RE trends09 COVERS - New Orleans CityBusiness · Real EstateTrends Fall 2009 5A About 92 percent of...
Transcript of RE trends09 COVERS - New Orleans CityBusiness · Real EstateTrends Fall 2009 5A About 92 percent of...
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RE_trends09_COVERS 11/2/09 10:35 AM Page 991
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ELMWOOD OAKSAs solid as the historic Oaks, this is your new location for your business.
Elmwood Oaks office park consist of four ground level office buildingsin a picturesque location surrounded by historic oaks. Located onEvans Road, between Jefferson Highway and the river, this is anideal location for any business looking for a great environment andclose proxmity to Jefferson, Orleans and St.Charles Parish.
Elmwood Oaks201 Evans Road
Harahan, LA 70123
For Appointments:
Contact Penny Duet 504-330-8962
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RE_trends09_COVERS 11/2/09 10:35 AM Page 992
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RE_trends2009 11/2/09 2:17 PM Page 1
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2A New Orleans CityBusiness
The data published in Real Estate Trends is compiled every six months by the CityBusiness research department.
Published by the NOPG LLC 111 Veterans Memorial Blvd., Suite 1440, Metairie, La. 70005 504-834-9292; Fax: 504-837-2258.
Publisher and president: D. Mark SingletaryAssociate Publisher: Lisa BlossmanManaging Editor: Greg LaRoseNews Editor: Christian MoisesAssociate Editor: Autumn C. GiustiArt Director: Alex BorgesMarket Researcher: Jennifer NallAccount Executives: Liz Baldini, Monique Brignac, Jeanne Farrell, Cassie Foreman, Coco Evans Judd Production Manager: Julie Bernard
On the cover: Bryan Burns III, senior vice president forTranswestern, stands in front of 400 Poydras Tower, which sawoccupancy jump from 75 percent last year to 81 percent this year.Photo by Frank Aymami
Real Estate Trends 2009
Area coverage mapCentral Business District . . . . . . . . . . . . . . .4 . . . . . . . . . . . 11
Center City . . . . . . . . . . .12 . . . . . . . . . . 14
Eastern New Orleans and Chalmette . . . . . . . .15 . . . . . . . . . . 17
Kenner and St. Charles Parish . . . . .18 . . . . . . . . . . 20
Metairie andEast Jefferson . . . . . . . .20 . . . . . . . . . . 26
North Shore . . . . . . . . . .27 . . . . . . . . . . 31
West Bank . . . . . . . . . . .31 . . . . . . . . . . 32
ListsCommercial leasing companies . . . . . . . . . . . . . . . . . . .34
Commercial property managers . . . . . . . . . . . . . . . . . . . .36
Flex space . . . . . . . . . . . . . . . . . . .38
Shopping centers . . . . . . . . . . . . .40
Business parks . . . . . . . . . . . . . . .45
Warehouse space . . . . . . . . . . . . .47
Contents
RE_trends2009 11/2/09 11:17 AM Page 2
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THE CID ACHIEVEMENT AWARDS BANQUET RECOGNIZESITS TOP COMMERCIAL REAL ESTATE PRODUCERS OF 2008
1st Row (left to right): Sandy Preston, Frann Ryan, Meg Carrone CCIM, Rhonda Sharkawy, Kirsten Early CCIM, Judy Slack, Lucy Chun, Colleen Berthelot CCIM, SIOR
2nd Row: Andrea A. Huseman CCIM, Richard Juge CCIM, SIOR, CIPS, Beth Cristina, ALC Martin O. Miller III, Sandra Corrigan SIOR, Skip Weber CCIM
3rd Row: Bennett Davis CCIM, Steve Reisig CCIM, David Quinn SIOR4th Row: Michael Wilkinson, Bobby Talbot CCIM, Bert Duvic CCIM, SIOR
5th Row: Mark Inman CCIM, Gerard Henry SIOR, Greg Riera, Ben Derbes, Schaffer MickalAward Winners Not Pictured: James Barse CCIM, SIOR, Michael D’Amico, Duff Friend SIOR,
Joe Gorman III, Trimble Green, Robert Hand, Keith Henry SIOR, Jennifer A. Lee CCIM, SIOR, Peter Lombardo,Dan Poulin CCIM, SIOR, Brian Rourke CCIM, SIOR, Larry G. Schedler CCIM, Barry Spizer CCIM
COMMERCIAL INVESTMENT DIVISION OF THE NEW ORLEANS METROPOLITAN ASSOCIATIONOF REALTORS® WISHES TO THANK ITS SPONSORS:
SILVER SPONSORSBank of New Orleans
Coldwell Banker CommercialTEC REALTORS®
Jack Stumpf & Associates, Inc.Larry G. Schedler & Associates, Inc.
Louisiana REALTORS®Merrill Lynch/Bryan McClendon
& Edward MaloneRE/MAX Commercial Brokers, Inc.
Red Hot PropertiesSylvia Roy, CCIM
THE STEEG LAW FIRM, LLCThe Stevens Group, Inc.
BRONZE SPONSORSArtigues Construction Co., Inc.
Beth Cristina, LLCCrescent Title, LLC
Criterium-Dormady EngineersGlen Johnston of Johnston Cross
Max J. Derbes, Inc.Morgan Keegan & Company, Inc.Prudential Gardner, REALTORS®
Sher Garner Cahill Richter Klein & Hilbert, LLCTalbot Realty Group
GOLD SPONSORSFirst NBC
Stirling Properties, LLC
DIAMOND SPONSORSDon Randon Real Estate
RE_trends2009 11/2/09 11:17 AM Page 3
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4A New Orleans CityBusiness
By Tommy [email protected] Writer
The impressive start to the New OrleansSaints’ season has boosted the moraleof the community. Now an offshoot of TomBenson’s franchise is trying to boost thecity’s real estate market.
In the largest commercial real estatetransaction since Hurricane Katrina, theBenson family, through their companyZelia LLC, bought the 26-story DominionTower office building, the 400,000-square-foot New Orleans Centre mall and a2,000-space parking garage from Californiareal estate firm Hertz Investment Group for$42.1 million. The office building is nowknown as the Benson Tower.
As part of a long-term lease agreementto keep the Saints in New Orleans, thestate has agreed to occupy more than halfof the office space in Benson Tower with800 to 900 workers by July. Benson haspledged $10.5 million to convert NewOrleans Centre into a sports and enter-
tainment venue. Dominion Tower hasbeen empty since the storm except for theLouisiana State University Health ScienceCenter Ambulatory Care Clinic on theground floor.
The Benson family plans to spend about$12.5 million preparing the office space forthe state, plus another $21.7 million repair-ing the storm-damaged property.
“Being a tenant in these buildings is anopportunity for these companies to offertheir employees a high quality of life throughtheir working experience,” said SaintsExecutive Vice President Rita BensonLeBlanc. “Based upon the demand we areexperiencing, we are very confident that thebuilding will be fully leased before it opensfollowing construction.”
The Bensons could not have picked abetter time to enter the downtown officespace market, as office occupancy rates inthe Central Business District are at an all-time high, according to a third-quarterreport by Metairie-based Equity OfficeProperties and leasing director BruceSossaman.
Central Business District and Center CityREAL ESTATE TRENDS 2009
Bryan Burns III, senior vice president for Transwestern,says commercial real estate in the Central Business Districtis in a period of equilibrium between supply and demand.
phot
o by
Fra
nk A
ymam
i
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1340 Poydras
For advertising information contact
LISA BLOSSMAN504-293-9226 • [email protected]
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RE_trends2009 11/2/09 11:17 AM Page 4
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Real Estate Trends Fall 2009 5A
About 92 percent of premium commer-cial office space, or Class A, was listed asoccupied at the end of the third quarter, upfrom 90 percent the same time a year ago,while 87 percent of Class B office space isoccupied, up from the 86 percent in thesecond quarter of 2009.
Average downtown rents are holdingsteady at $18 per square foot for Class A,while Class B rents average $14.50 persquare foot.
Bryan Burns III, senior vice presidentfor Transwestern, a private national com-mercial real estate company, said his com-pany’s three Class A office buildings indowntown New Orleans have all seenincreased occupancy with 400 PoydrasTower jumping from 75 percent last yearto 81 percent this year; 650 Poydras St.increasing from 75 percent to 85 percent;and 909 Poydras going from 85 percent to97 percent.
The U.S. Government General ServicesAdministration recently signed a lease tomove from the federal building at 500Poydras St. to 650 Poydras St. and occupy65,000 square feet. Burns said they are stillworking on a timeframe, but it should takeplace in 2010.
“The market stats are very strong, weare at a nice equilibrium of supply anddemand, and the market is holdingsteady,” Burns said. “There are a lot ofgood things happening downtown, andthe Benson Tower transaction will helpwith real positive development for thearea around the Superdome.”
But there are still several unoccupiedoffice buildings that haven’t reopened,including Chevron’s former headquartersat 935 Gravier St.
“You would need $25 to $30 persquare foot of rent to make constructionof a new building worthwhile, and we’renot seeing that kind of market comeonline,” Sossaman said. “Chevron wasbuilt as a single-tenant building, and youreally need an owner/user type situationlike we almost had with City Hall to war-rant renovation or construction.”•
“The market stats are very strong,we are at a nice equilibrium of supply and demand, and the market is holding steady.”
Bryan Burns IIITranswestern senior vice president
© 2009 Behringer Harvard
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RE_trends2009 11/2/09 11:17 AM Page 5
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6A New Orleans CityBusiness
Central Business District(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasingcompanyPhone
1 One Shell Square701 Poydras St. 1,256,991 96percent $17 17percent 1972/1998/2008 51 24,000 December RussellMarchandCB RichardEllisNew Orleans323-7000
2 Place St. Charles201 St. CharlesAve.
1,004,484 99percent
$20 15percent
1985/ongoing
52 25,000 1/1/10 Bennett K.DavisCorporateRealty Inc.New Orleans582-1416
3 Energy Centre1100 Poydras St. 761,500 90percent $17.50 NA 1984/2008 39 30,000 June 1 Meg CarroneCorporateRealtyNew Orleans569-2052
4 Pan-AmericanLife Center601 Poydras St.
671,883 86percent
$18 15percent
1980/2007 28 36,595 91,846 Greg S. RieraJones LangLaSalleAmericas Inc.New Orleans585-2678
NA=nt applicable/not available The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
Place St. Charles – 52 stories of luxury office space with unbeatable amenities make Place St.Charles the most prestigious address to house your business. In the heart of the CentralBusiness District, Place St. Charles offers all the conveniences of the area while being just ashort walk to the French Quarter.
