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Real Estate Trends 2015

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Real Estate Trends 2015 REAL ESTATE TRENDS 2015 BUILDING BOOM New Orleans’ downtown has already seen an unprecedented influx of development activity, and the trend is poised to continue into 2016 and beyond. INSIDE • Lafitte Greenway activates Mid-City • Major North Shore projects take shape REAL ESTATE TRENDS 2015 INSIDE: Downtown enjoying fruits of a building boom 3 Properties with potential: Real estate to watch in 2016 and beyond 6 Lafitte Greenway helping to activate Mid-City development 12 Slumping oil prices have slowed, The COMMERCIAL INVESTMENT DIVISION not hurt major North Shore projects 22 of the New Orleans Metropolitan Association of REALTORS® congratulates its Achievement Award winners - LISTS Top Commercial Real Estate Producers of 2014 CBD 5 1st Row: Mary G. Carrone, CCIM, Judy Slack, Kirsten E. Early, CCIM, Center City 13 Metairie/East Jefferson 15 Jennifer A. Lee, CCIM, SIOR, Lucy Chun, Rhonda Sharkawy, Eastern New Orleans 19 Cathy McGehee, CCIM, Colleen Kuebel Berthelot, CCIM, SIOR Kenner 21 North Shore 22 2nd Row: Martin O. Miller III, CCIM, Paul Richard, West Bank 26 David B. Quinn, SIOR, Joseph G. Gorman III, CCIM, Bob Fraiche, Commercial property managers 27 Steven R. Reisig, CCIM, Michael Allain, Richard F. Jeansonne, Commercial leasing companies 28 Scott Graf, Austin Lavin, Barry H. Spizer, CCIM, Richard Stone, CCIM, Flex space 29 Herbert F. Duvic, CCIM, SIOR, Gaines Seaman Shopping centers 32 Warehouse space 38 3rd Row: George Joe Gardner IV, CCIM, James Barse, CCIM, SIOR, The data published in Real Estate Trends Robert Hand, CCIM, SIOR, A. Ben Derbes, CCIM, is compiled throughout the year by the R. Michael Wilkinson, Skip Weber, CCIM, CityBusiness research department. Richard E. Judge, CCIM, SIOR, Jonathan Shaver, CCIM, Published by the NOPG LLC 3445 North Causeway Blvd., Daniel P. Poulin, CCIM, SIOR Suite 901, Metairie, La. 70002 504-834-9292 Winners not pictured: Stephanie Dimak Boyd Stephanie Hilferty Publisher: Lisa Blossman Editor: Natalie Chandler Sandra Corrigan, SIOR Andrea Arons Huseman, CCIM Managing Editor: Robin Shannon Duff Friend, SIOR Schaffer Mickal Account Executives: Liz Baldini, Jennifer Forbes, Cassie Foreman, Coco Evans Judd Trimble Green Charles Mullin Designer: Maura Wery Gerard E. Henry, SIOR Sandy Preston Market Researcher/Reporter: Valerie Huntley Keith G. Henry, SIOR Robert K. H. Stevens www.nomarcid.org • 504.885.3200 Real Estate Trends 2015 1A ______________________________ 985-626-4431 • DonahueFavret.com 2A New Orleans CityBusiness • November 27, 2015 DOWNTOWN ENJOYING FRUITS OF A BUILDING BOOM Robin Shannon [email protected] While floodwaters from breaches in the city’s storm protec- tion system inundated entire neighborhoods in the aftermath of Hurricane Katrina, New Orleans’ Central Business District and downtown corridor were left relatively unscathed. But in the immediate wake of the storm, tremendous doubt lingered as to whether the city – including the high and dry downtown – could ever have a legitimate future. A decade later, those fears continue to exist for various pockets of the city, but for the blocks that crisscross the CBD, Warehouse District and upper Canal Street, interest in develop- ment has never been higher. As much as $3 billion in private money has been injected into real estate projects within the borders of the Downtown Development District. Those funds, coupled with an influx of state and federal redevelopment tax credits for historic proper- Contractors continue progress on the Beacon, the third ties, have helped developers find new uses for older properties. building in the $250 million South Market District, one Worn down hotels are having new life breathed into them, stag- of several ongoing developments in the Central Business ROBIN SHANNON District. nant office towers have been revamped into trendy apartments 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 Accredited Management Organization with offices in Metairie, Baton Rouge, and Lafayette. Call us today for leasing, sales, brokerage, asset management, construction and consulting. Riverside Office Buildings I and II Causeway Highrise 6660 and 6620 Riverside Dr., Metairie 3421 N. Causeway Blvd., Metairie New Orleans Metro Area Properties Office Buildings Residential Restaurants 3421 Office Tower River Vieux Terrace Condominiums Mellow Mushroom 3421 N. Causeway Blvd., Metairie 520 St. Philip St., New Orleans 3131 Veterans Memorial Blvd., Suite 201, Metairie Medical Plaza I & II 301 Tchoupitoulas Condominiums Mellow Mushroom 3901 Houma Blvd., Metairie 301 Tchoupitoulas St., New Orleans 1645 Highway 190 North, Suite A, Covington Riverside I & II Retail 6660 and 6620 Riverside Dr., Metairie The K-Mart Shopping Center 2840-2940 Veterans Memorial Blvd., Metairie The Forum 3131 Veterans Blvd., Metairie