2017 Baton Rouge Real Estate Report by Baton Rouge Business Report

PROJECTS TO WATCH

OFFICE DIRECTORY

AWARD-WINNING REAL ESTATE

COMPANY RANKINGS

RENDERING TO REALITY

2017

Business Reportâ&#x20AC;&#x2122;s

Real Estate REPORT

Sponsored by Alvarez Construction

High-water mark

Coming off a flat year, office leasing activity is on the rise in 2017 as several major new developments near completion.

28 The Market at a Glance 29 Digits 30 List: Residential real estate firms

44 Digits 45 The Market at a Glance 46 List: Commercial contractors 51 List: Commercial real estate firms 52 Class A Office Space Directory

27 SINGLE FAMILY

| Real Estate Report 2017

A thriving residential market is expected to further improve in the coming year despite lingering effects from the August 2016 flood.

32 List: Licensed homebuilders 36 List: Real estate title companies 39 List: Mortgage companies 40 MULTIFAMILY

RETAIL 59 Sponsored by Beau Box Real Estate and Campbell Companies

Ringing it up

The Baton Rouge area retail market has been hot for the past three years and is showing no signs of cooling down.

61 The Market at a Glance, Digits 62 List: Architecture firms 64 List: Property management firms

INDUSTRIAL 67 Sponsored by Beard Construction

Heaving lifting

Megaprojects kept the Capital Region industrial market humming in 2016 as the vacancy rate fell to a decade-low.

69 The Market at a Glance, Digits 72 List: Industrial construction firms ON THE COVER: Located on Cajun Industries’ Airline Highway campus, this new 30,200-square-foot office building features a contemporary design and a twostory lobby that’s visible from the highway. Photography by Tim Mueller

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COURTESY @HIGHLAND

CONTENTS

@Highland, a mixed-use office park being built on 9 acres at the intersection of Highland Road and Bluebonnet Boulevard.

Real Estate Report 2017â&#x20AC;&#x201A; |

FROM THE SPONSOR

2017

Business Report’s

Real Estate REPORT

| Real Estate Report 2017

Three decades. It’s been quite a ride.

SIT DOWN, strap in, close your eyes and get ready for a trip into the unknown. As with any roller coaster ride, you start at the bottom, which happened to be the Bayou State’s 1986-87 economy for Kurz & Hebert. So, how did two Louisiana natives from outside Baton Rouge get on this real estate roller coaster ride together and somehow make the most out of the twists and turns? It started with two guys from different backgrounds who would eventually cross paths and later forge a business that today is as successful as their friendship. One, a guy from Shreveport who grew up taking care of his parent’s rental properties (and swearing he’d never go into that line of work). The other, a young man born and raised in New Iberia who spent a summer watering the beds and landscaping at a Corpus Christi high school. Respectively, George Kurz graduated in landscape architecture from LSU, while Mark Hebert studied economics and went on to a shortlived career in oil and gas mineral leasing. Both soon found themselves working for Bill McDaniel Realtor in 1982 where they learned the ropes from Bill and Risdon Wood—two great real estate business leaders with a team of terrific partners. Over the next ten years, George Kurz and Mark Hebert married wonderful women from Baton Rouge with great family roots in the community. Through the support of family, hard work and an incredible amount of faith that they would be successful, Kurz & Hebert has survived. For over 30 years, the company has navigated a wildly vacillating real estate market featuring as many ups, downs, and jolting turns as The Wild

Mouse at Baton Rouge’s infamous Fun Fair Park. In the mid-1980s, the two friends agreed to set out on their business venture during what was probably the worst downturn in the real estate market Baton Rouge had seen since the Great Depression. During this time, real estate tax laws changed, the petroleum world was in chaos, banks were going under and others in the real estate industry were heading out of state. George recalls seeing bumper stickers that read, “The last one to leave BR, turn out the lights.” However, citing advice from a friend who said, “There’s never a good time to do anything, you just have to go out and do it,” George and Mark went out and did it. Without a grand vision statement, lofty goals and in fact, no client listings or money, they applied noseto-the grindstone hard work to survive, pay the bills, and put food on the table. Despite being below broke and featuring a negative net worth, the two opened an office. Early on, Kurz & Hebert worked on the Highland Village shopping center and sold apartment units for University Crossroads on State Street, which is regarded as the start of college condos in Baton Rouge. Five years after opening its doors, the market turned and Kurz & Hebert took off. The two partners agreed on a great service model, and took on a range of clients that appreciated their expertise. “We worked hard to make sure each job ended with our customer’s satisfaction and we learned that by following this formula, we could actually make enough money to survive,” said Kurz. Hebert recalled one of the initial

signs of his success. He met with the largest bank in the market (at that time) for a loan to buy him and his wife a home right after the late 80’s real estate crash. “To my surprise, I qualified for the loan and was elated. I recently ran into the banker who made me the loan back then and he said, ‘Mark, you realize, I didn’t loan that money to you, I loaned it to your wife because we know her and her family.’ I’m happy to say that we’ve been in the same neighborhood now for more than 25 years.” Times have certainly changed, Baton Rouge has grown exponentially and certainly prospered to another level. The landscape has transformed with such exciting developments as Town Center, Mall of Louisiana, Perkins Rowe, South Gate, Long Farms, Highland Park, Juban Crossing and more. Major players like Costco and The Water District along with developments in Mid-City are causing major ripple effects on new neighborhoods and nightlife, which then ripples back and effects commercial properties. What does the future hold...driverless cars, less parking, reduced real estate? Could living like The Jetsons be far off? With Louisiana ranked as one of the top Site Selection networks in the country, our potential to improve roads and infrastructure (a must!) and a city that has adapted a more youthful, progressive attitude, it’s an exciting time. And you can bet Kurz & Hebert is ready for the ride.

MARK HEBERT President Kurz & Hebert Commercial Real Estate

Residential real estate ‘Like A Rolling Stone’ “LIKE A ROLLING STONE” can quite possibly best describe Baton Rougeans and those in surrounding parishes since the historic flood of August 2016. Many were left without a home and are still rebuilding to this day. As Bob Dylan wrote in his 1965 hit: “How does it feel To be without a home Like a complete unknown Like a rolling stone” As our friends and family rebuilt or relocated, the Nov. 8 election rolled around. As with most elections, there was some uncertainty looming across our country. The real estate market experienced an uptick in interest rates, which created a lull in activity for most lending institutions. The majority of sales in our area were driven by people buying gutted homes, and most of them were not in need of a loan. The refinance market dried up. So what has happened since? We’ve continued to roll with the punches, and the uncertainty is now turning into confidence and stability. We’ve seen interest rates level

off. Completed homes are being purchased, not by investors, but by families needing a place to land since the flood. Those who decided to stay are refinancing to assist with the funds they had to use to rebuild. Local real estate lenders are feeling the effects. Loan volume has increased and, like most, we have refocused our marketing efforts to better serve our community. People are getting back into homes and looking forward to having their lives back. Louisiana USA has been here since 1936 and continues to help with your financial needs. The team at our mortgage center, which has over 100 years of combined experience, is ready to lend a helping hand. We have seen a variety of needs from our customers and we strive to provide products to meet those needs. Our credit union partners with other local credit unions to provide mortgage services to as many people in our area as possible. We are not the biggest or the smallest, but we represent customer service with a personal touch. Credit unions began as savings

and loan institutions. The first was created in 1864. Its purpose was to provide financial needs to those in their community. This led to credit unions of persons with a common bond. We began as the credit union for Ethyl Corporation, and have since grown to represent over 400 employer groups in the state of Louisiana. We pride ourselves on low interest rates, low member fees personal service performed the “ole fashioned way.” Certainly, we have kept up with the times and offer an array of services—but we do not fudge on customer service. If you are still feeling like a rolling stone, keep in mind that change is upon us. Everyday life is around the corner and we are here at Louisiana USA to lend a hand. Let us help you slow that stone down. You just have to give us a call. As Bob Dylan wrote in 1963: “Don’t think twice, it’s all right.”

ADAM FOY Earning Assets Manager Louisiana USA Federal Credit Union

The Precision mission is paramount. Our service before, during and after projects often leads to lifelong friendships. Each family and masterpiece we undertake demands an intricate web of design detail and decision-making, and our clients counts on us to leave no stone unturned in bringing their dreams to fruition. They are outspoken in their appreciation for our focus on efficiency, site cleanliness, function and execution. It’s always humbling to receive feedback like this: “‘Wholeheartedly’ is the word that first comes to mind. You put your heart and soul in every project. We are so thankful to have found you as our builder and friend.” “Working with Rick and his team to build our forever home by far exceeded our expectations. PCG took a personal interest in creating our dream home with excellent suggestions that added to the beauty and value of our home. From the early planning stages to completion, PCG dedicated careful attention to detail, and their superior craftsmanship is apparent throughout our home. Rick, along with the office and project managers, worked tirelessly both on-

and offsite to make this an enjoyable experience by taking care of, literally, everything! The PCG team is honest and passionate about delivering a top-notch product. We absolutely love our home and are forever grateful for your display of integrity, quality workmanship and friendship.” “We were and are ecstatic with the way our renovation turned out. The crew was unfailingly kind and considerate, took great pains to clean up at the end of each work day, showed up on time and ready to go every day, minimized the mess in the house whenever and wherever possible, followed the timeline strictly, and worked as outlined each day. We have never met anyone who paid more attention to even the smallest details.” It’s gratifying to me to hear our clients tell our story better than I can—and that my dedication to craftsmanship has been reflected in my company and its products.

