Employee Stock Options-Right to Buy $ 24.98               (3) 01/31/2011 Common Stock 2,500   2,500 D  
Employee Stock Options-Right to Buy $ 23.35               (4) 01/30/2012 Common Stock 2,500   2,500 D  
Employee Stock Options-Right to Buy $ 24.9               (5) 01/29/2013 Common Stock 2,500   2,500 D  
Employee Stock Options-Right to Buy $ 32.51               (6) 01/28/2014 Common Stock 2,500   2,500 D  
Phantom Stock Units (7) 01/03/2005   A   400     (7)   (7) Common Stock 400 (8) 11,381 (7) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CUNEO NGAIRE E
THE CROWN BUILDING
730 FIFTH AVENUE, SUITE 2102
NEW YORK, NY 10012		   X      

Signatures

 Valerie J. Steffen for Ngaire E. Cuneo per POA previously filed   01/03/2005
**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) The Stock Options were fully vested on the grant date.
(2) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/25/05.
(3) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/31/06.
(4) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/30/07.
(5) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/29/08.
(6) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/28/09.
(7) Represents the phantom stock units accrued under the Directors' Deferred Compensation Plan of Duke Realty Corporation. Between October 1, 2004 and January 1, 2005, the Reporting Person acquired 146 phantom stock units through dividend reinvestment. The units are valued on a one to one basis to the Company's common stock and are to be settled in cash and stock upon the Reporting Person's termination as a director of the Issuer.
(8) Represents shares issued through the Directors' Stock Payment Plan.

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