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GREATER NEW ORLEANS Annual Office Market Report

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GREATER NEW ORLEANS Annual Office Market Report 2019 OFFICE MARKET REPORT 2019 GREATER NEW ORLEANS Annual Office Market Report 201 St. Charles Avenue, Suite 4411 New Orleans, LA 70170 2 0 1 9 O F F I C E Table of Contents MARKET OVERVIEW 3 Greater New Corporate Realty, Inc. presents our eighth annual Greater New Orleans Orleans Market Office Market Report. We publish this report to give the reader a broad Overview understanding of the New Orleans office market as well as specific information about occupancy and rental rates of each office building that contains at least 20,000 rentable square feet (rsf). With data from 2012 6 Central Business – 2019, this report offers a snapshot of the current market and analyzes District market trends. Most graphs in this report feature data from 2017, 2018, and 2019 to illustrate both immediate and long-term change. In addition to this annual report, Corporate Realty publishes quarterly reports of the 10 Orleans Parish, office market compiled by Bruce Sossaman. These reports can be found Non-CBD alongside previous annual reports at corp-realty.com/reports. The information in this report was compiled with the cooperation of property 12 East Metairie owners and their representatives, and we thank all of those who contributed. Corporate Realty agents are consistently involved in the largest, most complex and most demanding real estate transactions and management 16 West Metairie/ assignments in this region, and we pride ourselves on having the top Kenner real estate professionals in the market. To find out more about us and our services, visit us at corp-realty.com. 17 Elmwood northNORTH shore SHORE covingtonCOVINGTON North Shore 18 mandevilleMANDEVILLE 5959 12 greater new orleans regional Map lakeLAKE pontchartrain 10 lake pontchartrain PONTCHARTRAIN SLIDELLslidell West Bank 20 west metairie/ 10 kenner 10 310 610 east metairie St. Charles Parish 21 central 10 elmwood business st. charles district 90 22 Corporate Realty’s Office Specialists 90 west bank 2 2019 OFFICE MARKET REPORT G R E AT E R N E W O R L E A N S MARKET OVERVIEW In ancient Rome, one would go that office building rental rates are creation of more well-paying jobs to the Rostra to hear opinions on increasing is out of economic will trickle down to every aspect the day’s most important topics. In necessity by office building of the New Orleans economy. London, people still go to Speakers’ landlords. Over the past two to More well-paid individuals Corner in Hyde Park to listen to three decades, operating expenses and families will mean more individuals present their ideas on and basic construction costs in people renting apartments, issues from personal to global. office buildings have more than more people buying homes, As with these great traditions, this doubled. Landlords are now more people shopping, report is my soapbox to share my increasing rates to keep up with the more people sending their thoughts about the New Orleans cost of operating and maintaining kids to our schools (public real estate market quality office buildings. We see and private), and more rental rates increasing a minimum people paying taxes. Office building rental rates in New of 10% per annum for at least the Orleans are among the lowest, if next three years until the basic More white-collar jobs will not solve not the lowest, in the 50 largest economics of owning, maintaining, all of the problems in New Orleans, cities in the United States. This is and leasing office buildings but it is my opinion that this is the largely a result of more than 25 once again make sense for real single most important endeavor that years of office consolidation and estate investors. our community and our economic corporate mergers resulting in development entities can undertake. fewer major companies in New I am quite often asked for my Without creating, implementing, Orleans and less office demand. thoughts about the general New and succeeding in a plan to create Over the past few years, supply Orleans real estate market. My and procure more career job and demand numbers have started response, my “soapbox,” for the opportunities in New Orleans, to balance out, with a handful of past year or so has been and will the growth and improvements we significant companies opening continue to be that the real estate have made in this community since offices here (DXC, GE, Accruent) business is good in New Orleans, Katrina will cease. and a number of home-grown and real estate values and capital companies (most notably Lucid) investment in real