RICHARD R. VINYARD, CGB President The Precision Construction Group Inc.

Real Estate Report 2017 |

AT PRECISION, we deliver a distinct product. From design and execution to post-construction, our objective is to attain the highest level of craftsmanship possible. Our passionate commitment to accuracy, accountability and function, combined with our unique vision, allows us to wholeheartedly place our name on every project. As a third-generation carpenter on both sides of my family, you may often find me onsite wearing my tool bags. Attention to detail and craftsmanship run in my veins. For the past 21 years, I’ve brought the same dedication to each and every building project—much like the passion and heart for Baton Rouge that its business owners and residents have so bravely displayed in recent months. The clients of Precision Constriction Group are sophisticated clients who count on us to bring organic chemistry and design to the construction of their homes, whether they be multimillion-dollar homes, middle-income homes or renovations of any size. Inspired by Hays Town, Al Jones and Frank Lloyd Wright, our dedication to each project at PCG

The headliners

The Capital Region real estate developments to watch in 2017.

2 CORTANA

MALL

While developers and city officials say Cortana Mall holds much promise—just not as a shopping center—the only certainty at the once mighty mall these days is uncertainty. Following on the Macy’s closure of its anchor store at the mall last year, JC Penny shuttered its anchor location this year, leaving just one anchor space occupied—a Dillard’s discount store. Smaller stores such as Foot Locker and The Limited also closed since last year. However, a bit of potentially good news came in late April, when it was announced that an out-of-state investor had signed a purchase agreement for the 225,000-square-foot space once occupied by Macy’s. The interior will be developed into something other than retail, which is the direction real estate experts have said the mall’s owners should pursue. “It could STAFF PHOTO

1 MID CITY

Though some blighted and long vacant buildings continue to pose a challenge to the grand vision for a Government Street renaissance outlined in the FuturEBR master plan, the Mid City corridor is rapidly progressing in spots. This past year saw the opening of Curbside Burgers next to Calandro’s, and the Square 46 mixed-use development (pictured above) is going up nearby at 4646 Government St. It will include apartments, office and

DON KADAIR

| Real Estate Report 2017

retail spaces, and a hip food court in the vein of the St. Roch Market in New Orleans. The 32,000-square-foot development broke ground at the site of the old Giamanco’s restaurant last fall and is expected to be completed later this year. Also along the corridor, the owners of popular Mid City watering hole Radio Bar are also aiming to break ground on a new beer garden concept at 3808 Government St. by the end of the year.

be an entertainment venue, food hall, office space,” says Jonathan Walker of Maestri-Murrell Real Estate. “It could be warehouse space, but it won’t be retail.”

3 NORTH

BATON ROUGE

There’s long been talk of the need to better promote and incentivize economic development in north Baton Rouge. While challenges that have long plagued the area remain, there appears to be an uptick in momentum for the longneglected area. Last December, voters approved a dedicated 2-cent occupancy tax on 18 north Baton Rouge hotels, estimated to generate $260,000 annually to help fund operations of the nascent Baton Rouge North Economic Development District. Though the agency has yet to really get off the ground or chalk up any wins, it has begun to collect data, which shows there is more investment activity in north Baton Rouge than one might think. Howell Place (pictured below) and the Baton Rouge Metropolitan Airport’s Aviation Business Park are hot spots of activity. Airline Highway is also experiencing something of a mini

STAFF PHOTO

OVERVIEW

EYE ON THE MARKET

COURTESY BATON ROUGE AREA FOUNDATION

housing boom, where several new multifamily complexes are under construction or have recently been completed. Southern University, meanwhile, is working with the Baton Rouge Area Foundation to lay the groundwork for an ambitious master planning process that has the potential to transform the university and, more importantly, the north Baton Rouge community in which it’s located. The economic development district is working to hire a permanent executive director and it’s expected to begin receiving tax funds later this year.

4 BATON ROUGE

HEALTH DISTRICT

The fledgling Baton Rouge Health District (shown in rendering at right), announced by local officials with much fanfare in late 2015, scored a big win in May with the announcement that Provident ProtonCare plans to build a $85 million proton therapy center at an unspecified district location. Smaller developments are also in the works within the district, which is roughly bounded by Bluebonnet Boulevard, Perkins Road, Essen Lane and Interstate 10. Dantin Bruce Development has acquired about 15 acres in the heart of the district with plans to build retail, residential and office space. A study into establishing an LSU medical school in the area is ongoing, while a Diabetes and Obesity Center has temporarily been put on hold.

5 ARDENDALE

Once called Smiley Heights, the mixed-use Ardendale neighborhood marked a major milestone earlier this year when the McKay Automotive Training Center at Baton Rouge Community College—an 83,000-square-foot center that has been a decade in the making

and cost roughly $25 million to build—opened in March. BRCC contributed $19 million for the facility, while the Baton Rouge Area Foundation—which spearheaded the original vision to revitalize the 200-acre area in north Baton Rouge—East Baton Rouge Redevelopment Authority and BRCC Foundation collectively contributed the other $6 million. A sister facility, the Baton Rouge Community College Collision Center, will be built adjacent to the new center. The 20,000-square-foot facility is expected to cost roughly $6.5 million. Meanwhile, David Treppendah recently completed a major renovation of the 284-unit apartment complex adjacent to Ardendale formerly known as Hawthorne Heights Apartments. It has since been renamed Ardendale Oaks Apartments. The master plan for Ardendale includes a neighborhood square (shown in rendering below), 850 residential units and 35,000 square feet of retail space.

6 DOWNTOWN

Try walking a block in downtown Baton Rouge without seeing signs of continued revitilzation. At the corner of Florida and Third streets, the 135-room, 80,000-square-foot Courtyard Marriott Hotel is going vertical. A few blocks away, at Florida and North Sixth streets, The Lofts @ 6C mixed-use development is also under construction and expected to open early next year. The project includes 142 apartments and about 3,000 square feet of retail space. And near North Boulevard Town Square, the new downtown library (pictured below) is taking

shape. All told, nearly 250 additional housing units are in the downtown Baton Rouge pipeline, according to the the Downtown Development District’s 2017 Development Toolkit. A total of 193 residential and commercial construction permits were issued here in 2016, up from 161 the year previous, and $2.2 billion has been invested in downtown Baton Rouge since 1987, when the DDD was established. Of that, $1.36 billion has been invested since 2010. Assessed real property value in downtown increased to roughly $87.8 million in 2016, up from $78.8 million the year prior.

STAFF PHOTO

Real Estate Report 2017 |

COURTESY BATON ROUGE AREA FOUNDATION

EYE ON THE MARKET OVERVIEW

OFF THE CHARTS A look at the Capital Region market by the numbers. Plus: Outlook projections from those in the know.

POPULATION RISING Growth between 2010 and 2016

+1.6% EAST BATON ROUGE PARISH

+9.5% +13.4% LIVINGSTON PARISH

1.5% Overall 2017 projected job growth in the Baton Rouge area—the equivalent of 6,000 new jobs SOURCE: Baton Rouge Area Chamber annual forecast

HOT ZIP CODES

ASCENSION PARISH

Q1 2017 top 10 residential markets in the Baton Rouge metro

+6.2% +12.2% CITY OF CENTRAL

1. 70814 BATON ROUGE 2. 70815 BATON ROUGE 3. 70817 BATON ROUGE 4. 70816 BATON ROUGE 5. 70819 BATON ROUGE

CITY OF ZACHARY

| Real Estate Report 2017

SOURCE: U.S. Census Bureau

ACCOLADES Select rankings for the Capital Region

SOURCE: Realtor.com

No. 1

Site Selection, 2017

Area Development, 2016

KPMG, 2016

TOP 10 MISSISSIPPI RIVER CORRIDOR METROS

6. 70706 DENHAM SPRINGS 7. 70785 WALKER 8. 70814 DENHAM SPRINGS 9. 70710 ADDIS 10. 70769 PRAIRIEVILLE

TOP 10 REGIONAL SOUTH METROS

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A sampling of just a few of the many developments nearing completion in Baton Rouge.

