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 *
FESSLER ROBERT D
   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 - Atlanta
(Last)
(First)
(Middle)
3950 SHACKLEFORD ROAD, SUITE 300		 3. Date of Earliest Transaction (Month/Day/Year)
11/19/2004
(Street)

DULUTH, GA 30096		 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 11/19/2004   M   9,462 A $ 19.4375 16,877 D  
Common Stock 11/19/2004   F   3,523 D $ 33.76 13,354 D  
Common Stock 11/19/2004   S   3,342 D $ 34.0529 10,012 D  
Common Stock               7,044 (1) I By 401(k)

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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
Units of Duke Realty Limited Partnership (2)             10/04/1994   (2) Common Stock 12,822   12,822 D  
Employee Stock Options - Right to Buy $ 19.4375 11/19/2004   M     9,462   (3) 01/29/2007 Common Stock 9,462 (3) 0 D  
Employee Stock Options - Right to Buy $ 24.25               (4) 01/28/2008 Common Stock 14,220   14,220 D  
Employee Stock Option - Right to Buy $ 23.0625               (5) 01/26/2009 Common Stock 15,450   15,450 D  
Employee Stock Option - Right to Buy $ 20               (6) 01/25/2010 Common Stock 19,540   19,540 D  
Employee Stock Option - Right to Buy $ 24.98               (7) 01/31/2011 Common Stock 13,804   13,804 D  
Employee Stock Option - Right to Buy $ 23.35               (8) 01/30/2012 Common Stock 14,768   14,768 D  
Employee Stock Option - Right to Buy $ 25.42               (9) 02/19/2013 Common Stock 12,344   12,344 D  
Employee Stock Option - Right to Buy $ 29.23               (10) 07/30/2013 Common Stock 10,000   10,000 D  
Employee Stock Options-Right to Buy $ 32.51               (11) 01/28/2014 Common Stock 17,678   17,678 D  
Phantom Stock Units (12)               (12)   (12) Common Stock 263   263 (12) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
FESSLER ROBERT D
3950 SHACKLEFORD ROAD, SUITE 300
DULUTH, GA 30096		       Regional EVP - Atlanta  

Signatures

 Valerie J. Steffen for Robert D. Fessler per POA attached   11/22/2004
**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 November 19, 2004, the Reporting Person acquired 476 shares of Duke Realty Corporation common stock under the Company's 401(k) plan.
(2) Units of Duke Realty Limited Partnership are convertible on a one to one basis to the Company's common stock and have no expiration date.
(3) The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/29/02.
(4) The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/28/03.
(5) The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/26/04.
(6) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/25/05.
(7) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/31/06.
(8) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/30/07.
(9) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 2/19/08.
(10) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 7/30/08.
(11) The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/28/09.
(12) Represents phantom stock units vested under the 2000 Performance Share Plan of Duke Realty Corporation. Between January 28, 2004 and November 19, 2004, the Reporting Person acquired 263 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 upon the termination of employment.

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