SELECT PROPERTIES, LTD. • 833-0044 CERTIFIED ACCREDITED PROPERTY MANAGEMENT 6620 Riverside Drive • Suite 300 MANAGER® For Professional Asset Management, Leasing & Sales ORGANIZATION® Metairie, LA 70003 - 7109 Also Offices and Properties in Baton Rouge & Lafayette Individual Members Real Estate Trends 2015 3A DOWNTOWN and condominiums, new restaurants and The result has been creation of a bona the city has experienced a transition historic renovation tax credits offered retail shops now line streets that in the fide neighborhood of more than 5,100 from a local lodging market to an insti- on buildings beyond 50 years of age. In past would become ghost towns after people and a broad spectrum of addi- tutional lodging market involving pub- a city like New Orleans, where the past 5 p.m. tional amenities. licly traded or privately owned real estate is as valuable as the future, preservation Combine that with government “When you start seeing more resi- investment trusts. He said investment becomes imperative. in CBD hotels has grown from 25 to 30 “It’s not easy doing these projects,” projects that include a new University dential rooftops, it opens the door for other new businesses being there,” percent institutional to now nearly 80 Schedler said. “You need an entrepre- Medical Center and Veterans Affairs percent institutional. neurial eye, but you need someone who Hospital, and other expenses tied to Schedler said. “Investors are seeing brick and mortar development as more “The big players in the industry wants to do what it takes to maintain the development, and the investment dou- prudent investment than the stock mar- were not here five to seven years ago,” historic face.” bles to $6 billion. It has created a con- ket.” Wormser said. “They cannot afford to New Orleans developer and architect struction boom that is unprecedented Those investors have also cast their lose money on deals in this market, so Marcel Wisznia, who spearheaded some within the confines of the city. eyes on the city’s stock of hotels, which they would not be here if they were not of the first new office to residential con- “I think what we are seeing right have become a hot commodity in recent bullish on New Orleans.” versions after the storm, said the credits now would have eventually happened months, as several major properties have Wormser said a lack of available land primed that downtown evolution. even without the storm,” said Larry changed hands. Buildings that haven’t to build on, coupled with a diminish- “It’s more expensive to renovate an ing stock of buildings suitable for reno- existing historic building that it is to Schedler, a residential real estate broker been claimed by residential developers are now becoming top candidates for vation, has contributed to tremendous tear down and start new,” Wisznia said. who runs a firm specializing in the sale of growth in revenue per available room, or “The credits level the playing field.” large apartment complexes. “Office-to- new hotel rooms in an effort to satisfy the city’s growing demand. RevPAR, a valued performance metric “When you look at the way we view residential conversions were happening “The hotel market in the CBD has in the hotel industry. our city after the storm, we knew we had well before the storm. What Katrina did reached equilibrium when it comes to “We have seen a more than 50 per- to create places for people to live safely. was accelerate the inevitable. Buildings buying an existing hotel versus build- cent increase in RevPAR since 2005,” Living off the ground is the way to do downtown pegged for development ing from the ground up,” said Lenny Wormser said. “The price per room is a that.” were just no longer useful as office space Wormser, managing director of the hos- reflection on the limited amount of new Wisznia said with most of the qual- and interest in living downtown has pitality division at NAI Latter and Blum. supply in the city, but it shows there is ified buildings already spoken for, the grown exponentially.” “You can buy a property for as much as more faith in the market. It will lead to challenge now lies in waiting for that additional growth.” new crop of buildings to hit the 50-year Schedler said both local and national it would cost to build, so investors are doing what they can with what is avail- Much of the activity happening in threshold. players have taken advantage of robust the urban core of the city wouldn’t be “There is still an inventory of build- funding for multi-family development. able in the market.” Wormser said over the past 10 years, possible if not for the state and federal ings that are right on the cusp,” he said. 4A New Orleans CityBusiness • November 27, 2015 Central Business District ranked by total leaseable square feet Largest block of space Leasing agent Building Total leaseable Percent Quoted rent Year built/ available (sq.
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