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OVERVIEW

EYE ON THE MARKET

UNDER CONSTRUCTION

STAFF PHOTO

@HIGHLAND

@Highland, a new mixed-use office park located on 9 acres at the intersection of Highland Road and Bluebonnet Boulevard, is running about three months behind schedule and likely won’t be completed until late August. Developer and tech guru Mo Vij—whose company, General Infomatics, will be the anchor tenant in the office park—said a variety of factors are behind the pushed-back completion date. They include routine construction delays, lengthy backups in the parish permits office, and a slight redesign of a two-story vertical live wall of plants that will be the centerpiece of the General Infomatics office. “No one in Louisiana has ever done a wall like this, so it is tricky,” Vij said. “My contractor made me feel bad but I wanted it done right.” Vij broke ground on @ Highland last October. The complex will ultimately have four, low-rise buildings nestled against the Bluebonnet Swamp in what is billed as a campus-like atmosphere with eco-friendly design akin to those of Silicon Valley tech companies. General Infomatics will be located in the first of the four buildings—a $20 million, 54,000-square-foot glass and steel office structure that will be developed before the other three.

KNOCK KNOCK CHILDREN’S MUSEUM

STAFF PHOTO

After years of fundraising and planning, the Knock Knock Children’s Museum at City Park and the museum is finally scheduled to open this summer. The 30,000-square-foot facility is expected to draw upwards of 200,000 visitors annually. The museum’s exhibits are organized in 18 themed interactive learning zones. The exhibits push early literacy, the arts, and science, technology, engineering and math learning through themes that highlight both urban and natural elements. Cambridge Seven Associates in Cambridge, Massachusetts, designed the exhibits. Nashville-based 1220 Exhibits is building them. Quietly underway since 2010, the museum is the brainchild of a handful of community volunteers and education experts whose intent was to build a ground-up, best-in-class children’s museum catering to kids ages birth-to-eight.

| Real Estate Report 2017

STAFF PHOTO

BAYONNE AT SOUTHSHORE

PARK 7 APARTMENTS

Another 280 apartment units will soon come online near the LSU campus at Park 7, a $41.6 million project that got underway last year near the 333 Flats development on East Boyd Drive. The 560,442-square-foot complex will include three inner courtyards, a pool, party deck and parking garage. New York-based Park 7 Group is developing the complex, and paid $9.3 million in 2015 for the 2.6 acres of land it’s being built on.

Mike Wampold’s newest development, a luxury, multifamily complex called Bayonne at Southshore is nearing completion at 900 Stanford Ave. Infrastructure work at the 5.5-acre site began in the spring of 2015, but it has taken longer than originally planned to build the 240-unit complex because the project is more costly than anticipated. Wampold estimates the final price tag will be some 15% higher than the initially projected $42 million. Bayonne at Southshore is being developed on the site of the former One Lakeshore Place Apartments, which Wampold bought in 1985 and demolished in the fall of 2014 to make way for the new complex. It is adjacent to his luxury condominium development, Crescent at University Lake, and is just across the street from BREC’s Milford Wampold Memorial Park. The new complex will be a four-floor gated community with one- two- and three-bedroom units, garage parking, a resort-style pool and clubhouse, and fitness and business centers.

ON THE DRAWING BOARD COURTESY OUR LADY OF THE LAKE

The next big thing always seems to be just over the horizon in the Capital Region. Here’s a look at a few major projects that have yet to get off the ground or are just beginning to take shape, but stand to serve as catalysts for even greater development.

COURTESY WEINSTEIN NELSON

OLOL CHILDREN’S HOSPITAL

Our Lady of the Lake Regional Medical Center broke ground in February 2016 on its long-awaited 350,000-square-foot Children’s Hospital, a 130-bed, state-of-the art facility that promises to attract top-flight specialists and residents to the area. The hospital and an adjacent medical office building will be located on a 66-acre tract of hospital-owned property that runs parallel to Interstate 10 between Essen Lane and Bluebonnet Boulevard. The 95,000-square-foot office building will be four stories and will be connected to the hospital via a second-floor walkway. The hospital will include a dedicated emergency department with 21 beds and four triage rooms, advanced imaging with CT scanning and MRI, and a dedicated floor for inpatient and outpatient pediatric cancer treatment. OLOL Children’s Hospital will be the only St. Jude Children’s Research Hospital affiliate in the state. The facility also will include a 30-bed pediatric intensive care unit, designated family areas on each floor, a large garden, a dining room with outdoor seating, and a family resource center to provide information to patients and families. The estimated project cost for both the hospital and medical office building is $230 million. The hospital is scheduled to open next fall. COURTESY SOUTHERN UNIVERSITY

ELECTRIC DEPOT

A long-planned renovation of the blighted site at 1509 Government St., formerly home to Entergy, is taking shape. In May, renderings and plans for a mixed-use development called Electric Depot were released, depicting a new boutique entertainment center with a bowling alley, live music, restaurant, bar and private event space set to open next fall. Another on-site building will house a healthy living center with yoga, cycling and healthy foods, as well as a microbrewery and pizza parlor; and another will provide a mix of residential, office and retail space. “We’re really excited about the opportunity to utilize this historic site to create something revolutionary for Baton Rouge,” says architect Dyke Nelson, who is leading the development team of Weinstein Nelson. The East Baton Rouge Redevelopment Authority, which received the property in 2013 through a donation from Entergy, hopes the project will be a catalyst for redevelopment in the blighted neighborhood that straddles Mid City and downtown. The Weinstein Nelson development team was selected last summer by the RDA to redevelop the 6-acre property. Nelson says his group is almost ready to begin interior demolition work on the largest of the four red-brick buildings on site.

NICHOLSON GATEWAY

LSU broke ground last fall on the remainder of the 28-acre Nicholson Gateway project, between Skip Bertman Drive and West Chimes Street, and if everything goes as planned, the project—which includes retail spaces and 1,550 beds of student housing—will be complete by next fall. The project will not only add life to LSU’s campus and create a new environment for students, it will also contribute to the ongoing transformation of the Nicholson Drive corridor between LSU and downtown.

Real Estate Report 2017 |

Since the beginning of the year, officials with Southern University and its support organizations—the Southern University Alumni Federation and the Southern University System Foundation—have been quietly working with the Baton Rouge Area Foundation to lay the groundwork for an ambitious master planning process that has the potential to transform the university. In April, BRAF agreed to help fund the master plan, which is expected to cost upwards of $500,000 and will be drafted over the next year or so. The ambitious conceptual plan is called Imagine 20,000, reflecting the university’s goal to increase enrollment to 20,000 by 2027. Enrollment is currently just below 6,000. To accomplish that, Imagine 20,000 calls for a dozen renovation and new construction projects on the Scotlandville campus, expansion of the Southern Law Center and graduate programs downtown, and the eventual development of new programs further east towards Howell Place in north Baton Rouge. A new Alumni and Economic Development Center on the bluff overlooking the Mississippi River is just one part of the conceptual plan.

COURTESY LSU

SOUTHERN UNIVERSITY ALUMNI CENTER

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Selected winners from the American Institute of Architects Baton Rouge Excellence in Design 2016 Rose Awards.

WILLIAMSON FONTENOT CAMPBELL & WHITTINGTON LLC

WFCW is situated in the historic Old South Baton Rouge neighborhood, once referred to as “the bottoms”—the area strategically located between the LSU campus and downtown Baton Rouge. This modest renovation/addition strikes a balance between cost and aspiration, transforming an uninviting one-story structure into a progressive office space for a dynamic small business. Cost: $638,000 Honoree: Plus One Design & Construction Award: Gold — Renovations & Additions Category

OVERVIEW

EYE ON THE MARKET

AWARD-WINNING REAL ESTATE

| Real Estate Report 2017

SOUTHEASTERN LOUISIANA UNIVERSITY STUDENT UNION

The new addition of the Student Union completes the southern edge of the campus quad, complementing the library and two academic halls. The entire solution has been heralded as a significant asset to the university as a whole. It has reinforced community within the campus and provided an indelible image that goes beyond the university and acts as the “living room” of the campus. Cost: $32.9 million Honoree: Holly & Smith Architects in association with WTW Architects Award: Gold — Renovations & Additions Category

ST. THOMAS MORE SCHOOL ADMINISTRATION BUILDING & MEDIA CENTER

The new administration building is forward-looking yet appropriately scaled and meshes into the existing 1950s architectural modern movement campus in Baton Rouge. The building is flexible in terms of both the multiuse campus (religious, educational, athletic) and its residential context. The design utilizes spatial relationships to provide a media center/school community space that addressed the public and yielded much-needed “lightand-airy” gathering space. Cost: $1.4 million Honoree: Coleman Partners Architects Award: Silver — Architecture Category

BUTLER BUILDING RENOVATIONS

This adaptive reuse of an existing historic building is located in downtown Baton Rouge. The building was built in the 1920s, and had been mostly vacant for years. The original tin ceiling was removed and cleaned to reveal the natural patina of the metal panels. The original plaster and brick surfaces were restored, and the original concrete slab was repaired and polished to reveal the aggregate. Glass-enclosed office spaces were added to maintain transparency of the space. New natural wood screens were added, reminiscent of materials that may have been used in the original retail space. Cost: $1.1 million Honoree: Chenevert Architects Award: Silver — Renovations & Additions Category