Energy Centre, owned and managed by Behringer Harvard, is located at 1100 Poydras Street in the heartof the New Orleans’ business district. The 39-story, 761,500 square foot high-rise office tower is construct-ed of a highly efficient, reflective bronze glass which gives a subtle complement to the hues of the pol-ished granite facade. Operating hours are 7:00 am to 8 pm Monday-Friday and 7:00 am to 5 pm Saturday.Amenities include quality tenant finishes, 512 parking spaces within the structure, 466 parking spaces inthe new annex garage and commissioned art throughout the plaza. Crescent Bank & Trust, Allegro’sRestaurant, sandwich and sundry shop highlight the main lobby.
RE_trends2009 11/2/09 2:10 PM Page 6
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Real Estate Trends Fall 2009 7A
Central Business District(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
LeasingagentLeasingcompanyPhone
5 One Canal Place365 Canal St. 644,127 93percent $16.50 15percent 1979/1992/2008 32 22,000 couldmake100,000squarefeetavailable
AndreaHusemanCorporateRealty Inc.New Orleans587-1450 ext.225
6 400 PoydrasTower400 Poydras St.
619,714 78percent
$17 NA 1983 33 50,000 120,000 Cres GardnerKyleStephensonBryan BurnsKyleStevensonCres GardnerTranswesternNew Orleans799-3124
7 First Bank &Trust Tower909 Poydras St.
545,157 83percent
$18 NA 1987 36 17,048 90,000 Bryan BurnsCres GardnerKyleStephensonKyleStevensonCres GardnerTranswesternNew Orleans799-3124
8 1515 PoydrasBuilding1515 Poydras St.
529,474 75percent
$17.50 15percent
1983/2008 27 22,679 130,226 Greg S. RieraJones LangLaSalleAmericas Inc.New Orleans585-2678
NA=nt applicable/not available The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
There’s Only One, One Canal Place Office Tower. Unparalleled CBD leasing opportunities fortop-flight corporations or rising-star businesses; 1,000 – 100,000 sq. ft. of efficiently designedcontiguous space; unmatched amenities and superior maintenance; riverfront location near theFrench Quarter.
1515 Poydras is a 27 story Class A office tower featuring a dramatic main lobby andcovered courtyard four stories high.Location: Landmark presence across from the Superdome offering unsurpassed access
to I-10.Parking: Over 500 spaces in the building and 700 auxiliary spaces allows for a
suburban parking ratio in the CBD.Amenities: Shuttle Van, Restaurants, Conference Room
TOP FLOOR AND VISIBLE GROUND FLOOR SPACE NOW AVAILABLE FOR LEASE
RE_trends2009 11/2/09 2:10 PM Page 7
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8A New Orleans CityBusiness
Central Business District(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
LeasingagentLeasingcompanyPhone
9 1010 CommonBuilding1010 CommonSt.
512,593 80percent
$13.75 15percent
1971/2000 31 45,000 102,518 SandraCorriganRegis Realty ILLCNew Orleans566-1400
10 Entergy Corp.Building639 Loyola Ave.
511,600 96percent
$19 15percent
1983/2007 28 8,004 immediate Bill MoodyPoydrasPropertiesLLCNew Orleans522-2535
11 Freeport-McMoRanBuilding1615 Poydras St.
507,620 93percent
$17 15percent
1984/NA 23 22,500 immediate BruceSossaman450-5074
12 1555 PoydrasBuilding1555 Poydras St.
467,671 99percent
$17.50 15percent
1982/2008 22 3,272 4,991 Greg S. RieraJones LangLaSalleAmericas Inc.New Orleans585-2678
13 Poydras Center650 Poydras St. 453,255 97percent $18.50 NA 1983 28 5,000 15,000 Bryan BurnsCres GardnerKyleStevensonTranswesternNew Orleans799-3124
DESIGNED BY Skidmore Owings & Merrill, 1010 Common Building is a mixed-use complex that offersoffice, retail and restaurant space. The property consists of a thirty-one story office Tower, a fourteen storyAnnex with ground floor retail, self-parking on the second through twelfth floors and office space on the thirteenth and fourteenth floors, and a small three-story structure (cross-over) connecting the Buildings.
THE TOWER AND ANNEX BUILDINGS can offer tenants their own corporate identity/signage. Floor-to-ceil-ing windows with spectacular views, easy access to major transportation arteries, walking distance to NewOrleans’ finest restaurants, a 532 vehicle self-park garage within the property, 24 hour security, and on-sitemanagement provide for a professional, safe and convenient environment.
1010 COMMON is bounded by South Rampart Street, Gravier Street, O’Keefe Avenue, and Common Street in the New Orleans Central Business District. Entrance to the garage is located on South Rampart Street.
1615 Poydras • Freeport-McMoRan BuildingA distinctive curved design of green marble and reflective glass forms the 23 story 1615Poydras Building. Located directly across from the Superdome, 1615 Poydras offers theeasiest access to and from the interstate system of any office building in the CBD.Within walking distance of City Hall, civil district courts, hotels and the Superdome and itslarge parking garage. 1615 Poydras features an on-site restaurant, barbershop and drycleaning delivery. As the only locally owned and operated Class A building in the CBD, thebuilding’s experienced management team makes tenant satisfaction its highest priority andprovides some of the highest quality build-outs and finishes available. Great accessibility,excellent parking, and high quality all come together in the 1615 Poydras Building.
1555 Poydras is a 22 story Class A office tower featuring striking silver sawtooth baywindows that double the views. Location: Landmark presence across from the Superdome offering unsurpassed access
to I-10.Parking: Over 500 spaces in the building and 700 auxiliary spaces allows for a
suburban parking ratio in the CBD.Amenities: Shuttle Van, Restaurant, Conference Room, Sundry Shop
RE_trends2009 11/2/09 2:10 PM Page 8
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Real Estate Trends Fall 2009 9A
Central Business District(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
LeasingagentLeasingcompanyPhone
14 1250 PoydrasBuilding1250 Poydras St.
422,890 96percent
$19 15percent
1980/2002 24 11,671 immediate Bill MoodyPoydrasPropertiesLLCNew Orleans522-2535
15 225 BaronneBuilding225 Baronne St.
422,037 0 percent $0 NA 1960/1988 NA NA building isnot open
SandraCorriganRegis Realty ILLCNew Orleans566-1400
16 Amoco Building1340 Poydras St. 378,895 93percent $14.75 15percent 1977/1997 21 10,000 26,522 SandraCorriganRegis Realty ILLCNew Orleans566-1400
17 Whitney NationalBank Building228 St. CharlesAve.
351,782 96percent
$14.50 15percent
1910/1996 14 2,500 immediate Duff FriendLatter & BlumNew OrleansNA
18 701 Loyola Ave.701 Loyola Ave. 286,560 42percent $13.50 NA 1953 14 23,612 immediate David R.WrightColdwellBankerCommercialTEC RealtorsNew Orleans566-1777
19 URS Building600 CarondeletSt.
115,000 97percent
$13.50 NA 1926/2005 10 3,146 immediate Bobby TalbotTalbot RealtyGroupNew OrleansNA
20 525 St. Charles525 St. CharlesAve.
100,000 88percent
$16.52 0 percent 1966 4 12,000 immediate Andrea AronsHusemanCorporateRealty Inc.New Orleans587-1450
21 The IP Building643 Magazine St. 84,585 55percent $16.50 NA 1900/2004 4 20,310 NA Bobby TalbotTalbot RealtyGroupNew OrleansNA
22 K&B Plaza1055 St. CharlesAve.
70,000 95percent
$19 NA 1962 7 3,000 immediate Bennett K.DavisNA
NA=nt applicable/not available The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
THE AMOCO BUILDING is a distinctive 20 story “Class A” office building highlighted by a black reflectiveglass exterior. This distinguished tower is part of the Poydras Plaza mixed use complex. One minute fromthe Poydras and Superdome entrance and exit of I-10 Expressway, The Amoco Building provides a centrallocation to government, legal, corporate and financial centers.
THE TOWER’S INTERIOR and ground floor lobby were recently renovated to enhance the significant character of the building. The occupancy of the building reflects a premier tenant roster and has clearlyestablished a strong position within the New Orleans Central Business District.
IDEALLY LOCATED, the Amoco Building has benefited from its convenient access to the work environmentin the CBD as well as easy access to public transportation, the airport, and surrounding communities.
RE_trends2009 11/2/09 2:10 PM Page 9
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Central Business District(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
LeasingagentLeasingcompanyPhone
23 546 CarondeletBuilding546 CarondeletSt.
51,081 100percent
$17 NA 1910/1990 6 0 NA Frederick J.TuftsCrutcher-TuftsCorporationMetairie887-9327
24 Plaza Building230 Loyola Ave. 44,721 0 percent $15 NA 1958/1984 3 44,721 44,721 Michael J.SiegelNA
25 Emeril'sHomebase839 St. CharlesAve.
43,403 100percent
$15 NA 1910/1996 2 0 0 Bobby TalbotTalbot RealtyGroupNew OrleansNA
26 Gravier Place837 Gravier St. 35,074 0 percent $18 12percent 1925/1995 3 12,000 immediate Denise GainesPraveenKailasTower RealtyNew Orleans828-9700
27 400 Magazine St.400-408Magazine St.
33,000 81percent
$12 0 percent 1840/1983 4 4,832 immediate Robert C.HassingerHassingerRealty LLCNew OrleansNA
28 Lee Circle Plaza818 Howard Ave. 27,259 93percent $14.60 NA 1917/1998 4 1,305 immediate Rick SkeldingStirlingProperties Inc.New OrleansNA
29 Fulton Place901 ConventionCenter Blvd.
26,500 75percent
$23 3,500percent
1985/1990 8 NA NA MauriceKansasCambridgeRealty WestLLCNew Orleans522-0548
30 615 Baronne St.Building615 Baronne St.
