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Commercial Property Update 2019 to Mid-Year 2021

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Commercial Property Update 2019 to Mid-Year 2021 INSTITUTE FOR ECONOMIC DEVELOPMENT & REAL ESTATE RESEARCH COMMERCIAL PROPERTY UPDATE 2019 TO MID-YEAR 2021 ORLEANS, JEFFERSON AND ST. TAMMANY PARISHES CLASS A & B OFFICE AND RETAIL PROPERTIES AUGUST 15, 2021 413 Kirschman Hall | 2000 Lakeshore Drive | New Orleans, LA 70148 | Phone: 504.280.1408 | [email protected] |www.realestate.uno.edu l OFFICE OCCUPANCY & RENT BY AREA: CLASS A & B ONLY ORLEANS, JEFFERSON & ST. TAMMANY: FALL 2018 - MID-YEAR 2021 (Page 1) A TOWER Rentable Area Available No Prop Reporting No Prop Reporting Occupancy Occupancy Rates (%) Rent Rental Rates Mid- Mid- Mid- Mid- Mid- Mid- Year Year Fall Mid-Year Mid-Year Year Year Fall Year Year Fall Mid-Year Mid-Year Fall PARISH/AREA 2021 2020 2019 2021 2020 Fall 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 ORLEANS PARISH CBD & QTR. 14 14 14 8,582,638 8,582,638 8,581,779 82.6 87.7 89.1 13 13 14 $19.65 $19.38 $19.79 CENTER CITY GENTILLY/LAKEVIEW/LAKEFRONT LAKE FOREST/NO EAST ORLEANS WESTBANK PARISH TOTAL 14 14 14 8,582,638 8,582,638 8,581,779 82.6 87.7 89.1 13 13 14 $19.65 $19.38 $19.79 JEFFERSON PARISH ELMWOOD KENNER METAIRIE JEFF. WESTBANK PARISH TOTAL ST. TAMMANY PARISH SLIDELL LACOMBE COVINGTON MANDEVILLE PARISH TOTAL TRI-PARISH TOTAL 14 14 14 8,582,638 8,582,638 8,581,779 82.6 87.7 89.1 13 13 14 $19.65 $19.38 $19.79 UNO Institute for Economic Development & Real Estate Research - Commercial Property Update, Summer 2021 1 OFFICE OCCUPANCY & RENT BY AREA: CLASS A & B ONLY ORLEANS, JEFFERSON & ST. TAMMANY: FALL 2018 - MID-YEAR 2021 (Page 2) A OFFICE Rentable Area Available No Prop Reporting No Prop Reporting Occupancy Occupancy Rates (%) Rent Rental Rates Mid- Mid- Mid- Mid- Mid- Mid- Year Year Fall Mid-Year Mid-Year Year Year Fall Year Year Fall Mid-Year Mid-Year Fall PARISH/AREA 2021 2020 2019 2021 2020 Fall 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 ORLEANS PARISH CBD & QTR. 2 2 2 1,034,112 1,034,112 1,034,112 72.0 84.1 74.4 2 2 2 $17.00 $16.63 $16.63 CENTER CITY GENTILLY/LAKEVIEW/LAKEFRONT LAKE FOREST/NO EAST ORLEANS WESTBANK PARISH TOTAL 2 2 2 1,034,112 1,034,112 1,034,112 72.0 84.1 74.4 2 2 2 $17.00 $16.63 $16.63 JEFFERSON PARISH ELMWOOD KENNER METAIRIE 5 5 5 2,029,649 2,029,649 2,029,649 87.8 88.9 90.4 5 4 5 $24.30 $24.44 $23.45 JEFF. WESTBANK PARISH TOTAL 5 5 5 2,029,649 2,029,649 2,029,649 87.8 88.9 90.4 5 4 5 $24.30 $24.44 $23.45 ST. TAMMANY PARISH SLIDELL LACOMBE COVINGTON MANDEVILLE PARISH TOTAL TRI-PARISH TOTAL 7 7 7 3,063,761 3,063,761 3,063,761 82.5 87.3 85.0 7 6 7 $20.65 $20.54 $20.04 UNO Institute for Economic Development & Real Estate Research - Commercial Property Update, Summer 2021 2 OFFICE OCCUPANCY & RENT BY AREA: CLASS A & B ONLY ORLEANS, JEFFERSON & ST. TAMMANY: FALL 2018 - MID-YEAR 2021 (Page 3) B OFFICE Rentable Area Available No Prop Reporting No Prop Reporting Occupancy Occupancy Rates (%) Rent Rental Rates Mid- Mid- Mid- Mid- Mid- Mid- Year Year Fall Mid-Year Mid-Year Year Year Fall Year Year Fall Mid-Year Mid-Year Fall PARISH/AREA 2021 2020 2019 2021 2020 Fall 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 ORLEANS PARISH CBD & QTR. 11 10 10 1,200,852 688,259 688,259 85.2 82.5 83.1 7 5 7 $17.93 $18.60 $18.82 CENTER CITY 7 6 6 346,039 314,692 314,692 91.4 89.0 91.4 3 2 3 $18.67 $18.75 $18.50 GENTILLY/LAKEVIEW/LAKEFRONT 2 2 2 72,830 72,830 72,830 94.5 94.5 100.0 2 2 0 $17.49 $17.49 NA LAKE FOREST/NO EAST 5 5 5 319,472 