BASF NEW UTILITIES CONTROL BUILDING

Nestled between two existing buildings on the campus, a new 30,200-square-foot office building provides the much-needed space for Cajun Industries. The building’s contemporary design and openness is aimed at encouraging collaboration and community. The two-story lobby becomes the beacon for the campus, providing visibility from the highway. Cost: $7.9 million Honoree: GraceHebert Architects Awards: Rose, Planning Commission, Members’ Choice — Architecture Category

MODEL BLOCK DEVELOPMENT

Mid City has a long history of not only a colorful culture but also a wide mix of businesses and developments. In recent decades, however, many areas have succumbed to blight as businesses relocated to suburban areas. This development was conceived by business partners Scott Ritter, Steve Maher and Danny McGlynn and designed and constructed by Ritter Maher Architects as a catalyst for Mid City urban revitalization. Over the course of three years, six lots in the 2900 block of Government Street were acquired and repurposed. The facades of each building across the block were improved, new tenants have replaced empty shells and new green spaces soften the streetscape. Cost: $730,000 Honoree: Ritter Maher Architects Award: Planning Commission, Master Planning/Urban Design Category

Real Estate Report 2017 |

BASF is committed to sustainable growth and concerned with social, economic and environmental impacts. One of the project’s goals was to use as many of the company’s “homegrown” products in the building as possible. Because this project is located within the heart of BASF’s industrial facility in Geismar, many of the specified products used in the design of the building are made from raw materials produced directly on site. USGBC selected this building as a pilot project for LEED V4 due to the unique limiting restrictions of an industrial site, and a Silver level certification is anticipated. Cost: $4.8 million Honoree: Crump Wilson Architects Award: USGBC Sustainability, Interior Architecture Category

CAJUN INDUSTRIES OFFICE EXPANSION

| Real Estate Report 2017

It’s Just this Easy with MidCity Title! 22

3765 Government Street, Baton Rouge, LA 70806 225.236.4252

MidCityTitle.com

to breathe early life into what once was previously a dream or a discussion. When all is said and done, how close is the rendering to reality? Take a look at these four Baton Rouge projects and judge for yourself.

STAFF PHOTO

EYE ON THE MARKET

WHETHER IT BE a single-family home or an entire development with residential and commercial components, virtually every project has its beginnings in a sketch. Literally or virtually, architects put pen to paper

OVERVIEW

RENDERING TO REALITY

ONYX RESIDENCES

This $7 million mixed-use development downtown was developed by Commercial Properties Realty Trust at the corner of Third and Convention streets. Located in the heart of the arts and entertainment district, the five-story building offers 28 one- and two-bedroom apartments built above 5,600-square-feet of commercial space. Each unit overlooks Third Street, Convention Street or the Shaw Center for the Arts.

Real Estate Report 2017 |

This open campus, with three specialized academies—digital arts, biomedicine and STEM— and a large commons building, feels more like a college than a high school for the 1,200 students it educates. Inside, walls can be reconfigured to expand and contract classrooms as needed. Other rooms function as workspaces, and study alcoves with cushy chairs are scattered throughout. V-shaped tables interlock with one another, replacing traditional school desks. The cafeteria features a terraced, maple-wood staircase with seating; students can also dine outdoors in the expansive courtyard. The gymnasium features an indoor walking track; the black-box theater is state of the art. In all, the project cost $54.7 million in demolition and reconstruction.

STAFF PHOTO

LEE MAGNET HIGH SCHOOL

EYE ON THE MARKET

STAFF PHOTO

OVERVIEW

TAPESTRY Issue Date: RER AdBOCAGE proof #1

LOUISIANA

Birmingham, Alabama, opened the Tapestry Bocage boutique infill BUSINESS • Please respondArlington by e-mail orProperties fax with yourof approval or minor revisions. INC. • AD WILL RUN AS IS unless approval or final revisions community behind Panera Bread on Jefferson Highway in late 2016. It features a 162,000-squareare received byfoot, the close of business today. four-story apartment building at 7857 Jefferson Highway with 124 units on 3.81 acres. • Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2017. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

Walter L. Comeaux

Niki S. Beeson

Calvert Stone

Ashley Coco

Bingham Stewart

BUYING OR SELLING A PROPERTY? Then you’ll need one of our award-winning title attorneys to handle your closing!

| Real Estate Report 2017

Parker Marschall

Chase McCalip

Ryan Falgoust

FOUR LOCATIONS : Perkins • Sherwood • Ascension • Brusly

CLOSE WITH CONFIDENCE.

| www.commercetitle.com

THE WATERMARK

TIM MUELLER

Constructed in a Greek Revival style in 1925, this 12-story building was the city’s first skyscraper and home to Louisiana National Bank. By 1970, it had been sold and converted into the State Office Building for the Louisiana Board of Regents and other higher education departments. In 2013, developer Mike Wampold purchased the building for $10.25 million with plans to open a new hotel. It opened in October, bringing with it two eateries: a Louisianainspired restaurant called The Gregory and Milford’s on Third, a kosher deli. At the entrance, artist Davide Micaro’s lenticular paintings of Lady Liberty, Thomas Jefferson and Napoleon convey Louisiana’s curious lineage. Also eye-catching is the restoration of artist Angela Gregory’s eight basrelief murals first created for the Louisiana National Bank in 1949.

Issue Date: Real Estate Report Ad2 proof #2

• Please respond by e-mail or fax with your approval or minor revisions. • AD WILL RUN AS IS unless approval or final revisions are received by the close of business today. • Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2016. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

WORDS MEAN NOTHING,

our service and results mean Everything.

17400 Memorial Ave. | Baton Rouge, LA 70810 225-752-3100 | burnsandco.com

Let us show you our passion for real estate.

Real Estate Report 2017 |

PASSION. EXPERIENCE. ENERGY .

GUEST COLUMN OVERVIEW

| Real Estate Report 2017 26

HOW IS BATON ROUGE’S MARKET? IT DEPENDS ON THE SECTOR REAL ESTATE ANALYSIS is all about fundamentals like supply and demand, price versus value, and risk versus reward. Real estate fundamentals in the greater Baton Rouge area are said to be strong, even after last year’s historic flood, but we need to drill down a bit deeper to see if what we are observing is sustainable or a short-term condition subject to change. Based on my own observations and those of the speakers at the recent TRENDS real estate seminar, we have short-term conditions in the single family and multifamily residential sectors, sustainable trends in office and mixed results in retail. The good news is our economy is doing well, even after the flood and despite the energy sector’s volatility. Employment is good, and our energy exposure is not as dependent on the upstream sector as are Lafayette, Houma and Houston. If we can get the federal flood relief dollars flowing then our citizens can rebuild and our impacted communities can get back to some sense of normalcy. The apartment sector is still the favorite property type of most investors and lenders, but I am waving the caution flag for certain submarkets despite across the board above average occupancies because they are not sustainable. Hundreds of families from single family communities were displaced by the flood and found temporary refuge in apartment complexes, causing occupancy levels to hit 97%, according to Craig Davenport of

Cook, Moore and Associates. A sustainable level of occupancy is typically around 93%, so current conditions are hotter than normal. Displaced homeowners will eventually move back home or to new homes, reducing occupancies and the need for additional units. The problem is we already have an abundance of new apartment complexes under construction or on the drawing board, which will increase supply and could cause occupancies to fall even further. The student apartment submarket is an area to watch closely as out-of-town merchant builders have developed hundreds of units and flipped them to institutional investors looking for asset growth. There is a strong argument that we are already overbuilt in the student arena, but we have to dig deeper because you cannot beat location and quality. The higher quality student complexes that are located within walking or biking distance of the LSU campus are still going to compete well against anyone else in the submarket. Affordable housing is a must across the nation, and the Capital Region is no different. It is great news that additional units are being planned for Howell Place, but the need is far greater than the expected supply increase. Somehow the community will have to come together to increase affordable housing and housing for the elderly. If designed and built well, occupancy will not be an issue. As for the retail sector, I recently attended a regional

shopping center conference in Biloxi, and while the death of retail has been exaggerated, the health of the industry is only fair as online sales from Amazon and others increasingly eat into the market share of brick-and-mortar retailers. Here, retail properties are doing relatively well based on a healthy economy, but it depends on the particular submarket. If we see retail difficulties in the greater Baton Rouge area, it will be the result of a corporate decision or financing default made by the tenant’s franchisor hundreds of miles away and not because of local retail fundamentals. That being said, retail operations that depend on a mall structure or on the traffic generated in a neighborhood or community center with a failing anchor concept could suffer. So it really depends on what kind of property houses the tenants and how the tenant mix is structured. Avoid negative structures, and retail could be strong. But heaven help us all if Amazon drones learn to cut hair and deliver frozen yogurt. If we have a systemic design flaw in our retail market, it is that we still do not have enough grocery stores strategically located in north Baton Rouge. Clearly, there is a demand for healthy food alternatives but not the feasibility or will to make development happen and cure this food desert. A change in this dynamic could open up additional retail markets in our underserved areas and lead to investment in other property types. As for the office sector, a