25,288 100percent
$13.50 NA 1935/2001 3 NA NA Rick SkeldingStirlingProperties Inc.New OrleansNA
31 300 LafayetteBuilding300 Lafayette St.
20,000 100percent
$16 15percent
1910 / 1984 2 0 NA AndreaHusemanCorporateRealtyNew Orleans587-1450
32 The SecurityCenter147 CarondeletSt.
13,897 40percent
$9.50 14percent
1923/2008 6 6,800 immediate Bob SykesSecurityCenterNew Orleans587-2092
NA=nt applicable/not available The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 10
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Real Estate Trends Fall 2009 11A
INTERSTATE 10
Perd
ido
Grav
ier
LaSalle
Tula
ne
S. Claiborne
S. Villere
Cle
vela
nd
N. Villere
Marais
Treme
Crozat
LOYOLA
CAN
AL
S. Liberty
Julia
Giro
d
Julia
Julia
LOYOLA
S. Rampa
rt
O’Keefe
Baronne
Carondele
t
Giro
d
Camp
Magazine
N. Rampart
Burgundy
Dauphine
Bourbon
S. Rampar
t
Magazine
Royal
Exchange Alley
Chartres
Decatur
Julia No
tre D
ame
Fulton
Ferry
Miss
issipp
i Rive
r
Howa
rd
Baronne
St. Charles
Jose
ph
Jose
ph
Poey
farre
Howa
rd
Julia
Natc
hez
Penn
Baronne
Tchoup
itoulas
Freret
S. Robertson
Carroll
Camp
O’Keefe
CAN
AL
LaSalle
CAN
AL
St. Charle
s
Grav
ier
Carondelet
Clara
POYD
RAS
Magnolia
Conven
tion Ce
nter Bo
ulevard
POYD
RAS ELK PLACE
Lafa
yette
Constance
Picayune P
l.
S. Saratoga
St. Charle
s
South P
eters
T choupi
toulas
Baronne
University Pl.
Com
mon
N. Robertson
Union
BASIN
Carondele
t
N. Claiborne
S. Robertson
SUPERDOME
PON
TCH
ARTR
AIN
EXP
RES
SWAY
Iber
ville
Le
e Circle
Church
Riverw
alk
Comm
erce
30
10
25
24
9
15
11
23
1917
4
6
13
27
5
3
28
2
16
8
12
14
7
29
18
21
3226
1
20
22
31
Central Business DistrictREAL ESTATE TRENDS 2009
MAP
RE_trends2009 11/2/09 11:17 AM Page 11
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12A New Orleans CityBusiness
Center City(ranked by total leasable space)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasingcompanyPhone
1 1215 PrytaniaBuilding1215 PrytaniaSt.
119,269 95percent
$16 NA 1952 5 2,500 now P.W. Larsen593-5343
2 BuckmanMedical OfficeBuilding3434 PrytaniaAve.
79,405 80percent
$23 NA 1991 /ongoing
4 5,000 NA Administration .NA
3 AdvancedTechnologyCenter2021 LakeshoreDrive
78,500 80percent
$19 12percent
2001 5 6,057 15,339 Sandi StoneUniversity of NewOrleans Researchand TechnologyFoundation, Inc.New OrleansNA
4 Mid-City Center320 N. CarrolltonAve.
48,000 100percent
$18 12percent
1925/2006 2 0 0 Ernest VergesNA
5 Smith LupoCenter145 Robert E.Lee Blvd.
40,000 95percent
$20 14percent
1971/2006 5 1,029 NA R. Tom LupoNA
6 1820 St.Charles1820 St. CharlesAve.
36,000 100percent
$15.50 NA 1924/2004 2 0 none Bobby TalbotTalbot RealtyGroupNew OrleansNA
7 TheMarketplace atJacksonBrewery400 North PetersSt.
35,000 100percent
$18 NA 1875/1986 2 NA NA Arnold CooperDBIC PropertyManagementNA
8 Norman MayerMemorialBuilding2515 Canal St.
34,594 100percent
$12.50 NA 1957/2006 4 NA NA Valerie HowellUnited WayNew OrleansNA
9 101 Robert E.Lee101 W. RobertE. Lee Blvd.
33,830 86percent
$16 15percent
1982/2008 4 4,880 immediate David WrightColdwell BankerCommercial TECRealtorsNew OrleansNA
10 Uptown Square170 BroadwaySt.
32,825 60percent
$16 NA 1979 3 3,817 13,419 Bert DuvicJoe GormanMax J. Derbes Inc.New Orleans733-4555
11 LakefrontProfessionalOffice Building6305-6307Elysian FieldsAve.
30,606 94percent
$16 NA 1973/2006 4 721 immediate Warren A. AbadieAbadie PropertiesInc.Kenner456-2011
12 4640 Building4640 S.Carrollton Ave.
26,313 86percent
$16.50 12percent
1924/1982 2 2,912 immediate Andrea AronsHusemanCorporate RealtyInc.New Orleans587-1450
NA=not available/not applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 12
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Real Estate Trends Fall 2009 13A
Wake Up!IT’S TIME TO GET SERIOUS ABOUT BUSINESS
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Center City(ranked by total leasable space)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasingcompanyPhone
13 6221 S.Claiborne Ave.Building6221 S.Claiborne Ave.
24,000 95percent
$28 NA 1964/2006 3 1,100 one retailspaceavailable
Lou GoodNA
14 Bienville Place3909 BienvilleSt.
21,000 80percent
$15 10percent
1940/2006 1 2,000 immediate Ernest VergesNA
15 The OfficeSuites at 10501050 S.Jefferson DavisParkway
19,940 90percent
$24 10percent
1948/2000 3 1,388 immediate Edward HalpernThe Office Suitesat 1050New Orleans304-3300
16 506 N. St.Patrick506 N. St.Patrick St.
628 50percent
$11.46 0 percent 2009 1 628 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929
NA=not available/not applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 13
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14A New Orleans CityBusiness
LAKE PONTCHARTRAIN
Lakes
hore
Robert E. Lee
Elysian Fields
Filmore
Harrison
I-610
I-10
Lake
Jeff
erso
n Pa
rish
Orl
eans
Par
ish
Jeff
erso
n Pa
rish
Orl
eans
Par
ish
Pontchartrain ExpresswayCity Park
Cana
l Blv
d.
Wisn
er
Gentilly
Esplanade
St. BernardOrleans
Canal
Jeff
Davis
Broa
d
I-10
Basi
n
Loyo
la
Ram
part
Poydras
Washington
Earhart
FountainebleauOak
Claiborne
Claiborne Claibo
rne
Toledano
Louisiana
Jackson
Earhart
Carro
llton
Broa
dway
Freret
Jeffe
rson
Nap
oleo
n
St. Charles
CCC
Pont
char
trai
n Bl
vd.
Tulane
Roya
l
Martin Luther KingGNO Bridge
Deca
tur
Leon Simon
Magaz
ine
Wes
t End
Mar
coni
2
510
11
14
13
1
7
2
15
8
6
4
16
12
10
Center CityREAL ESTATE TRENDS 2009
MAP
RE_trends2009 11/2/09 11:17 AM Page 14
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Real Estate Trends Fall 2009 15A
By Tommy [email protected] Writer
It’s not the rainbow Wade Verges wasexpecting for the eastern New Orleanscommercial office space market four yearsafter Hurricane Katrina, but it’s a glimmerof hope.
At the end of October, two of Verges’buildings — the Bullard Corporate Centerat 5555 Bullard Ave. and the 5630Crowder Blvd. Building — were fullyoccupied at 100 percent.
“It’s a good sign and it’s a start, but Ithought we would have hit that point a lotsooner in the market,” said Verges, presi-dent of W.T. Verges Development.
“Perception is everything, and we havehad to overcome that,” he said. “From theinterstate, people see dilapidated com-plexes and run-down apartments and fig-ure nothing is back. Few people get off theinterstate, though, and look at the neigh-borhoods returning. There are signs ofprogress out here.”
With some office buildings still notonline and others just using certainfloors for occupancy, it is a challenge toobtain statistics on the eastern New
Orleans office space market, said IvanMiestchovich, director of the Universityof New Orleans Institute for EconomicDevelopment and Real Estate Research.
UNO completed its latest analysis onthe eastern New Orleans market in the fallof 2008, with seven buildings reporting anoccupancy rate of 83.8 percent with110,812 square feet occupied. BeforeKatrina, nine buildings reported to UNOwith tenants using 500,000 square feet foran 88.8 percent occupancy rate.
Miestchovich said office buildingsdidn’t come back online in eastern NewOrleans until about a year after Katrina.
“The area has a long way to go andretail is driven by rooftops,” Miestchovichsaid. “The kind of workers that are need-ed to bring the office market back are legalprofessionals, insurance agents, medicalprofessionals and any service-basedemployment.”
Verges had the Bullard CorporateCenter renovated, and the buildingreceived a boost in 2007 when DaVitaFleur De Lis Dialysis signed a lease tooccupy 10,000 square feet, or about 25percent of the building.
“I have found that the success rate ismuch better and longer with service ten-
ants,” Verges said.The medical community also might
boost the office market. The OrleansParish Hospital Service District recentlyagreed to buy the former MethodistHospital and other health care centers ineastern New Orleans from UniversalHealth Services. Mayor Ray Nagin alsoverbally agreed to build a $1.1 million,5,000-square-foot outpatient clinic onChef Menteur Highway.
Keith Adler, leasing agent forCorporate Realty, which leases retailspace at the still-vacant SchwegmannPlaza East at 6003 Bullard Ave., saidthe key factors for retail and office spaceresurgence in eastern New Orleans arerepopulation and the government’s abil-ity to improve flood protection andrebuild people's confidence in that pro-tection.
“In the retail market, we have momand pops coming online here, and that hasbeen steady,” Adler said. “Their locationsare mirroring where the people havereturned. But national chains, whichanchored some of the retail before thestorm, are not in a big hurry to get backout here because of lack of repopulation.We need that to change.”•
Electrical contractor Mike Zemke, left, WTV Construction foreman Ike Cooper and Wade Verges, president of W.T. Verges Development, discuss progress at the Bullard CorporateCenter in eastern New Orleans.
