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Annual Office Market Report

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Annual Office Market Report 2016 Greater New Orleans Annual Office Market Report Greater New Orleans Corporate Realty, Inc . is proud to present our Fifth Annual Greater New Orleans Office Market Report. Market Overview . 2 We publish this report to give the reader a broad understanding of the Greater New Orleans Central Business District . 4 market as well as specific information about occupancy and rental rates of each office Orleans Parish, Non-CBD . 8 building. With data from 2012 - 2016, this report offers a snapshot of the current market and analyzes market trends. This year the graphs include data from 2012 (our first year), East Metairie . 10 2015 and 2016 to provide historical context. West Metairie/Kenner . 14 In addition to listing basic occupancy and rate information for every non-medical office building greater than 20,000 square feet in the Greater New Orleans region, Corporate Elmwood . 15 Realty’s office specialists have written narratives of each submarket to share the general story of the market. North Shore . 16 Every year, we strive to improve our report and include accurate and comprehensive market West Bank . 18 data. While the methodology remains consistent to provide comparable historic market data, St . Charles Parish . 19 we use the narratives of each submarket to highlight changes in the market and how it is reflected in our report. Corporate Realty’s Office Specialists . 20 In addition to this annual report, Corporate Realty publishes quarterly reports of the office market compiled by Bruce Sossaman . These reports present an immediate snapshot of the market and can be found on our website alongside previous annual reports at corp-realty .com . The information contained herein has been obtained from sources that we deem reliable. No representation or warranty is made as to the accuracy thereof, and it is submitted subject to errors, omissions, changes of price or other conditions. The information in this 2016 report would not be possible without the cooperation of our staff and colleagues, and we would like to thank all of those who contributed. Please contact one of the many Corporate Realty office specialists at 504.581.5005 if you have any questions, or would like more information or need assistance selling or leasing office space in the Greater New Orleans region. Greater New Orleans Market Overview The story of the Greater New finding ways to continue to grow. Orleans office market continues Since Katrina, New Orleans has to be found in the small details. experienced unparalleled amount There is little new office product of new real estate development, a coming to the market and were re-invented school system that not many new transactions of is a model for other cities in great size that took place in 2016. the United States, $2.0+ billion MIKE SIEGEL, PRESIDENT It would be easy to look at those investment in the new Veterans CORPORATE REALTY, INC . general figures and conclude that Administration and University the market was stagnant, but hospitals, and more than $15 this report provides the granular billion of completed infrastructure details and insights that show the projects.COVINGTON This progress is being While the New Orleans office market undercurrent of activity.While noticed worldwide. Worth named “continues to face obstacles, the most of the market numbers have New Orleans the “Most Dynamic unparalleled amount of infra- not changed much in the last year, City in America.” Travel and MANDEVILLE structure improvements and real or since Corporate Realty started Leisure ranked New Orleans the 59 estate development over the last tracking this data five years ago, #2 Favorite City in America12 and ten years puts the city in a more we continue to see movement. the #7 Favorite City in the World. Forbes ranked New Orleans #1 solid position to take on these The New Orleans region continues LAKE 10 51 on their list of “America’s Biggest issues. to face the persistent challenges PONTCHARTRAIN SLIDELL ” such as crime, growing income Brain Magnets” for attracting MIKE SIEGEL, people under 25 with college inequality and the depressed 10 President, Corporate Realty, Inc . oil and gas industry, but it has degrees. These investments, and experienced a tremendous amount this enthusiasm, inspire a great of growth over the last ten years deal of optimism about the future that provides a more stable base of this region. for addressing these problems and GREATER NEW ORLEANS REGIONAL MAP LAKE PONTCHARTRAIN WEST METAIRIE/ 10 10 KENNER 610 310 EAST METAIRIE NORTH SHORE 10 ELMWOOD CENTRAL ST. CHARLES BUSINESS COVINGTON DISTRICT 90 MANDEVILLE 59 12 90 WEST BANK LAKE 10 51 PONTCHARTRAIN SLIDELL 10 LAKE PONTCHARTRAIN WEST METAIRIE/ 10 10 KENNER 610 310 EAST METAIRIE 10 ELMWOOD CENTRAL ST. CHARLES BUSINESS DISTRICT 90 90 WEST BANK 2016 Total Inventory/Total Leased for 2016 Total Average Rental Rate for the Greater New Orleans Market the Greater New Orleans Market Total Inventory: 19,497,434 sf Available Leased Leased $20.06 2,576,334 sf 10,452,875 sf 6,368,225 sf $20 $18.96 (89.90%) (81.96%) $17.78 $20.57 $19.19 Available Available $19.15 1,174,842 sf 1,401,492 sf $16 $17.74 $17.71 $16.97 $12 Leased 16,921,100 sf (86.79.