BRIAN ANDREWS

ASSISTANT DIRECTOR, REAL ESTATE RESEARCH INSTITUTE

lackluster 2016 has led to increased activity in early 2017. According to the Office committee at the TRENDS seminar, occupancy was flat last year due to engineering tenants delaying the leasing of space for petrochemical businesses when oil prices dipped. Now that oil is making somewhat of a recovery, those same businesses are becoming more bullish about expansion and leasing activity is up. We have also seen new office space pop up—mostly in the downtown area, including the Water Campus— leaving some properties with high vacancy as major tenants have relocated. The feeling in the office sector is that vacancies in higher-quality, well-located properties will recover in due time thanks to a generally positive attitude among businesses about the prospects of lower taxes and a stronger national economy. The improvements are seen as sustainable for the foreseeable future. Our real estate prospects are currently a mixed bag, but by focusing on the fundamentals and prudent underwriting of new development, we can keep our markets healthy in 2017. Brian Andrews is Assistant Director of the Real Estate Research Institute within the Department of Finance at LSU’s E.J. Ourso College of Business.

BUILDING HOMES. BUILDING COMMUNITIES. RESIDENTIAL

WELCOME HOME Lakes at Jamestown Lexington Park

IRONWOOD ESTATES

Bedico Creek

Parkview Point

LAKES AT ASCENSION Magnolia Point FOREST CREEK The Sanctuary at Juban Crossing Hidden Ridge

225.293.4545

Villas at Jamestown

www.alvarezconstruction.com

Welcome to our

NEWEST COMMUNITIES of RESIDENTIAL DEVELOPMENTS

BEDICO CREEK

THE SANCTUARY AT JUBAN CROSSING

Deer Trail at Bedico Creek Madisonville ß Hwy 1085

Denham Springs ß Hwy 190 near Hwy 1026

St. Tammany Parish master planned gated development features 1,000 acre collection of neighborhoods surrounded by miles of biking/ hiking trails, wilderness views, lakes, community pool and covered pavilion.

Livingston Parish development features 139 homes in a neighborhood boasting architectural brick finishes, curb and gutter, neighborhood green spaces and a large lake. Homes range from 1,800 to 2,040 SF living area.

Juban Rd at I-12

Livingston Parish all new construction features 122 homes in a courtyard design community. Highly accessible from I-12 and minutes to shopping, dining, and schools. Homes are 1,600 SF living area minimum.

IRONWOOD ESTATES ß

Prairieville

GROVE AT ASCENSION

Hwy 42

Ascension Parish’s newest development features over 130 homes and several lakes for residents’ enjoyment. Centrally located and convenient to area shopping, dining, and schools. Homes range in size from 1,761 to 2,051 SF living area.

Prairieville

Denham Springs

CELLA GARDENS

Hwy 933 at Henderson Bayou Rd.

Ascension Parish all new single family master planned development with 90 homes in a centrally located lake community setting featuring over 15 new floor plans. Homes are 1,800 to 2,300 SF living area.

All Qualify for 100% Financing USDA Rural Development

CARLOS ALVAREZ Owner/Broker

RE/MAX TOTAL

13909 Lexington Park Dr. | Baton Rouge LA 70810 225.296.7811 | www.alvarezrealestate.com Each Office Independently Owned & Operated Seller is Louisiana Licensed Real Estate Agent

RESIDENTIAL

SINGLE FAMILY BOUGHT AND SOLD: This seven-bedroom, 9,556-square-foot home at 18423 N. Mission Hills Ave. in the Country Club of Louisiana sold for $3.2 million on Sept. 15, and was the second most expensive home sale of last year in Baton Rouge.

DON KADAIR

SINGLE FAMILY INSIGHT

High-water mark A thriving residential market is expected to further improve in the coming year despite lingering effects from the August 2016 flood. BY MEREDITH WHITTEN volume. Despite the average sale price dropping nearly 3% in 2016, the market generally saw an increase in sales and value. This upward trend occurred in spite of declining inventory, which fell almost 10%, to 2,713 homes on the market. The fourth quarter of 2016 was particularly good for Baton Rouge area home sales, with the market described as “hot” by the Realtor.com Market Hotness Index, indicat-

ing local areas—especially the 70814 and 70815 ZIP codes— are experiencing fast-moving supply and increasing demand. Indeed, the five hottest zip codes in Louisiana were all located in the Baton Rouge metro area. Overlying any discussion of the area’s residential housing market is the impact of the August 2016 flood. Areas identified as the hottest had some of the most flood-damaged homes. However, the flood is

also partially responsible for the decrease in both inventory and average sales price, as already tight inventory exited the marketplace and a large number of available homes were priced for “as is” or “flooded-gutted” condition. Some industry experts say last summer’s flood may have a long-lasting impact comparable to that seen after Hurricane Katrina more than a decade ago. Many factors will impact what happens, includ-

Real Estate Report 2017 |

GREATER BATON ROUGE’S residential market stabilized with solid growth in 2016, with most sectors showing an increase in sales volume. From March 2016 to February 2017, there were more than $2.3 billion in sales generated from 10,861 single family home, townhome and condominium deals. That’s an increase from the 9,572 sales during the same time frame a year ago, a 13% sales increase and a 10% rise in sales

ber of homes listed “as is” or “flooded-gutted,” causing sales price to be lower. Until prices return to preflood levels—or higher—the greater density of flood-affected properties will continue to have a significant impact on average list and sales prices in the area. All three parishes saw a drop in the number of days on market, illustrating the continued pressure on buyers. Despite a decrease in volume and average sales price last year, new home sales performed significantly better than the rest of the market. The $100,000 to $224,999 price range saw the strongest performance. The subsector was highly competitive for buyers, with days on market decreasing almost 45% to 64 days, and inventory falling more than 25% to 170 units. Inventory in the $225,000 to $299,999 range fell to a mere 94 units. Meanwhile, homes in the $300,000 to $399,999 range experienced the largest decrease in overall sales and total sales volume. New home sales in the $400,000 and above range continued to see healthy growth, with total sales up for the fifth straight year, to 170 sales from 154 in 2015. This price range was the only one to experience an increase in inventory, up 13.1% to 112 units. Sales in the condominium and townhouse market rose 22.2% to 918 in 2016. A decrease in the number of days on market to 118 days, and in inventory to 373 units, also occurred. “2017 should be more of the same: A strong sellers market and shortage of inventory,” Petersen says. “I see builders and contractors doing lots of business to try and get new homes and flooded homes back online.”

COOL SPACES

COLLIN RICHIE

SINGLE FAMILY TAKEAWAYS RESIDENTIAL

| Real Estate Report 2017 28

ing insurance and regulatory requirements. “I believe the overall market trend is going to continue to be a strong seller’s market,” says Kyle C. Petersen, a realtor with Keller Williams Realty First Choice. “Baton Rouge has less than a threemonth supply of homes currently, which is highly unusual for our market. Also, 53 percent of homes are selling in the first 30 days, compared to around 25 percent in 2015.” The flood heightened an existing inventory shortage as some homes were removed from the market and some buyers altered their searches to either include or exclude “as is” properties. Some rebuilt homes also are selling at full asking price within hours of hitting the market. “The flood will most likely have some impact on the market for the next three years,” Petersen says. “Many neighborhoods are in flux from beautiful rebuilds being next to gutted homes. Appraisers are having a hard time with values due to the drastic shift and low inventory.” Still, industry experts note the number of “flood-gutted” homes on the market will be a short-lived trend—as they will be purchased, rebuilt and remodelled—and a significant number of these will re-enter the market. Rebuilt home values in greater Baton Rouge are much higher than the pre-flood value. There’s already evidence of this, Petersen says, with some homes in neighborhoods such as O’Neal Place selling for 30% higher after being rebuild. Nearly 91% of the sales reported to the Multiple Listing Service last year happened in three parishes: East Baton Rouge, Livingston and Ascension. The condition of the homes had an impact, with a num-

Brumby and Misti Broussard immediately took to renovating their Baton Rouge home after buying it in 2015 and relocating here from San Diego. It took the couple seven months to complete the project, which transformed the traditional home into an open floor plan, making it a perfect spot for family get-togethers and entertaining.