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Eastern New Orleans and ChalmetteREAL ESTATE TRENDS 2009
RE_trends2009 11/2/09 11:17 AM Page 15
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16A New Orleans CityBusiness
Eastern New Orleans/Chalmette(ranked by total leasable space)
2009Rank
BuildingnameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasing companyPhone
1 SchwegmannPlaza East6003 BullardAve.
115,000 0 percent $16 NA NA NA 22,050 yes Keith AdlerCorporate RealtyInc.New Orleans581-5005
2 ExecutivePlaza10001 LakeForest Blvd.
114,670 40percent
$12 14percent
1975/2009 11 10,500 Jan. 1 Brandy FrisbyKailas ManagementMetairie837-8644
3 Lake OaksPlaza6600 FranklinAve.
60,000 94percent
$20 NA 1988 NA 2,200 yes Keith AdlerCorporate RealtyInc.New OrleansNA
4 BullardCorporateCenter5555 BullardAve.
40,000 80percent
NA NA renovated2006
1 NA immediate Wade T. Verges5555 Bullard LLCNew Orleans246-1562
5 6800 PlazaDrive6800 PlazaDrive
40,000 NA NA NA 1984/2003;underrenovation
2 NA 2010 Wade T. VergesGrace TamaDevelopment Co.LLCNew Orleans246-1562
The Most Prestigious Office Space in East New Orleans
Executive Plaza Office Building, the single most desirable office building in New Orleans East, isstrategically located off of Hwy-10 at the Read Blvd. exit. The eleven story glass building is125,000 sf and each floor has 10,500 rsf. Will do tenant build-out to suit. 24-hour video securitymonitoring of building and parking lot. Abundant free parking for tenants and visitors.
Call Brandy Frisby, Kailas Management at 504-837-8644.
RE_trends2009 11/2/09 2:13 PM Page 16
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Real Estate Trends Fall 2009 17A
Lakeshore
France
Downman
I-610
I-10
Pola
nd
Florida
N. ClaiborneSt. Claud
Cent
er
n La
fitte
Orleans Parish
Chef Menteur
Almonaster
Paris
Rd.
Old Ge
ntilly H
wy.
Chef Ment
eurDwyer
Intr
acoa
stal
Driv
eMic
houd
Mayo
Discovery Blvd.
1
Morris
on
W. Jud
New OrleansLakefront Airport
I-10
Lake For
est Blvd.
Wright
Hayne Blv
d.
Chalmette
Bullard
BundyRead
Morrison
Dwyer
Lake Pontchartrain
Intracoastal Waterway
Mississipi River Gulf Outlet
72
9
St Bernard Parish
5
Crowder
6
1
3 8
4MAP
Eastern New Orleans and ChalmetteREAL ESTATE TRENDS 2009
Eastern New Orleans/Chalmette(ranked by total leasable space)
2009Rank
BuildingnameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasing companyPhone
6 WinkBusinessPark4949 BullardAve.
32,500 7 percent $14.50 0 percent 1986/2005 1 32,500 immediate Duff FriendLatter & BlumNew OrleansNA
7 Lake WillowBuilding7240 CrowderBlvd.
24,000 NA NA NA 1980/underrenovation
NA NA 2010 Wade T. VergesVerges PropertiesNew Orleans246-1562
8 Willow Tree7701 DwyerRoad
12,000 40percent
NA NA 1985/2008 1 NA immediate Wade T. VergesVerges PropertiesNew Orleans246-1562
9 5630 CrowderBlvd. Building5630 CrowderBlvd.
11,500 NA NA NA 1980/2000 2 NA immediate Wade T. Verges5630 Crowder LLCNew Orleans246-1562
NA=noat applicable/not available The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 17
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18A New Orleans CityBusiness
By Robin [email protected] Writer
Commercial real estate agents in St.Charles Parish say they deal with amarket that fluctuates on a month-to-month basis.
“The market becomes busy fromsummer through fall when we get expan-sions and relocations, but it drops offafter September and October,” saidDaniel Poulin, senior regional managerfor Sealy and Co. “It’s a quirk that themarket has always experienced, and it’shard to really explain.”
Poulin, whose firm manages 18 of the49 buildings in the James Business Parkin St. Rose, said occupancy in most ofthe commercial properties is between 81percent and 96 percent.
“There are very few spaces left forlease, but rents don’t constitute a needfor any new construction,” Poulin said.“We delivered our last building in JamesBusiness Park last year, but constructioncosts are much higher now.”
Aside from a handful of strip mallsgoing up in the Boutte area, the marketis not seeing much new construction.
“We are seeing some user construc-tion in the form of minor expansions,but that’s about it,” Poulin said.
Realtors in the Kenner area tell a sim-ilar but slightly more negative story.
Susan Wallace of Preferred Realty saidthe market experiences some fluctuation,but agents in most cases are not findingmany people looking for openings.
“Occupancy has dropped in the last sixmonths, but we are not losing clients andtenants to other markets,” Wallace said.“Tenants are doing things differently,whether it be downsizing or shutting downcompletely. But they aren’t just leavingKenner and going elsewhere. Companiesare hanging on to what they have.”
Wallace said landlords are looking for
new tenants, but they have yet to offermuch in the way of incentives to get peo-ple into spaces.
“We haven’t started offering free orreduced rents like other parts of thearea,” Wallace said. “We take it case bycase. We figure out what the tenant needsand determine how we can accommodatethem best.
“We thought we were recession-prooffor a while, but now we are slowly feelingsome of the effects of the national econo-my. There’s no way to tell how much wewill be affected, but we may not get hit asbad as other parts of the country have.”
Art Schwartz, a broker with Argote,
Derbes, Graham Shuffield and Tatje,said that although landlords are alwayslooking for tenants, there isn’t reallymuch space available in the market.
“There is nothing available if you arelooking for more than 30,000 squarefeet,” Schwartz said. “There is very littleClass A property in Kenner and most ofthat is full. The Class B property ismostly owner occupied.”
Schwartz said anyone consideringnew construction in the area wouldneed to have a tenant ready to move inimmediately.
“It is build-to-suit-needs right now,”Schwartz said.•
Daniel Poulin, senior regional manager for Sealy and Co., says there are few spaces left at James Business Park in St.Rose, but the area hasn’t reached a need for new construction.
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Kenner and St. Charles ParishREAL ESTATE TRENDS 2009
“We thought we were recession-proof for a while, but now we are slowly feelingsome of the effects of the national economy.”
Susan WallacePreferred Realty
RE_trends2009 11/2/09 11:17 AM Page 18
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Real Estate Trends Fall 2009 19A
Kenner/St. Charles(ranked by total square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrent ratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasingcompanyPhone
1 2400 VeteransBuilding2400 VeteransMemorial Blvd.
133,195 76percent
$19 16percent
1982 5 33,000 availablenow
Greer RobertsNA
2 Two JamesPark120 Mallard St.
53,520 78percent
$17.50 NA 1981 3 4,149 immediate Jennifer A. LeeSealy and Co.St. Rose463-5600
3 2200 VeteransBlvd. Building2200 VeteransMemorial Blvd.
44,874 89percent
$15.50 13percent
1983/2006 2 2,662 5,357 Susan WallaceCassie GoldsboroPreferred RealtyInc.Metairie455-8644
4 One JamesPark100 JamesDrive
43,055 78percent
$17.50 NA 1980 3 3,228 immediate Jennifer A. LeeSealy and Co.St. Rose463-5600
5 160 JamesDrive East160 JamesDrive East
25,772 100percent
$16.50 NA 1981 1 0 none Jennifer A. LeeSealy and Co.St. Rose463-5600
6 Five JamesPark110 JamesDrive West
24,018 77percent
$17.50 NA 1983 2 2,780 immediate Jennifer A. LeeSealy and Co.St. Rose463-5600
7 3715 WilliamsBlvd. Building3715 WilliamsBlvd.
19,000 50percent
$19.50 NA 1981/2008 2 2,000 now Patrick T.BossettaStandardProperties LLCMetairie247-2128
8 First AmericanBank & OfficeBuilding11 James Blvd.
11,133 94percent
$15.50 10percent
1981/1999 2 696 availablenow
Charles M. MullinThe Mullin Co.Inc.St. Rose465-9345
9 CrouchBuilding231 WestEsplanade Ave.
5,250 57percent
$16 0 percent 2000 1 2,250 availablenow
Charles M. MullinThe Mullin Co.Inc.St. Rose465-9345
10 14446 RiverRoad14446 RiverRoad
3,000 0 percent $12 0 percent 1899/2006 1 3,000 availablenow
Charles M. MullinThe Mullin Co.Inc.St. Rose465-9345
11 11438 RiverRoad11438 RiverRoad
1,650 0 percent $25 0 percent 1990/2008 1 1,650 availablenow
Charles M. MullinThe Mullin Co.Inc.St. Rose465-9345
NA=not available/not applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 19
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20A New Orleans CityBusiness
Mississippi River
U.S. 61
I-10
Illinois Central RRU.S. 61 (Airline)
Willi
ams
Blvd
.
St. C
harl
es P
aris
h
Jeff
erso
n Pa
rish
Loyo
la
Chat
eau
Blvd
.
W. Metairie Blvd.Kansas City Railroad
Veterans Blvd.
W. Esplanade
New OrleansInternational Airport
JamesBusiness
Park
Jefferson Hwy.
97
6
4
3
2
1
5
8
River Road10 11
Kenner and St. CharlesREAL ESTATE TRENDS 2009
MAP
By Robin [email protected] Writer
Despite a foundering national econo-my, real estate agents managing com-mercial properties in East Jefferson andMetairie say it is still one of the strongestmarkets in the New Orleans region. Butsigns of slight weakening have becomeevident in the past year.
Although many premium Class Aoffice buildings in the area have occupan-cy rates higher than 90 percent, a handfulof Class B buildings are seeing a bit of adrop in tenants.
Bruce Sossaman, leasing director forEquity Office Properties, said recent ClassB figures for the area show occupancy ratesnear 89 percent, down from 91 percent atthe beginning of the year. He said althoughthe number is still fairly strong, landlordsare struggling to get tenants into buildings.
“Businesses are having a hard time get-ting loans and mortgage companies areclosing,” Sossaman said. “Everyone isdoing either a one- or two-year deal now.”