estate since expanding. At the same time, Katrina have been exceptional; our supply of office space has however, these values and the MICHAEL J. continued to shrink with former overall dynamics of our real estate SIEGEL, SIOR office buildings being converted markets are precarious. If we President & Director to alternative uses. For the first want our real estate markets and of Office Leasing time in over two decades, office values to continue to grow, we building rental rates are going to need more white-collar jobs in the see significant increases over the New Orleans area. While the most next few years. While equilibrium immediate and direct beneficiary in the office market will contribute of this specific job growth is likely to this increase, the real reason to be office building owners, the 3 G R E AT E R N E W O R L E A N S OFFICE MARKET TRENDS TOTAL AVERAGE RENTAL RATES 25 Total Class A Buildings Non-Class A Buildings 20 15 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL AVERAGE OCCUPANCY RATES 100 90 80 70 Total Class A Buildings Non-Class A Buildings 60 2012 2013 2014 2015 2016 2017 2018 2019 4 100 20 40 60 80 10 15 20 25 0 0 5 2017 83.16% 2017 $18.61 CBD CBD 2018 81.11% 2018 $18.88 2019 85.12% 2019 $19.34 10M 12M 2M 4M 6M 8M Orleans Parish Orleans Parish TOTAL INVENTORY &LEASED INVENTORY TOTAL 0 2017 85.65% 2017 $18.70 2018 82.63% 2018 $18.30 Inventory 2017 11,670,388 2019 TOTAL COMBINED OCCUPANCY RATES FORSUBMARKETS RATES COMBINEDOCCUPANCY 2019 TOTAL 2018 11,721,226 2019 84.77% 2019 $18.61 (Class A) 2019 11,718,264 East Metairie East Metairie 2019 AVERAGE RENTAL RATES FORSUBMARKETS RATES RENTAL 2019 AVERAGE 2017 89.15% 2017 $21.55 2018 88.45% 2018 $21.87 Leased 2017 10,286,342 (Class A&Non-Classcombined) (Class A&Non-Classcombined) 2019 89.35% 2019 $22.23 2018 10,273,203 2019 10,337,699 West Metairie West Metairie West 2017 88.36% 2017 $18.38 2019 OFFICEMARKETREPORT 2018 83.56% 2018 $18.21 2019 83.40% 2019 $18.04 Elmwood 2017 75.33% Elmwood 2017 $18.54 10M 2018 87.69% 2018 $18.25 2M 4M 6M 8M TOTAL INVENTORY &LEASED INVENTORY TOTAL 0 2019 85.18% 2019 $18.34 Inventory 2017 7,937,074 (Non-Class A) North Shore North Shore 2017 87.82% 2017 $21.99 2018 8,186,334 2018 84.89% 2018 $22.53 2019 7,337,090 2019 92.88% 2019 $22.92 Leased 2017 6,285,197 West Bank West 2017 86.71% Bank West 2017 $16.72 2018 6,286,920 2018 87.07% 2018 $17.10 2019 6,127,292 2019 85.04% 2019 $16.99 St. CharlesParish St. CharlesParish 2017 64.35% 2017 $17.62 2018 60.55% 2018 $17.65 2019 74.97% 2019 $16.90 5 CENTRAL BUSINESS DISTRICT The office market continues to shrink, or perhaps rightsize. The announcement of the shuttering of 1010 Common St., which is slated for hotel redevelopment, caused 50,000 sf of tenants to scramble for new offices. Additionally, 1515 Poydras virtually stopped its leasing efforts as its owners explore the viability of converting roughly 300,000 sf of office space into apartments. 321 St. Charles Avenue was sold in 2019 and vacated for future redevelopment, likely no longer as an office building. Reduced inventory naturally creates higher occupancy as the vacancy rate remains steady. This situation, combined with increasing operating expenses and construction prices, could mean higher rental rates going forward. Rates for Class A office buildings should increase by 10% as current rates are not sustainable for landlords. The good news for tenants is that even with rental rates rising, the New Orleans office market will remain highly affordable as compared to the rest of the nation. Asking rents in Class A buildings, which make up 86% of the total CBD office inventory, averaged $19.78 per square foot in 2019, far below the average asking rent in other Southern cities of comparable size. Non-Class A buildings will find the same price squeeze in 2020 as the Class A properties, as construction prices and operating expenses increase. As Class A rates increase, Non-Class A CBD property rents will increase proportionately. The CBD as a whole remained buoyant in 2019 as hotels and apartments continue to be developed. This trend is a testament to the draw of the CBD as a place to work and live, solidifying an employment base for office tenants. BENNETT K. DAVIS SIGNIFICANT LEASES OF 2019 400 Poydras Tower Hancock Whitney Center INTERNATIONAL-MATEX TANK TERMINALS (IMTT) ERNST & YOUNG leased 26,907 square feet leased 23,000 square feet MOULEDOUX, BLAND, LEGRAND & BRACKET Place St. Charles leased 23,000 square feet CAPITAL ONE renewed 49,266 square feet 6 2019 OFFICE MARKET REPORT Office Submarket F R E N C H Q U A R T E R ( V I E U X C A R R É ) Ritz Carlton Astor M Crowne i Marriott U.S.
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