THE MARKET AT A GLANCE

Conway Plantation Home sales in the Baton Rouge area are up 11.6% this year through April, compared to the first four months of 2016. Through April, 3,425 homes have sold in the area, up from 3,069 sales last year. Other figures point to declining inventory and lower average sales prices. The shrinking number of average days on the market and high list-to-sale ratios illustrate a strong housing market in Baton Rouge. The market also has been experiencing an inventory shortage, exacerbated by the 2016 flood, except in Ascension Parish, which saw a 15.8% inventory increase in 2016—its first increase since 2010. Livingston Parish remains the most affordable housing market in the metro area. The average sales price in the parish last year was $171,501, while East Baton

Adelia at Old Goodwood Rouge’s was $222,338 and Ascension’s was $232,897. Because Livingston was hit hardest by the flood, prices will likely remain lower than usual for a few months before they rebound. As flooded homes are purchased, renovated and listed at higher prices than their preflood value, they seem to be selling quickly. Recently reviewed contracts show homes selling within hours of being on the market at full asking price. This trend holds true in subdivisions including O’Neal Place, Old Jefferson, Pecan Creek, Antioch Villa, Shadow Springs, Brown Heights in Baker and Carmel Acres in Central. Among the new residential developments underway in 2017 are Conway Plantation in Gonzales, Copper Mill in Zachary, Hidden Lakes Estates in Denham Springs, and Adelia at Old Goodwood in Baton Rouge.

WHAT THEY’RE ASKING AND WHAT THEY’RE GETTING

DIGITS

The Capital Region’s single family market by the numbers

$2.3 billion

Decline in the average sales price ($212,641) last year

EAST BATON ROUGE PARISH

10.16%

Total value of Capital Region home sales in 2016

The average list and sale prices in East Baton Rouge, Livingston and Ascension parishes in 2016

Average list price

$258,748

Increase in Capital Region home sales volume last year over 2015 figures

Average number of days on the market before a Capital Region home sold in 2016

8.6%

Increase in home sales last year over 2015 figures

2,700

10,610

to the GBR Multiple Listing Service in 2016

the Capital Region last year, a record high

Issue Date: RER Ad1 proof #2

LOUISIANA • Total Please respond e-mailagents or faxreporting with your approval or minor number of realbyestate sales Total revisions. number of home sales recorded inBUSINESS INC. • AD WILL RUN AS IS unless approval or final revisions

are received by the close of business today. • Additional revisions must be requested and may be subject to production fees.

Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS

Average sale price

$222,338 Average list prices rose 9% over 2015. Market inventory dropped 15%.

LIVINGSTON PARISH

ASCENSION PARISH

Average list price

$175,426

$236,711

Average sale price

$171,501

$232,897

Average list prices decreased 3% over 2015. Market inventory dropped 3%.

Average list prices decreased 1% over 2015. Market inventory increased 16%.

SOURCE: Research data was provided by the Commercial and Investment Division of the Greater Baton Rouge Association of Realtors and presented at the 2017 Baton Rouge TRENDS seminar. Residential TRENDS speaker was Kyle C. Petersen of Keller Williams Realty First Choice. More information can be found at batonrougetrends.net.

IMAGINE · CREATE · BUILD

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Real Estate Report 2017 |

FROM INITIAL DESIGN TO COMPLETE INSTALLATION.

Residential real estate firms

RESIDENTIAL

RANKINGS

Ranked by number of local, licensed residential agents. PREV. RANK

| Real Estate Report 2017

C.J. Brown Realtors 3029 S. Sherwood Forest Blvd./7414 Perkins Road/2350 S. Range Ave., Baton Rouge and Denham Springs 70816/70808/70726 (225) 292-1000/(225) 769-1500 /(225) 791-1919/cjbrown.com Keller Williams Realty–Red Stick Partners 8686 Bluebonnet Blvd., Baton Rouge 70810 (225) 768-1800/kw.com

NO. OF LOCAL RESIDENTIAL AGENTS

YEAR FOUNDED LOCALLY

Robert Merrick, Richard Haase, Joseph Pappalardo, Robert Penick, Connie Kyle, Sandy Daly

231

1917

Baton Rouge, Lafayette, Alexandria, New Orleans, Lake Charles, Houma, Thibodaux, Cut-Off, Houston and Mississippi Gulf Coast

Larry Champagne, Johnette Champagne, Alex Polito

228

2000

Greater Baton Rouge

TOP LOCAL EXECUTIVE(S)

MARKET AREA(S)

Keller Williams First Choice 17111 Commerce Centre Drive, Ste. A, Prairieville 70769 (225) 744-0044/kwfirstchoice.com

Tonya Toups Gautreau, Lyric Foret, Tim Tullos

185

2011

Ascension, East Baton Rouge, West Baton Rouge and Livingston parishes

Keller Williams Realty Premier Partners 291 Veterans Blvd., Denham Springs 70726 (225) 664-1911/denhamsprings.yourkwoffice.com

Matt Hughes

116

2006

Greater Baton Rouge

Coldwell Banker One 5025 Bluebonnet Blvd., Baton Rouge 70809 (225) 925-2500/coldwellbankerone.com

Andrea McKey, David McKey, Betty Phelps

103

1989

Greater Baton Rouge and Mississippi

KDK Capital Region Realty 11414 Lake Sherwood Ave. North, Baton Rouge 70816 (225) 500-1125/kdkrealty.com

Hollis Keene, Jonathan Dupree, Heather Kirkpatrick, Amy Dupree, Carolyn Hopkins, Laura Dupree, Kelli Wascom, Wendy LeBlanc, Juan Andricain

2015

Greater Baton Rouge

RE/MAX First 4750 Sherwood Common Blvd., Baton Rouge 70816 (225) 291-1234/brhomesfirst.com

Wynona Squires

1998

Greater Baton Rouge

Covington & Associates Real Estate 1110 S. Range Ave., Denham Springs 70726 (225) 667-3711/covingtonrealestate.net

Lawson Covington

2011

Greater Baton Rouge

Keller Williams Realty Greater Baton Rouge 19850 Old Scenic Hwy., Ste. 100, Zachary 70791 (225) 570-2900/zachary.yourkwoffice.com

Suzi Gautreaux, Tim Tullos, Rob Daniel, Kristie Scivicque

2007

Ascension, East Baton Rouge, Livingston, East Feliciana and West Feliciana parishes

Paul Burns

1993

Greater Baton Rouge

Shannon André

2007

Greater Baton Rouge and New Orleans

Diana Sutherland

2009

South Baton Rouge

Burns & Co. 17400 Memorial Ave., Baton Rouge 70810 (225) 752-3100/burnsandco.com Tiger Town Realty, LLC 17461 Jefferson Hwy., Ste. A/4480 Main St., Baton Rouge and Zachary 70817/70791 (225) 755-7022/tigertownrealty.com Pro Sold Realty 4735 Perkins Road, Baton Rouge 70808 (225) 663-2015/prosoldrealty.com

RE/MAX Professional 8556 Jefferson Hwy., Ste. A, Baton Rouge 70809 (225) 615-7755/professionalbr.com

Lisa Landers

2011

Greater Baton Rouge, New Orleans

Gardner Realtors 3888 S. Sherwood Forest Blvd., Ste. S, Baton Rouge 70816 (800) 535-7647/gardnerrealtors.com

Glenn Gardner, Becky Shelton, Nancy Harmann

1943

Greater Baton Rouge, New Orleans and Mississippi Gulf Coast

Realty Executives South Louisiana 15615 Airline Hwy., Ste. B, Prairieville 70769 (225) 677-7772/southlouisianagroup.com

Gary Binns, Rick Gautreau, Gary Fontenot

2010

Greater Baton Rouge and New Orleans

Villar & Co. Real Estate 37283 Swamp Road, Ste.102, Prairieville 70769 (225) 744-2610/villarrealestate.com

Donna Villar

2005

East Baton Rouge, Ascension and Livingston parishes

Darren James & Associates 31388 La. 16, Denham Springs 70726 (225) 304-6363/agent225.com

Darren James, Jennifer James

2011

Baton Rouge, Denham Springs, Central, Ascension Parish, Hammond, Covington and New Orleans

Jim Talbot Real Estate 14635 S. Harrell's Ferry Road, Ste. 2-B, Baton Rouge 70816 (225) 927-2114/jimtalbot.com

E.J. Talbot

1994

Greater Baton Rouge

Engel & Volkers Baton Rouge(1) 4874 Bluebonnet Blvd., Baton Rouge 70809 (225) 218-0888/jerrydelrio.com

Jerry del Rio

2001

Greater Baton Rouge

FIRM ADDRESS PHONE/WEBSITE

NR=Not ranked. Information presented was provided by company representatives, and Business Report assumes the data are accurate and truthful. Not all area real estate firms are shown, only those providing requested information with 11 or more local, licensed residential agents. Residential real estate firms featured in Business Report's Listmakers must have at least one location or facility located in the nine-parish Capital Region, unless otherwise noted. For corrections or to be considered when the list is next updated, please contact scrump@businessreport.com. (1) Formerly listed as Jerry del Rio Real Estate

Researched by Sierra Crump

C.J. BR

RS LTO

N REA W O

Serving Baton Rouge for 100 years - and just getting started! A century of serving the Real Estate needs of our clients gives us expertise and a clear understanding of client service excellence. Whether you are buying or selling, rely on us - the company serving Baton Rouge Real Estate needs longer than any other. Thank you to our clients and Agents for making our success possible.

cjbrown.com

Real Estate Report 2017â&#x20AC;&#x201A; |

PERKINS: (225) 769-1500 SHERWOOD: (225) 292-1000 LIVINGSTON: (225) 791-1919

Licensed homebuilders

|â&#x20AC;&#x201A; Real Estate Report 2017

RESIDENTIAL

RANKINGS

Ranked by total 2016 permit valuation in East Baton Rouge Parish.