Corporate Realty representative JeffCohn said some landlords are even offer-ing concessions, such as reduced rent andthe possibility of one or two months offree rent, to get tenants into buildings.
“Two years ago, no one in Metairiehad to offer free rent,” Cohn said. “Now it
is being offered as an enticement to getpeople into a space. It is definitely a ten-ant’s market right now.”
Cohn said the market is no longer see-ing the boom it enjoyed in the monthsafter Hurricane Katrina, when contractorswere moving into the area at a rapid rate.
Ben Frank, a financial consultant with Compass Capital Management, left, talks with Corporate Realty sales andleasing agent Jeff Cohn about Compass Capital’s recent move into the 3445 N. Causeway Blvd. building.
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Metairie and East JeffersonREAL ESTATE TRENDS 2009
RE_trends2009 11/2/09 11:17 AM Page 20
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Real Estate Trends Fall 2009 21A
He said bigger companies are downsizingand smaller companies are pulling out orgoing out of business.
“There are even some patches of retailspace available,” Cohn said. “LakesideMall has room to rent. I’ve never seen that.
Jeanne Booth of SRSA CommercialReal Estate said tenants and landlords arestaring to approach the market in a moreconservative manner to see where theycan save.
“Landlords are looking for strong cred-itworthiness and longer leases, and tenantsare also checking into the track record ofthe landlord,” Booth said.
Booth and Sossaman say the market isallowing tenants more flexibility to findwhat they want, where they want to be.
“Renters can shop around a bit,”Sossaman said. “They are able to find aspace that suits their needs and suits theirbudget. I don’t think anyone is choosingone class over another.”
Sossaman said rental rates, which peakat about $24 per square foot in Class A, arestill not high enough to allow for any newconstruction in the market. He said rateswould have to jump higher than $30 persquare foot before any talk of new con-struction begins. •
Select Properties, Ltd.
Select Properties can fulfill your office space needs at one of our conveniently located, well-maintained five office buildings in Metairie. Please allow our staff of qualified professionals(with CPM and CCIM credentials) to assist you in maximizing your office potential.Specializing in commercial real estate since 1982, Select Properties is an IREM AccreditedManagement Organization with offices in Metairie, Baton Rouge, and Lafayette. Call ustoday for leasing, sales, brokerage, asset management, construction and consulting.
Riverside Office Buildings I and II6660 and 6620 Riverside Dr., Metairie
Causeway Highrise3421 N. Causeway Blvd., Metairie
New Orleans Metro Area PropertiesOffice Buildings
3421 Office Tower3421 N. Causeway Blvd., Met.
Medical Plaza I & II3901 Houma Blvd., Met.
Riverside I & II6660 and 6620 Riverside Dr., Met.
Residential
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Retail
The K-Mart Shopping Center2840-2940 Veterans Memorial Blvd., Met.
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This 100,000 sq ft single-story building, presently houses two major corporateoperations centers. Jefferson Business Center currently has available approximately40,000 sq ft of office space with 140 parking spaces.
· on-site management and maintenance team· 24 hour security· sprinkler systems and chemical fire suppression
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For more Information Contact:Linda McGhee, Lease Coordinator: 504-957-2543Joyce Riedl, Property Manager: 504-390-7412Robert S. Maloney, Jr.: 504-460-7499
JB
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OFFICE SPACE FOR LEASEJefferson Business Center, LLC
5401 Jefferson HighwayNew Orleans, LA 70123
RE_trends2009 11/2/09 11:17 AM Page 21
-
22A New Orleans CityBusiness
Metairie/East Jefferson(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable (sq.feet) Availability
Leasing agentLeasing companyPhone
1 Three LakewayCenter3838 N.Causeway Blvd.
471,745 94percent
$23 NA 1987/1996 34 9,663 immediate Bruce SossamanEquity OfficePropertiesMetairie219-5842
2 GalleriaOne Galleria Blvd. 465,985 93percent $23 15percent 1986/2008 22 8,791 31,337 Jeff CohnCorporate RealtyInc.New Orleans581-5005
3 Two LakewayCenter3850 N.Causeway Blvd.
449,339 91percent
$23 NA 1984/1996 19 13,307 immediate Bruce SossamanEquity OfficePropertiesMetairie219-5858
4 Heritage Plaza111 VeteransBlvd.
353,003 83percent
$21.50 15percent
1983/2007 18 12,365 59,325 Gaines SeamanStirling PropertiesMetairie834-1111
5 One Lakeway3900 N.Causeway Blvd.
300,816 90percent
$23 NA 1981/1996 14 25,000 immediate Bruce SossamanEquity OfficePropertiesMetairie219-5842
6 Executive Tower3500 N.Causeway Blvd.
184,147 89percent
$16 12percent
1972/ongoing
14 4,300 immediate Juli W. MailletSecurity NationalPropertiesBaton RougeNA
7 110 VeteransBuilding110 VeteransMemorial Blvd.
129,000 94percent
$18.50 16percent
1972/2005 5 6,464 availablenow
Greer RobertsNA
8 Regions BankBuilding3525 N.Causeway Blvd.
128,000 90percent
$16 15percent
1970/currently
10 6,200 immediate Praveen KailasDenise GainesTower RealtyMetairie828-9700
9 3445 N.Causeway Blvd.3445 N.Causeway Blvd.
127,859 81percent
$18 15percent
1969/2008 10 6,537 24,031 Jeff CohnCorporate RealtyInc.New Orleans581-5005
10 3421 N.CausewayHighrise3421 N.Causeway Blvd.
125,150 84percent
$18.50 14percent
1973/2006 10 6,333 immediate Ronnie R. RauberSelect PropertiesLtd. RealtyMetairie833-4494
11 3501 N.CausewayBuilding3501 N.Causeway Blvd.
112,741 81percent
$18 15percent
1973/ongoing
10 10,500 immediate Jeanne BoothSRSA CommercialReal Estate Inc.Metairie831-2363
12 Causeway PlazaIII3330 W.Esplanade Ave.
108,718 96percent
$19.50 15percent
1983/2006 6 2,896 immediate Jeff CohnCorporate RealtyInc.New Orleans581-5005
CORNER of Causeway Blvd. & West Esplanade Ave.
One (1) Minute from Causeway Bridge at N. Causeway and West Esplanade
Regions Bank Building, 3525 N. Causeway Boulevard is a ten (10) story high Class B office towersituated at the best Metairie CBD location offering sweeping lake views. Flexible floor plans;newly renovated common areas, elevators and lobby; more than ample parking, covered anduncovered is available at the most competitive rental rates. The Caboose Restaurant andRegions Bank are located on the first floor to satisfy your every need.
Call Praveen Kailas, Tower Realty, at (504) 828-9700www.3525Causeway.com
RE_trends2009 11/2/09 2:13 PM Page 22
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Real Estate Trends Fall 2009 23A
Metairie/East Jefferson(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable (sq.feet) Availability
Leasing agentLeasing companyPhone
13 Causeway PlazaII3300 W.Esplanade Ave.
108,520 92percent
$19.50 15percent
1982/2006 6 3,865 immediate Jeff CohnCorporate RealtyInc.New Orleans581-5005
14 Causeway PlazaI3510 N.Causeway Blvd.
108,480 96percent
$19.50 15percent
1982/2006 6 2,160 immediate Jeff CohnCorporate RealtyInc.New Orleans581-5005
15 JeffersonBusiness Center5401 JeffersonHighway
99,410 52percent
$13.50 NA 1982/currentlyunderrenovation
1 47,950 in threemonths
John Callegari309-7412
16 880 CommerceRoad West880 CommerceRoad West
93,629 98percent
$19 NA 1979/1991 5 2,400 immediate Mike WhitsellKirsten EarlySRSA CommercialReal Estate Inc.Metairie831-2363
17 800 WestCommerce800 CommerceRoad West
91,628 97percent
$19 NA 1979/2004 5 2,315 availablenow
Kirsten EarlySRSA CommercialReal EstateMetairie831-2363
18 Metairie OfficeTower433 Metairie Road
91,381 77percent
$20 15percent
1970/2002/2009
6 9,728 availablenow
Connie YoungChiasson DouglassThe FeilOrganizationMetairie833-6334
19 Metairie Center2424 EdenbornAve.
90,383 90percent
$19.50 15percent
1986/2002 6 5,640 availablenow
Philip BulliardNA
20 Severn Place2450 Severn Ave. 87,151 100percent $19.50 15percent 1982/2006 5 0 NA Philip BulliardNA21 StewartEnterprises
CorporateHeadquarters1333 S. ClearviewParkway
87,000 100percent
$0 NA 1974/1997 5 NA NA company ownsbuildingNA
22 LakesideProfessionalOffice Building I4720 S. I-10Service Road
74,831 81percent
$0 NA 1988/2005 5 NA NA Kim BayerPacific MedicalBuildingsNA
23 Elmwood Oaks201 Evans Road 71,985 80percent $17 6 percent 2009 1 4,005 immediate Mike WhitsellMike Whitsell &Associates LLCMetairie669-4494
24 Interstate II3636 S. I-10Service Road
60,000 88percent
$17.25 15percent
1980/2008 3 NA NA Colleen KuebelBerthelotCorporate RealtyNew OrleansNA
25 990 N. CorporatePark990 N. CorporatePark
58,646 93percent
$19 NA 1979/1992 3 4,033 availablenow
Kirsten EarlySRSA CommercialReal EstateMetairie831-2363
26 Riverside II6620 RiversideDrive
57,844 85percent
$18.50 15percent
1983/2006 3 6,248 Immediate Ronnie R. RauberSelect PropertiesLimited RealtyMetairie833-4494
27 Medical Plaza I &ll3901 HoumaBlvd.
52,232 93percent
$19 15percent
1972/2006 3 2,380 immediate Ronnie R. RauberSelect PropertiesLimited RealtyMetairieNA
RE_trends2009 11/2/09 11:17 AM Page 23
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24A New Orleans CityBusiness
Metairie/East Jefferson(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable (sq.feet) Availability
Leasing agentLeasing companyPhone
28 3340 Severn3340 Severn Ave. 45,000 75percent $17.50 15percent 1981/2006 4 6,900 immediate Colleen KuebelBerthelotCorporate RealtyNew Orleans581-5005
29 Favrot & ShaneBuilding3925 N. I-10Service Road
44,992 93percent
$17.25 13percent
1981/2006 2 1,325 3,370 Susan WallaceCassie GoldsboroPreferred RealtyInc.Metairie455-8644
30 Bank ofLouisiana3340 Severn Ave.
44,000 75percent
$18 15percent
1980/2006 4 7,500 immediate Colleen KuebelBerthelotCorporate RealtyNew OrleansNA
31 Coldwell BankerBuilding4051 VeteransBlvd.
40,000 92percent
$16 15percent
1970/2006 4 3,288 immediate David WrightColdwell BankerTEC RealtorsMetairie828-9700
32 3200 RidgelakeBuilding3200 RidgelakeDrive
40,000 86percent
$17.50 15percent
1984/2005 4 2,900 5,800 Colleen K.BerthelotCorporate RealtyNew Orleans581-5005
33 3939 N.Causeway Blvd.3939 N.Causeway Blvd.