384,270 384,270 70.5 93.0 85.0 2 1 3 $13.78 $13.50 $12.46 ORLEANS WESTBANK 1 1 1 27,746 27,746 27,746 100.0 100.0 100.0 0 0 0 NA NA NA PARISH TOTAL 26 24 24 1,966,939 1,487,797 1,487,797 84.5 87.5 86.5 14 10 13 $16.97 $17.09 $16.40 JEFFERSON PARISH ELMWOOD 12 12 12 886,620 886,620 886,620 82.8 81.3 85.3 7 7 7 $17.19 $17.01 $17.96 KENNER 2 2 2 178,840 178,840 178,840 82.4 92.8 89.3 2 2 2 $17.57 $17.25 $17.57 METAIRIE 33 33 33 2,198,519 2,198,519 2,198,519 82.9 87.0 88.6 23 24 28 $18.91 $19.07 $18.37 JEFF. WESTBANK 4 4 4 268,065 268,065 268,065 80.9 83.8 86.7 1 2 2 $20.00 $22.50 $18.48 PARISH TOTAL 51 51 51 3,532,044 3,532,044 3,532,044 82.7 85.6 87.6 33 35 39 $18.42 $18.96 $18.10 ST. TAMMANY PARISH SLIDELL 4 4 4 75,678 101,822 101,822 95.4 99.0 95.7 2 1 2 $12.13 $8.58 $12.06 LACOMBE 2 2 2 77,096 77,096 77,096 41.0 41.0 60.1 2 2 2 $16.50 $16.50 $16.93 COVINGTON 19 17 17 814,900 734,900 734,900 82.0 88.5 79.8 12 8 16 $21.06 $21.36 $21.12 MANDEVILLE 13 12 12 318,943 255,992 255,992 89.9 88.8 88.8 7 6 7 $18.13 $18.00 $19.43 PARISH TOTAL 38 35 35 1,286,617 1,169,810 1,169,810 82.3 86.3 81.8 23 17 27 $16.96 $16.11 $17.39 TRI-PARISH TOTAL 115 110 110 6,785,600 6,189,651 6,189,651 67.5 69.9 70.8 70 62 79 $17.45 $17.38 $17.29 UNO Institute for Economic Development & Real Estate Research - Commercial Property Update, Summer 2021 3 OFFICE OCCUPANCY & RENT BY AREA: CLASS A & B ONLY ORLEANS, JEFFERSON & ST. TAMMANY: FALL 2018 - MID-YEAR 2021 (Page 4) ALL OFFICE PROPERTIES Rentable Area Available No Prop Reporting No Prop Reporting Occupancy Occupancy Rates (%) Rent Rental Rates Mid- Mid- Mid- Mid- Mid- Mid- Year Year Fall Mid-Year Mid-Year Year Year Fall Year Year Fall Mid-Year Mid-Year Fall PARISH/AREA 2021 2020 2019 2021 2020 Fall 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 ORLEANS PARISH CBD & QTR. 27 26 26 10,817,602 10,305,009 10,304,150 81.9 87.0 87.2 22 20 23 $18.19 $18.20 $18.41 CENTER CITY 7 6 6 346,039 314,692 314,692 91.4 89.0 91.4 3 2 3 $18.67 $18.75 $18.50 GENTILLY/LAKEVIEW/LAKEFRONT 2 2 2 72,830 72,830 72,830 94.5 94.5 100.0 2 2 0 $17.49 $17.49 NA LAKE FOREST/NO EAST 5 5 5 319,472 384,270 384,270 70.5 93.0 85.0 2 1 3 $13.78 $13.50 $12.46 ORLEANS WESTBANK 1 1 1 27,746 27,746 27,746 100.0 100.0 100.0 0 0 0 NA NA NA PARISH TOTAL 42 40 40 11,583,689 11,104,547 11,103,688 82.0 87.3 87.3 29 25 29 $17.87 $17.70 $17.61 JEFFERSON PARISH ELMWOOD 12 12 12 886,620 886,620 886,620 82.8 81.3 85.3 7 7 7 $17.19 $17.01 $17.96 KENNER 2 2 2 178,840 178,840 178,840 82.4 92.8 89.3 2 2 2 $17.57 $17.25 $17.57 METAIRIE 38 38 38 4,228,168 4,228,168 4,228,168 85.3 87.9 89.4 28 28 33 $21.61 $21.76 $20.91 JEFF. WESTBANK 4 4 4 268,065 268,065 268,065 80.9 83.8 86.7 1 2 2 $20.00 $22.50 $18.48 PARISH TOTAL 56 56 56 5,561,693 5,561,693 5,561,693 84.6 86.8 88.6 38 39 44 $21.36 $21.70 $20.77 ST. TAMMANY PARISH SLIDELL 4 4 4 75,678 101,822 101,822 95.4 99.0 95.7 2 1 2 $12.13 $8.58 $12.06 LACOMBE 2 2 2 77,096 77,096 77,096 41.0 41.0 60.1 2 2 2 $16.50 $16.50 $16.93 COVINGTON 19 17 17 814,900 734,900 734,900 82.0 88.5 79.8 12 8 16 $21.06 $21.36 $21.12 MANDEVILLE 13 12 12 318,943 255,992 255,992 89.9 88.8 88.8 7 6 7 $18.13 $18.00 $19.43 PARISH TOTAL 38 35 35 1,286,617 1,169,810 1,169,810 82.3 86.3 81.8 23 17 27 $16.96 $16.11 $17.39 TRI-PARISH TOTAL 136 131 131 18,431,999 17,836,050 17,835,191 77.0 81.4 82.0 90 81 100 $18.73 $18.50 $18.59 Source: Survey of property owners and managers compiled by the UNO Real Estate Research Center Note: This table should not be compared to those in previous editions of the report.
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