BUSINESS NAME ADDRESS

PHONE

CONTRACTOR(S)

TOTAL 2016 EBR PERMITS

TOTAL 2016 EBR VALUATION

DSLD Homes-Gulf Coast 1220 S. Range Ave., Denham Springs 70726

(225) 791-6860

Saun Sullivan

186

$36,812,228

Alvarez Construction Co. 12035 Coursey Blvd., Baton Rouge 70816

(225) 293-4545

Carlos Alvarez

182

$34,236,498

D.R. Horton-Gulf Coast 7696 Vincent Road, Denham Springs 70726

(225) 664-1240

Michael Cascio

$14,856,038

Scheffy Construction 8017 Jefferson Hwy., Ste. C-4, Baton Rouge 70809

(225) 939-5435

Robert Scheffy III

$10,584,174

Level Construction and Development 450 Main St., Baton Rouge 70801

(225) 338-6120

Todd Waguespack, Ryan Engquist

$8,167,604

Distinctive Homes by Watson 13687 Perkins Road, Baton Rouge 70810

(225) 751-0499

Tyler Watson

$5,427,854

Bardwell Construction Co. 7922 Wrenwood Blvd., Baton Rouge 70809

(225) 924-4058

Scott Bardwell

$5,386,456

Bernhard Norman Construction 10182 Patriot Drive, Baton Rouge 70816

(225) 308-1285

Todd Norman, Nic Bernhard

$5,227,011

Colby Constructors 10343 Siegen Lane, Bldg. 2-A, Baton Rouge 70810

(225) 802-8382

Alan Colby

$4,475,172

Site Companies 2561 CitiPlace Court, Ste. 750-124, Baton Rouge 70808

(225) 270-4598

Anthony Turnley

$4,200,000

Dupree Construction Co. P.O. Box 83807, Baton Rouge 70884

(225) 767-0609

Chuck Dupree

$3,921,412

Traditions 8128 Highland Road, Baton Rouge 70808

(225) 769-3801

Ted Braud, Jackie Braud

$3,521,292

Fetzer Properties of Louisiana 37408 Dutchtown Crossing, Gonzales 70737

(225) 343-3844

Campbell "Bo" Fetzer

$3,427,670

LA Custom Construction 17301 Jefferson Hwy. Ste 1-B, Baton Rouge 70817

(225) 931-6981

Luke Gehbauer, Jamie Gehbauer

$3,065,080

N/A=Not available. Source: mypermitnow.org. This list does not reflect all area homebuilders, only those receiving East Baton Rouge Parish permits in 2016 with a total valuation of $1,831,830 or more, and only those builders filing permits under their business name. Business Report assumes the data are accurate and truthful. Email scrump@businessreport.com with corrections.

Researched by Sierra Crump

RESIDENTIAL DESIGN R E A L E S TAT E D E V E L O P M E N T LAND PLANNING

225.388.5282 ONSITEDD.COM

Real Estate Report 2017â&#x20AC;&#x201A; |

PLACEMAKING

33 Untitled-7 1

5/30/2017 8:27:11 PM

|â&#x20AC;&#x201A; Real Estate Report 2017

Licensed homebuilders Ranked by total 2016 permit valuation in East Baton Rouge Parish.

PHONE

CONTRACTOR(S)

TOTAL 2016 EBR PERMITS

TOTAL 2016 EBR VALUATION

(225) 752-5247

Chip Blair

$2,823,000

Middleton Contracting 19344 Spyglass Hill Drive, Baton Rouge 70809

(225) 229-5592

Michael Middleton

$2,710,000

Markey Construction 23434 Portwood Lane, Zachary 70791

(225) 654-1050

David Markey

$2,659,108

Clegg Builders 6434 Highland Road, Baton Rouge 70808

(225) 413-7201

Robert Clegg

$2,636,094

Schramm Construction 16511 Pascal Drive, Prairieville 70769

(225) 363-6115

Nicholas Schram

$2,430,234

Stafford Homes 3233 S. Sherwood Forest Blvd., Ste. 105, Baton Rouge 70816

(225) 755-8190

Scooter Stafford

$2,388,206

Cagley Construction P.O. Box 82071, Baton Rouge 70884

(225) 802-8889

Nick Cagley

$2,169,382

Rabalais Homes 13440 Magnolia Square Drive, Ste. C, Baton Rouge 70818

(225) 931-0478

Steve Rabalais

$2,152,488

Thomas Building Co. 1343 La. 75, Sunshine 70780

(225) 642-9292

Drew Thomas Gasser

$2,145,000

Vertical Construction 14322 Memorial Tower Drive, Baton Rouge 70810

(225) 892-6000

Richie Edmonds, Jason Ryder

$2,092,750

Telich Custom Homes 7616 Willow Grove Blvd., Baton Rouge 70810

(225) 610-4212

Mike Telich

$1,991,718

Unified Construction Group 2281 S. Range Ave., Denham Springs 70726

(225) 304-4722

Thomas Watson

$1,946,896

Brandon Craft Developments 13867 Briarlake Ave., Baton Rouge 70809

(225) 247-3101

Brandon Craft

$1,934,276

Meridian Homes 14180 Santa Fe Trail, Prairieville 70769

(225) 816-1879

Brian Aucoin

$1,831,830

Researched by Sierra Crump

Real Estate Report 2017â&#x20AC;&#x201A; |

Blair Construction Co. P.O. Box 83464, Baton Rouge 70884

RANKINGS

RESIDENTIAL

BUSINESS NAME ADDRESS

Real estate title companies

|â&#x20AC;&#x201A; Real Estate Report 2017

RESIDENTIAL

RANKINGS

Ranked by the total number of local transactions closed in 2016.

PREV. RANK

COMPANY ADDRESS PHONE/WEBSITE

TOP LOCAL EXECUTIVE(S)

TRANSACTIONS CLOSED FULL-TIME STAFF

CLOSING ATTORNEYS CLOSING NOTARIES

PRIMARY INSURANCE UNDERWRITERS

Commerce Title & Abstract Co. 2051 Silverside Drive, Baton Rouge 70808 (225) 769-8800/commercetitle.com

Walter Comeaux, Dominique "Niki" Beeson, Bing Stewart, Calvert Stone

3,240 38

8 3

Fidelity National Title Stewart Title Guaranty Security Title Guarantee

Baton Rouge Title Co. 10500 Coursey Blvd., Ste. 100, Baton Rouge 70816 (225) 291-1111/brtitle.com

Mark Schoen, Amy Lane

2,304 27

4 8

Chicago Title Insurance Fidelity National Title Insurance Commonwealth Land Title

Cypress Title 1800 City Farm Drive, Bldg. 3, Baton Rouge 70806 (225) 751-9101/cypresstitle.com

Bryan Denison, Jason Dupree, Johnny McKay

2,277 19

8 9

Commonwealth Land Title First American Title WFG National Title Insurance

TitlePlus Title Co. 7389 Florida Blvd., Ste. 200B, Baton Rouge 70806 (225) 709-3500/titleplusonline.com

Jacques Favret, David Morgan

2,138 18

3 3

Old Republic Title Commonwealth Land Title WFG National Title Insurance

Choice Title 17517 Old Jefferson Hwy., Prairieville 70769 (225) 744-4241/choicetitle.com

Sheila Bonnette

1,390 21

4 2

Fidelity National Title First American Title

The Title Source of Louisiana(1) 2900 Westfork Drive, Baton Rouge 70827 (225) 572-7822/latitlesource.com

Tyffanie Vial

1,200 3

7 3

Commonwealth Land Title

Champlin Title 5341 S. Sherwood Forest Blvd., Baton Rouge 70816 (225) 295-3600/champlintitle.com

Ronny Champlin, Steve Landry

1,085 10

3 5

Stewart Title Guaranty Chicago Title Insurance

Leader Title Co.(1) 1575 Church St., Zachary 70791 (225) 654-6006/N/A

Lonny Myles, Lauri Kitchen, David McDavid Jr.