40,000 100percent
$19 15percent
1971/2006 4 0 0 Colleen K.BerthelotCorporate RealtyNew Orleans581-5005
34 Interstate I3616 S. I-10Service Road
40,000 75percent
$17.25 15percent
1979/2008 2 5,000 immediate Colleen KuebelBerthelotNA
35 Louisiana CreditUnion Center824 ElmwoodPark Blvd.
38,629 89percent
$16.50 NA 1984/1998 NA NA NA Judy SlackNAI Latter & BlumInc./RealtorsNew Orleans569-9452
36 Wagner & Truax2121 N.Causeway Blvd.
35,000 95percent
$15.50 12percent
1965, 1975,1978, 2000
2 1,200 immediate Edward RowleyWagner & TruaxCo. Inc.Metairie830-7300
37 4141 Veterans4141 VeteransBlvd.
32,339 85percent
$18 15percent
1969/2006 3 1,169 4,743 Matt TaylorProperty One Inc.Metairie681-3400
38 Boy Scouts ofAmerica4200 S. I-10Service Road
32,321 97percent
$13.50 15percent
1984/2006 2 1,013 1,013 Matt TaylorProperty One Inc.Metairie681-3400
39 Riverside I6660 RiversideDrive
31,699 77percent
$18.50 15percent
1981/2006 3 2,749 Immediate Ronnie R. RauberSelect PropertiesLimited RealtyMetairie833-4494
Premier Veterans Office SpaceThe Coldwell Banker Building located at 4051 Veterans Boulevard is a four (4) storywhite office building in a very prime Metairie location between Cleary Avenue andClearview Parkway on the north side of Veterans. Various renovated offices with largewindows overlooking Veterans in the front and the neighborhood in the rear. Excellentparking on all sides of the building and available pylon signage in front. Very reasonablerental rates. First floor space available.
Call Praveen Kailas, Tower Realty, at (504) 828-9700www.4051Veterans.com
RE_trends2009 11/2/09 2:14 PM Page 24
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Real Estate Trends Fall 2009 25A
Metairie/East Jefferson(ranked by total leaseable square feet)
2009Rank
Building nameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable (sq.feet) Availability
Leasing agentLeasing companyPhone
40 NY-II OfficeBuilding2750 Lake VillaDrive
30,114 85percent
$17 12percent
1985/2005-2006
3 2,601 immediate Frederick J. TuftsCrutcher-TuftsCorp.Metairie887-9327
41 Crutcher-TuftsBuilding3545 N. I-10Service Road
29,002 88percent
$17.50 13percent
1970/2006 3 9,612 NA Frederick J. TuftsCrutcher-TuftsCorp.Metairie887-9327
42 2626 NorthArnoult Building2626 N. ArnoultRoad
26,870 100percent
$16.75 15percent
1978/1993 2 0 0 Dale C. HigginsNA
43 Capital OneBuilding2201 VeteransBlvd.
25,000 95percent
$18.50 NA 1975/2007 4 1,421 NA Tracey T. TarletonSizeler Realty Co.Inc.Metairie471-6200
44 FGS Building4300 S. I-10Service Road
24,498 90percent
$17 13percent
1981/2006 2 829 2,298 Susan WallaceCassie GoldsboroPreferred RealtyInc.Metairie455-8644
45 LakesideProfessionalOffice Building II4740 S. I-10Service Road
24,059 83percent
$0 NA 1980/2005 3 NA NA Kim BayerPacific MedicalBuildingsNA
46 LakesideMedical OfficeBuilding III4770 S. I-10Service Road
19,718 100percent
$0 NA 1980/1997 2 NA NA Susie WhiteFertility Institute ofNew OrleansNew OrleansNA
47 Enterprise Rent-a-Car3529 N. I-10Service Road
18,096 100percent
$18 NA 1971/1999 1 0 NA Frederick J. TuftsCrutcher-TuftsCorporationMetairie887-9327
48 2601 N. Hullen2601 N. Hullen 14,600 80percent $13.99 15percent unknown 2 3,500 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929
49 Favrot & ShaneAnnex3945 N. I-10Service Road
6,000 100percent
$16.75 NA 1982/2006 2 0 0 Cassie GoldsboroSusan WallacePreferred RealtyMetairie455-8644
50 3330 Lake Villa3330 Lake Villa 5,856 55percent $15 15percent 1969/2006 2 1,330 2,648 Matt TaylorProperty One Inc.Metairie681-3400
51 3841 Veterans3841 VeteransBlvd., Suites 103and 200
3,077 75percent
$26 15percent
2006 2 1,570 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929
52 1321 Hickory1321 HickoryAve., No. 100
3,000 100percent
$11.80 200percent
unknown 2 3,000 availablenow
Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929
53 2301 N. Hullen2301 N. Hullen,Suite 103
1,540 100percent
$9.35 175percent
2007 2 9,300 availablenow
Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929
NA=not available/not applicableThe above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, New Orleans CityBusiness Newspaper,111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 25
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26A New Orleans CityBusiness
W . Esplanade
Lake PontchartrainMetairie
Davi
d Dr
.Po
wer
W . Metairie Ave.
Airline Dr.
RAILROAD
Jefferson Hwy
Harahan
BrookhollowCitrus
Jefferson
Hwy
S. Claiborne
Metairie Rd.
Evans
Edw
ards
Seve
rn
TolerPlantation
I-610
N. A
rnou
lt
Mounes
Tra
nsco
ntin
enta
lI-10
Caus
eway
Bonn
abel
Zenith
Earhart Expwy
Veterans Blvd.
Clea
rvie
w P
kwy
Hick
ory
Ave.
Missis
sippi
River
Jeff
erso
n Pa
rish
Orl
eans
Par
ish
38
18
6
7
20
1
33
4
2
24
19
30
17
41
35
43
9
32
5
14 11
21
3
Who
lesa
lers
Pkw
y
5037
36
48
53
51
49
29
26 39
5216
25
15
23
224546
West Esplanade
Veterans Blvd.
Clea
ry
Seve
rn
I-10
Arno
ult
Caus
eway
Clea
rvie
w
33
1227
10
42
3444
13
19
24
31
8
47
MAP
Metairie and East JeffersonREAL ESTATE TRENDS 2009
RE_trends2009 11/2/09 11:17 AM Page 26
-
Real Estate Trends Fall 2009 27A
By Garry [email protected] Writer
Long accustomed to annual increasesin sales and prices, North Shorecommercial real estate agents say theyare getting hit from two sides — over-built office and retail space along withthe effects of a recessed economy.
“To put it bluntly, there aren’t enoughbusinesses right now on the North Shore tosupport all of the existing — new and old —commercial real estate,” said David Wright,a commercial sales associate for ColdwellBanker Commercial TEC Realtors Inc.
Small businesses have been strug-gling this year. And because they aredownsizing, they don’t need as muchspace, Wright said.
“On top of that, some people, toreduce expenses, have closed theiroffices and are doing their work out oftheir houses, which only creates morevacant commercial space.”
To make matters more challenging,said Ted Moses, a real estate adviser forPrudential Gardner Realtors inMandeville, there has been some over-building on the commercial side.
A prominent player in the NorthShore real estate market for more thanthree decades, Moses said older buildingsfilled up after Katrina, driving the con-struction of new ones. Those new build-ings are now experiencing vacancies.
The reason, he said, is because newerproperty costs more to rent.
“People like the nice new spaces butdon’t want to pay the $30 a square foot ittakes to rent them out,” Moses said.
As a result, Moses said he is seeingmore small-tenant space, situations wheretwo tenants occupy 300 or 400 squarefeet as opposed to 5,000 square feet.
“A 2,500-square-foot tenant rightnow would be a big deal,” he said.
The North Shore commercial sectoris also contending with the nationalrecession, which has produced a dropoff in sales for local retailers and demandfor larger commercial space.
But Grady Brame, executive vicepresident of Stirling Properties inCovington, thinks the last quarter of2009 will show improvement over thefirst depressing months of the year.
“With discounters and the foodstores, we did not see as much of a nega-tive dip as we did in some of the clothingor department stores,” he said.
The overall downward trend, Bramesaid, may have run itself out.
“We are actually now seeing sales formany retailers stabilizing and maybeeven trending a little upward.”
That pattern more than likely means
next year is going to be stronger for thecommercial side, Brame said.
Michael Siegel, executive vice presi-dent of Corporate Realty, thinks anotherreason why commercial real estateprospects on the North Shore may belooking promising is their size.
“Yes, there has been some overbuild-ing. But because the market is small, itwon’t take much for it to come backwhen the economy itself improves. Thatmay be already happening a little.”
Moses said St. Tammany Parish’slong-term growth rate, which has seen an18 percent population jump from192,000 in 2000 to 228,000 last year, willalso bolster prospects for a better 2010.
“That rate of growth is one of ourassets up here,” Moses said, “and hasbeen for a long time.”•
Grady Brame, executive vice president of Stirling Properties in Covington, and Gretchen Dauterive, a commercial salesand leasing executive with Stirling, discuss floor plans for an open space at NorthPark Business Park.