%) $8 $4 2012 2014 2015 Total Average Class A Non-Class A Total Class A Non-Class A 2016 Average Rental Rates For Submarkets (Class A And Non-Class A Combined) $21.56 $21.49 $20 $18.76 $18.84 $18.87 $18.38 $18.08 $22.46 $21.41 $16.61 $20.10 $18.65 $18.86 $18.55 $18.37 $18.29 $18.04 $16 $17.41 $17.83 $16.79 $17.04 $16.89 $16.64 $16.00 $12 $8 $4 2012 2015 2016 2016 2016 2016 2016 2016 2016 2016 / CBD Kenner Non-CBD* Elmwood West Bank Orleans Parish, East Metairie West Metairie North Shore* St. Charles Parish 2016 Total Combined Occupancy Rates for Submarkets 100% 91.37% 92.02% 87.18% 71.29% 87.13% 85.81% 85.74% 96.12% 95.89% 92.56% 71.44% 93.45% 80% 92.51% 92.47% 89.22% 90.20% 88.82% 86.37% 87.68% 83.28% 84.97% 84.54% 60% 75.01% 68.21% 40% 20% 2012 2015 * CBD Kenner Non-CBD* Elmwood West Bank Orleans Parish, East Metairie West Metairie/ North Shore St. Charles Parish * Th e data collected for this submarket was first collected in 2013 2016 Corporate Realty Office Market Report 3 Central Business District The New Orleans CBD office market, and current lending requirements market is lopsided with a supply of for new construction, make any significant 9,032,980 square feet of Class A office upward change in inventory highly un- space and only 2,214,487 square feet of likely in the foreseeable future. More likely non-Class A office space in buildings to happen is a further downsizing of the greater than 20,000 square feet. The oil office market through more use conver- and gas boom of the early 1980s saw sions. The Non-Class A market could see unprecedented development of office a downsizing of nearly 750,000 square feet Surprisingly though, considering space that primarily consisted of high over the next three to five years while the “the state of the oil and gas industry, rise buildings along Poydras Street, the Class A market could downsize by perhaps there has been relatively little main corridor of the CBD. This boom was 100,000 square feet. sublease space available. quickly followed by a bust which hit the In the last few years, the New Orleans CBD ” occupancy rates of the new Class A office office market has gravitated toward a de- BENNETT DAVIS, buildings very hard. scription of “non-eventful,” and the same Director of Leasing, Place St . Charles As rents in Class A office buildings became occurred in 2016. Retrenchment in the oil competitive with lower classes of buildings, and gas sector, the winding down of the BP tenants sought very inexpensive upgrade oil spill claims, and the slowdown in major opportunities. This migration of tenants construction projects created an unevent- from older office buildings to new ones ful office leasing year downtown. The CBD Significant Leases of 2016: led to a mass conversion of obsolete office office market held steady with Class A First Bank & Trust Tower space into other uses, mostly hotels and occupancy moving slightly, from 89.5% Stone Pigman Law Firm New Lease apartment buildings. The few older build- leased to 88.9% leased, and Non-Class A ings that had not been converted by 2005 occupancies reporting 73.97% leased in of 43,517 sf found a unique avenue for salvation with 2015 to 75.84% leased in 2016. 400 Poydras Building Hurricane Katrina. Insurance money and As of the fourth quarter of 2016, there are Reily Foods New Lease of disaster relief funds, along with historic only 71,194 square feet of sublease space in 24,447 sf and new market tax credits, combined the CBD for rent, indicating that although with an unanticipated demand for housing, growth at this time is very slow, slippage 400 Poydras Building offered building owners the opportunity is not occurring either. The New Orleans Launch Pad New Lease of to renovate buildings into apartment CBD office market remains consistent. 22,594 sf buildings and a smattering of new hotels. The Non-Class A office market shrunk * Notes: The Benson Tower Annex has been to 20% of the overall market. Hurricane added to the report. Formerly a retail space Katrina also forced tenants out of these occupied by Lord & Taylor, it is now being redeveloped as an office building.
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