Phot
o by
Fra
nk A
ymam
i
North ShoreREAL ESTATE TRENDS 2009
“A 2,500-square-foot tenantright now would be a big deal.”Ted Moses
real estate adviser for Prudential Gardner Realtors in Mandeville
RE_trends2009 11/2/09 11:17 AM Page 27
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28A New Orleans CityBusiness
North Shore office buildings(ranked by total leaseable square feet)
2009Rank
BuildingnameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasing companyPhone
1 NorthparkCorporateCenter109 NorthparkBlvd.
103,222 94percent
$23.50 24percent
1986 5 5,170 immediate Lee M. de la HoussayeStirling PropertiesCovington(985) 898-2022
2 CypressBend OfficeBuilding1001 OchsnerBlvd.
102,198 73percent
$30 12percent
2009 4 20,000 43,689 Marcia D'AmicoMike D'AmicoProperty One Inc.Mandeville(985) 674-1197
3 Mariner'sPlaza200 Mariner'sPlaza
81,762 77percent
$18 NA 1983/2007 2 2,288 NA Ted H. MosesPrudential GardnerRealtorsMandeville(985) 626-8589
4 LakeviewRegionalMedicalOfficeBuilding101 E.Fairway Drive
72,302 NA NA NA 1995 NA NA NA Kim BayerPMB Real Estate(504) 455-9060
5 NorthparkCorporate ll103 NorthparkBlvd.
69,905 78percent
$24 15percent
1998 3 0 NA Lee M. de la HoussayeBarry SpizerStirling PropertiesSRSA Commercial RealEstate Inc.CovingtonMetairie(985) 898-2022; (504)831-2363
6 Covington'sVillage Walk5100 VillageWalk
45,000 NA $20 NA 2001 NA NA NA Rita MoreciPhoenix CovingtonAssociatesCovingtonNA
7 SlidellMemorialHospitalMedicalOfficeBuilding l1051 GauseBlvd.
43,671 93percent
NA NA 1993 4 1,800 NA Elizabeth TeagueNA
8 SlidellMemorialHospitalMedicalBuilding lll1150 RobertBlvd.
41,342 94percent
NA NA 1999 3 NA NA Elizabeth TeagueNA
9 WoodsideEnergyBuilding830 W.CausewayApproach
40,000 80percent
$28 10percent
2008 2 8,000 8,000 Marcia D'AmicoMike D'AmicoProperty One Inc.Mandeville(985) 674-1197
10 Dalwill Place999 DalwillDrive
32,000 0 percent $24 NA underconstruction
2 20,000 Fall '09 NA
11 PontchartrainPlace1501-1535 W.CausewayApproach
25,500 100percent
$20 0 percent 1998 2 0 0 Barry EscherRe/Max CommercialBrokers Inc.MandevilleNA
12 No. 3SanctuaryNo. 3SanctuaryBlvd.
21,000 100percent
$23 NA 2000 3 NA NA Marlene ZahnCindy SaiaMamie HenryNA
RE_trends2009 11/2/09 11:17 AM Page 28
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Real Estate Trends Fall 2009 29A
North Shore office buildings(ranked by total leaseable square feet)
2009Rank
BuildingnameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Yearbuilt/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasing companyPhone
13 No. 5SanctuaryBlvd.No. 5SanctuaryBlvd.
21,000 100percent
$22 NA 2006 3 NA NA Marlene ZahnCindy SaiaMamie HenryNA
14 No. 2SanctuaryNo. 2SanctuaryBlvd.
21,000 98percent
$21 NA 1998 3 1,006 immediate Marlene ZahnCindy SaiaMamie HenryNA
15 No. 4SanctuaryNo. 4SanctuaryBlvd.
21,000 97percent
$21 NA 2004 3 1,670 immediate Marlene ZahnCindy SaiaMamie HenryNA
16 TheAllstateBuilding111 ParkPlace
20,153 100percent
$20 NA 1998 1 0 NA Barry SpizerSRSA Comercial Real EstateInc.Metairie(504) 831-2363
17 StirlingPlace1321 W.CausewayApproach
20,000 90percent
$22 0 percent 2005 1 2,000 immediate Barry EscherRe/Max Commercial BrokersInc.MandevilleNA
18 SlidellMemorialHospitalMedicalOfficeBuilding ll901 GauseBlvd.
18,522 100percent
NA NA 1997 2 NA NA Elizabeth TeagueNA
19 TammanyHomeCenter2101 U.S.Highway190
17,000 83percent
$11.30 NA 1970 2 1,912 immediate Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695
20 Crossroads1705Highway 59
17,000 80percent
$14 NA NA NA 3,245 immediate Joseph W. Carroll IILatter & Blum, Inc.Mandeville(985) 626-5695
21 No. 1SanctuaryNo. 1SanctuaryBlvd.
16,000 89percent
$21 NA 1997 3 1,068 immediate Cindy SaiaMarlene ZahnMamie HenryNA
22 Iberia BankBuilding4565LaSalle St.
16,000 100percent
$23 NA 1980 3 NA NA Marcia D'AmicoMike D'AmicoProperty One Inc.MandevilleNA
23 Park PlaceOfficeBuilding106 ParkPlace
15,850 61percent
$21 15percent
1986 3 6,237 immediate Lee M. de la HoussayeStirling PropertiesCovingtonNA
24 111 N.CausewayBuilding111 N.CausewayBlvd.
15,400 90percent
$13 NA 1980 2 1,000 immediate Joseph W. Carroll IILatter & Blum Inc.MandevilleNA
25 Brookside1011 N.CausewayBlvd.
14,400 83percent
$13 NA NA 1 900 immediate Ted MosesPrudential Gardner RealtorsMandeville(985) 626-8589
RE_trends2009 11/2/09 11:17 AM Page 29
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30A New Orleans CityBusiness
North Shore office buildings(ranked by total leaseable square feet)
2009Rank
BuildingnameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Yearbuilt/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasing companyPhone
26 AllstateInsuranceBuilding2401 N. U.S.Highway 190
14,039 64percent
$13.50 NA 1998 2 5,100 immediate Will BarroisStirling PropertiesCovingtonNA
27 The EdsonBuilding21357 MarionLane
13,222 52percent
$14 NA NA NA 1,780 immediate Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695
28 OPS OfficeBuilding1206 ParkDrive
12,034 72percent
$15 811percent
1998/2003 2 2,953 now Roxie MeyersAvalarMandevilleNA
29 Fountainhead61445Lemieux
7,783 0 percent $10,000 NA NA NA 7,783 immediate Joseph W. Carroll IILatter & Blum Inc.MandevilleNA
30 847 GalvezOfficeBuilding847 GalvezSt.
7,464 86percent
$30 11percent
2009 2 900 immediate Ted MosesPrudential Gardner RealtorsMandeville(985) 674-8887; (985)626-8589
31 BrooksideOfficeBuilding101 BrooksideDrive
5,100 0 percent $10 NA NA 1 5,100 immediate Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695
32 1150 N.CausewayBlvd.1150 N.CausewayBlvd.
5,000 70percent
$18 NA 1988 1 1,500 12/01/08 Jeffrey H. St. RomainNA
33 ProfessionalVillage700 GauseBlvd.
4,750 70percent
$15 NA 1981/2007 3 1,863 4,750 William L. Treadway(985) 626-2954
34 North StarTheater347 Girod St.
3,500 72percent
$13 NA unknown/2006
2 990 NA Ted MosesPrudential Gardner RealtorsMandeville(985) 626-8589
35 880 Lafayette880 Lafayette 3,000 1,000percent $12 NA NA 1 3,000 NA Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695
36 220 DalwillBuilding220 DalwillDrive
1,832 100percent
$12 NA 2006 1 NA NA Joseph W. Carroll IILatter & Blum Inc.MandevilleNA
37 1795 W.CausewayApproach1795 W.CausewayApproach,Suite 103A
1,000 100percent
$18.36 200percent
unknown 2 1,000 September1, 2009
Skip WeberNAI/Latter & Blum Inc.RealtorsNew Orleans(504) 887-3929
NA=not available/applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 30
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Real Estate Trends Fall 2009 31A
LAKE PONTCHARTRAIN
Mandeville
Abita Springs
SlidellBayo
u Liberty
Rd.Thom
pson
Rd.
Military Rd.
Pine
I-59
Lake
Ave.
U.S. 190
Davis
Rd.
I-12
I-12
Covin
gton
Hwy
I-12
Hickory Ave.
River Rd.
N.Le
eRd.
Allen
Rd.
Talishee
k Rd.
BostonAve.
Covington
U.S.190
Mandeville
U.S. 190
Abita
Hw
y.Ra
nge
Line
Rd.
U.S. 190
5
9
7
116
23
St.J
oeRd
.
Robe
rtRd
.
High
way1
90*
6
818
Front
St.
Fish
Hatc
hery
Rd.
W. 21st Ave.
Milita
ry Rd
.
West CausewayApproach*
Florida Ave.
Watts Rd.
Old Spanish Trail
2214
1315
33
26West Causeway Approach*N. Causeway Boulevard
U.S. Highway 190
19
*
*
21N. Causeway Blvd. *
12
24
29
31
27
35
10 17 36 37
25 32
2
2830
334
20
4
Highwa
y
1088
MAP
North ShoreREAL ESTATE TRENDS 2009
West BankREAL ESTATE TRENDS 2009
By Garry [email protected] Writer
Mike Suleiman feels as though he iscaught between good and bad times. “Everything was great,” he said,
when he first laid out plans in 2006 tobuild an 18-store shopping center at2201 Barataria Blvd. “There was allkinds of new commercial building goingon all over the West Bank.”
But by the time that property, official-ly called Barataria Plaza LLC, openedfor business in 2007, Suleiman alreadywas seeing early signs of a recession.
“Then last year the economy col-lapsed, and everything went upsidedown,” Suleiman said, explaining thatfrozen credit has turned out to be hisgreatest challenge.
“People cannot get money to start abusiness and rent out a space, and thosewho might have $50,000 or $100,000
Thomas Naoum of Dover Construction, left, reviews statistics about the former Circuit City location on LapalcoBoulevard in Marrero with David Wright, Coldwell Banker senior commercial executive.
Phot
o by
Fra
nk A
ymam
i
continued on page 32
RE_trends2009 11/2/09 11:17 AM Page 31
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32A New Orleans CityBusiness
West BankREAL ESTATE TRENDS 2009
on hand don’t want to risk it.”Even so, Suleiman has managed to rent
out some of his space to tenants, includinga dance studio and a hair and nail salon.And he remains optimistic that by asking$14 per square foot for spaces ranging insize from 1,100 to 6,000 square feet, he isgoing to weather the storm.
“This is a good deal,” Suleiman said.Such deals can be found throughout
the West Bank, said Walter King, a bro-ker with Signature Properties.
“2009 is a great time for any businessto make a move into a new spacebecause they can get things muchcheaper now than when the economywent south,” he said.
What may slow the economic recov-ery of the West Bank, King said, is a lackof space.
“Businesses like brand new places,” hesaid. “But there really isn’t that much ClassA space left. You have a little in Algiers
and along Manhattan Boulevard, andthat’s about it. And the space that is avail-able on Manhattan is moving pretty fast.”
Jack Stumpf, president of JackStumpf and Associates Inc. in Harvey,sees the same problem.
“There are really very few tracts leftfor commercial development,” Stumpfsaid. “If you look at the major arteries,you may have one or two sites on BelleChasse Highway, maybe one or two onLapalco, but nothing really to speak ofon Manhattan or Barataria. The major
arteries are pretty well sold out.”Even so, David Wright, a commercial
sales associate with Coldwell BankerCommercial TEC Realtors, said com-mercial property on the West Bank hasnever been a boom and bust market.
“It stays in the middle area, which isgood,” Wright said.
Greg Lier, executive vice presidentwith the Rathborne Commercial andIndustrial Properties in Harvey, agrees.
“That kind of cycle makes the WestBank a much more stable market,” Liersaid. “We deal primarily with industrialreal estate, and even in this area theWest Bank has been pretty solid. Whatnew building there has been has typical-ly been owner- or user-occupied doingthe construction.”
That sort of stability, Stumpf said,means it will take less for the West Bankto come out of the downturn than otherparts of the country.
“We just don’t know when that’s goingto happen.”•
To Huey Long Bridge
Uptown
Central Business District
Crescent City Connection
LA 18
Rive
r Ro
adLo
uisia
na
Lapalco
4th
LA 541 LA 18Bus U.S. 90
Wes
twoo
d
Ames Alexis
Industrial Blvd.
MacArthur
Destrehan
Harvey Canal
Pete
DerbignyHuey P. Long
Wal
l Blv
d.
Wrig
ht B
lvd. Belle Chasse Be
hrm
ann
Hwy
St.E
ngine
ers
Rd.
PLAQ
UEM
INES
PAR
ISH
intr
acoa
stal
war
ehou
ses
raco
asta
l Wat
erwa
y
Woo
dlan
d
Hym
an P
l.
Terr
y Pk
wy
LA 4
07Bus. U.S. 90
Verr
et
Thay
er
Gen. Meyer
JEFFERSON PARISH
ORLEANS PARISH
Manhattan Blvd.
Peters Rd.
Lafayette
Holid
ay
Barataria
Whi
tney
Holmes Blvd.
Fran
klin
Lapalco
Behrman
Opelousas
Gen. DeGaulleMacArthur
Stumpf
West Bank Expressway
Mississippi River
Gretna
Blvd.
9
4
56
12
1
3
8
7
112
10
13
MAP
West BankREAL ESTATE TRENDS 2009
continued from page 31
“2009 is a great time for anybusiness to make a move into anew space because they can getthings much cheaper now thanwhen the economy went south.”
Walter Kingbroker with Signature Properties
RE_trends2009 11/2/09 11:17 AM Page 32
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Real Estate Trends Fall 2009 33A
West Bank(ranked by total leasable space)
2009Rank
BuildingnameAddress
Totalleaseablesquarefeet
Percentoccupied
Quotedrentratehigh
Commonspace
Year built/renovated Floors
Largestblock ofspaceavailable(sq. feet) Availability
Leasing agentLeasing companyPhone
1 OakwoodCorporateCenter401 WhitneyAve.
132,454 96percent
$19.50 15percent
1983/2008 6 1,645 immediate Connie YoungChiasson-DouglassThe FeilOrganizationMetairie833-6334
2 TimbersOfficeBuilding3520 GeneralDeGaulleDrive
128,183 90percent
$16 12percent
1984/1995 5 4,815 13,661 Beau JenkinsSecurity NationalPropertiesBaton Rouge368-6556
3 WestparkOfficeBuilding1 SeineCourt
108,889 100percent
$21 NA 1983/1997 6 0 0 Cres GardnerBryan BurnsCres GardnerTranswesternNew Orleans799-3124
4 LapalcoSquare1545 LapalcoBlvd.
48,000 77percent
$12 0 percent 1986 1 5,500 11,000 Jack Stumpf366-6800
5 2550Building2550 BelleChaseHighway
42,120 100percent
$17 5 percent 1983 NA NA NA John Joseph FarrellNA
6 MG Plaza1604 BelleChaseHighway
30,000 96percent
$15 10percent
1984/2006 3 1,200 immediate Jack Stumpf366-6800
7 Mac ArthurProfessionalBuilding3712 MacArthur Blvd.
27,439 75percent
$14 NA 1971/1991 2 3,394 NA Stephanie HilfertySRSA CommercialReal EstateMetairie831-2363
8 CypressPark405 GretnaBlvd.
24,248 100percent
$15 4,351percent
1976/2006 2 14,290 NA A. K. GordonCrown Properties,Inc.Gretna366-4001
9 MarreroLand OfficePlaza5201WestbankExpressway
23,310 100percent
$14.75 15percent
1971/1991 4 0 NA Vincent VastolaMarrero Land &ImprovementAssociation Ltd.Marrero341-1635
10 3221BehrmanPlace3221BehrmanPlace
16,500 95percent
$16.50 0 percent 1970/2000 2 800 Nov. 1. 2009 Jack Stumpf366-6800
11 Plaza West3201 GeneralDeGaulleDrive
16,000 100percent
$14 0 percent 1983/2006 2 NA NA Jack Stumpf366-6800
12 1141Building1141Whitney Ave.
15,000 100percent
$8 0 percent 1981/2002 2 0 NA Jack Stumpf366-6800
13 2766 BelleChasse2766 BelleChasseHighway,Suites A-07and A-10
2,220 0 percent $9.84 0 percent unknown 2 1,220 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929
NA=not available/noy applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
RE_trends2009 11/2/09 11:17 AM Page 33
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34A New Orleans CityBusiness
Commercial leasing companies(ranked by commercial square feet leased)
CompanyAddress
Commercialsquare feetleased
Leasing breakdown insquare feet (office/retail/other)
Top local executiveTitlePhoneFax
Top three leases (lessee,square feet)
Stirling Properties109 Northpark Blvd., Suite300Covington 70433
2,700,000 office 2.1 million; retail600,000
Martin A. Mayerpresident and CEO(985) 898-2022(985) 898-2077
WND
Corporate Realty Inc.201 St. Charles Ave., Suite4411New Orleans 70170
2,676,000 retail 1.2 million; office 1.47million
Michael J. Siegelexecutive vicepresident581-5005581-2605
Liskow & Lewis, 70,364;Regions Bank, 56,222; Dick'sSporting Good 50,000
Max Derbes Inc.5440 Mounes Blvd., Suite100Elmwood Business ParkNew Orleans 70123
2,375,000 industrial 2.33 million; office44,000
David B. Quinnpresident733-4555733-5518
Almonaster Ave. 115,000(industrial); Harbor Circle56,000 (industrial); TimesaverAve. - 48,000 (industrial)
SRSA Commercial RealEstate2555 Severn Ave., Suite 200Metairie 70002
2,257,903 office 668,470; retail 955,034;industrial 354,973; other279,426
Barry Spizer, SteveReisig, DonSchwarcz, KirstenEarlyprincipals831-2363456-8995
Allstate, 46,866; Wells Fargo,32,814; Ostler Int., 27,752
Bridgewater Properties5612 Jefferson HighwayElmwood 70123
1,920,400 office 72,000; retail 41,600;other 1,806,800
Robert D. BridgewaterJr.managing broker andowner733-9638734-1897
WND
Sealy and Company150 James Drive E., Suite140St. Rose 70087
1,725,553 146,365 office; 1.69 millionindustrial
Daniel P. Poulinsenior regionaldirector463-5600463-5650
Ostler d.b.a. Certifit, 27,752;Kongsberg, 27,636;Progressive, 27,687
Jones Lang LaSalleAmericas Inc.1515 Poydras St., Suite1970New Orleans 70112
1,668,541 WND Greg Rierasenior vice president585-2670585-2674
WND
Latter and Blum Cos.430 Notre Dame St.New Orleans 70130
1,321,904 industrial 659,897; office159,152; retail 502,855
Robert W. Merrickchairman and CEO525-1311569-9336
WND
CB Richard Ellis701 Poydras St., Suite 3870New Orleans 70139
1,256,991 office 1.21 million; retail41,788; other 5,000
Russell Marchandsenior propertymanager323-7000323-7052
Shell Oil, 701,759; Adams &Reese, 99,078; Liskow Lewis,70,764
Rathborne Cos. LLCP.O. Box 157Harvey 70059
1,122,000 office 16,000; warehouse1,106,000
J. CorneliusRathbornepresident and CEO368-6355368-6388
WND
Marrero Land andImprovement AssociationLtd.5201 WestbankExpressway, Suite 400Marrero 70072
1,031,567 office 125,000; retail 500,000;other 406,567
N. Buckner Barkleypresident341-1635340-4277
WND
Kailas Cos. / Tower Realty3525 N. Causeway Blvd.,Suite 1040Metairie 70002
726,767 office 204,251; retail 490,416;other 32,100
Mohan Kailaspresident and CEO828-9700828-9717
First NBC, 49,357; RegionsBank, 10,531; Regions Bank,28,907
Coldwell BankerCommercial TEC RealtorsInc.400 Poydras St., Suite 2650New Orleans 70130
519,200 80 percent office; 10 percentretail; 10 percent other
Mark E. Inmanmanaging broker566-1777566-1775
WND
The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, New Orleans CityBusiness Newspaper,111 Veterans Blvd., Suite 1440, Metairie, LA 70005.
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