801 3

6 0

First American Title Fidelity National Title

Professional Title of Louisiana 1111 S. Range Ave., Denham Springs 70726 (225) 665-5600/ptitleinc.com

William Leach

725 4

1 2

WFG National Title Insurance First American Title Commonwealth Land Title

Gulf Coast Title 4701 Bluebonnet Blvd., Ste. A, Baton Rouge 70809 (225) 295-8222/gctitle.com

William Adcock

715 11

2 4

Old Republic Title Commonwealth Land Title WFG National Title Insurance First American Title

Accent Title 3999 S. Sherwood Forest Blvd., Baton Rouge 70816 (225) 292-2130/accenttitle.com

Benjamin Brouillette

675 19

3 1

Fidelity National Title First American Title

Preferred Title Company 9100 Bluebonnet Centre Blvd., Ste. 102, Baton Rouge 70809 (225) 766-6464/preferredtitleco.com

Patrick Miller

623 8

4 7

Security Title Guarantee Stewart Title Guaranty First American Title

Legacy Title 11813 Market Place Ave., Baton Rouge 70816 (225) 296-0060/legacytitlela.com

Chad Reynolds

512 7

2 1

Stewart Title Guaranty Security Title Guarantee of Baltimore

The Title Co.(1) 13702 Coursey Blvd., Bldg. 9, Ste. A, Baton Rouge 70817 (225) 751-8188/thetitlecompanyllc.com

John Waitz

400 2

4 1

Stewart Title Guaranty

Red Stick Title Co. 2111 Quail Run Drive, Baton Rouge 70808 (225) 761-1655/redsticktitle.com

Ralph Hood, J. Donald Morgan, Walter O'Roark III

205 WND

3 WND

First American Title Fidelity National Title

Tri-Parish Title Company Inc. 1930 Florida Ave. SW, Denham Springs 70726 (225) 664-0043/N/A

Eric Pittman

200 2

1 1

Security Title

Grand Title Company(1) 10537 Kentshire Court, Ste. A, Baton Rouge 70810 (225) 769-1414/grandtitle.com

Trent Grand

80 3

4 0

Security Title Guarantee

Lakeland Title 530 Lakeland Drive, Baton Rouge 70802 (225) 387-5005/brclosing.com

Bryan Jeansonne

35 1

1 1

Fidelity National Title

NR=Not ranked. WND=Would not disclose. N/A=Not available. Company representatives provided figures presented, and Business Report assumes the data are accurate and truthful. Not all area real estate title companies are included, only those providing requested information with a total of 35 or more local transactions closed in 2016. Total transactions may include government or other unlisted transactions. Title companies featured in Business Report's Listmakers must have at least one location or facility located in the nine-parish Capital Region, unless otherwise noted. If you would like your company to be considered for next yearâ&#x20AC;&#x2122;s list, or if there are any corrections or additions, please email scrump@businessreport.com. (1) 2015 transaction data. Company was unable to update information at the time of publication.

Researched by Sierra Crump

CREATING A LEGACY, one CLOSING at a time. b le

rating

ye ars

RESIDENTIAL • COMMERCIAL • CONSTRUCTION

11813 Market Place Avenue | Baton Rouge, LA 70816 prairieville office 40251 Hwy 42 | Prairieville, LA 70769 office 225.296.0060 fax 225.291.2674 www.legacytitlela.com

baton rouge office

Real Estate Report 2017 |

Our Online mOrtgage applicatiOn has 3 benefits Others dOn’t. Hit “send” on your application with somebody else, and the waiting begins. Use Red River Bank Mortgage, and you instantly have Carolyn, Crystal and Jessie on your side. Faster answers. Faster closings. Three people with years of local experience— and ready to apply it to your mortgage.

redriverbank.net 225-923-0232

Carolyn Ray 225.928.8285

Crystal Casher 225.928.8215

| Real Estate Report 2017

Made in Louisiana. Made for Louisiana.

Jessie Clark 225.928.8262

Mortgage companies CONVENTIONAL

GOVERNMENTAL

GMFS 7389 Florida Blvd., Ste. 200-A, Baton Rouge 70808 (225) 214-5000/gmfslending.com

Tee Brown, Jeff Weston, Billy Maxwell, Toby Arceneaux

$2,192,000,000 10,806

40 250

NOLA Lending Group, A Division of Fidelity Bank 9247 Bluebonnet Blvd., Baton Rouge 70810 (225) 291-2100/nolalending.com

Matt LaNasa, Leigh Gilly, Alexa Garcia, Danielle Berthelot, Danyel Engels, Shannon Babin, Connor Brooks

$918,948,604 4,273

WND 300

Assurance Financial 9029 Jefferson Hwy., Ste. 100, Baton Rouge 70809 (225) 218-9746/lendtheway.com

Kenny Hodges, Steve Ward, Terry LeBlanc

$747,199,129 3,585

30 103

Standard Mortgage Corporation 11616 Southfork Ave., Ste. 100, Baton Rouge 70816 (225) 924-1900/stanmor.com

Janel Tate, Jeff Martinez

$667,800,000 3,696

2 6

IberiaBank 4451 Bluebonnet Blvd., Ste. D, Baton Rouge 70809 (225) 923-5561/iberiabankmortgage.com

Matthew Rink, Zach Martin, John "Duke" Laville, Barbee Pipes, Randall Arroyo

$539,658,896 2,496

5 14

Gulf Coast Bank & Trust 7235 Jefferson Hwy., Baton Rouge 70806 (225) 932-7272/gulfbank.com

Jeff Rousseau

$509,008,768 2,261

7 28

Whitney Bank 445 North Blvd., Baton Rouge 70802 (225) 381-0424/whitneybank.com

Craig Coleman

$486,384,457 1,672

6 9

Regions Mortgage 3029 S. Sherwood Forest Blvd., Ste. 150, Baton Rouge 70816 Scott McNulty (225) 292-1473/regionsmortgage.com

$260,849,015 1,200

11 15

Red River Bank 9420 Old Hammond Hwy., Baton Rouge 70809 (225) 923-0232/redriverbank.net

Jessie Clark, Crystal Casher, Carolyn Ray, Audrey Schmolke, Sean Kirkland

$157,109,040 786

5 48

Area Home Lending 1737 Oakdale Drive, Baton Rouge 70810 (225) 663-2500/areahomelending.com

Jason Guerin

$155,309,464 658

8 15

PrimeLending 4992 Bluebonnet Blvd., Ste. A, Baton Rouge 70809 (225) 614-9470/primelending.com/batonrouge

Cary Lambert, Patrick Michaelson

$128,677,667 653

16 24

BancorpSouth Bank 6100 Corporate Blvd., Baton Rouge 70808 (225) 768-1101/bancorpsouthmortgage.com

Brittany Broussard

$109,000,000 482

3 6

America's Mortgage Resource 11616 Southfork Ave., Ste. 400, Baton Rouge 70816 (225) 292-0455/amr-no.com

Larry Anderson

$75,214,513 334

2 2

Pacific Union Financial 8714 Jefferson Hwy., Ste. A, Baton Rouge 70809 (225) 910-8457/pacificunionloans.com/branch-locations/labaton-rouge/

Jeff Maggio

$70,250,000 446

4 6

US Capital Group 4735 Perkins Road, Baton Rouge 70808 (225) 490-4996/uscapitalgroup.net

David Talbert, Bart Salim

$65,386,962 279

2 4

TOP LOCAL MORTGAGE EXECUTIVE(S)

Researched by Sierra Crump

Real Estate Report 2017 |

NR=Not ranked. WND=Would not disclose. Information presented was provided upon request from company representatives, and Business Report assumes the data are accurate and truthful. Not all area mortgage companies are shown, only those providing requested information with a 2016 total statewide loan volume of $65,386,962 or more. Mortgage companies featured in Business Report's Listmakers must have at least one location or facility located in the nine-parish Capital Region, unless otherwise noted. If you would like your company to be considered for next year’s list, or if there are any corrections or additions, please email scrump@businessreport.com.

RANKINGS

FHA/VA

NO. OF LOCAL LOAN OFFICERS NO. OF FULL-TIME, LOCAL STAFF

PREVIOUS RANKING

COMPANY ADDRESS PHONE/WEBSITE

RESIDENTIAL

STATEWIDE LOAN VOLUME NO. OF LOANS CLOSED

MULTIFAMILY RESIDENTIAL

Ranked by 2016 statewide loan volume.

MULTIFAMILY INSIGHT

COURTESY ARDENDALE OAKS APARTMENTS

RESIDENTIAL

MULTIFAMILY

On the rise

TO BE BORN AGAIN: A major renovation of the former Hawthorne Heights Apartments at 2136 N. Lobdell Blvd. was recently completed. David Treppendahl purchased the 284-unit complex for $2.9 million in March of last year and has renamed it Ardendale Oaks Apartments, due to its close proximity to the Ardendale neighborhood under development nearby. “My objective is to turn it into the nicest apartments in north Baton Rouge,” Treppendahl said after purchasing the complex and announcing the renovation.

| Real Estate Report 2017

An already tight market for apartments has grown even more so due to displaced flood victims, and additional inventory is already in the works. BY MEREDITH WHITTEN

THE CAPITAL REGION is seeing an atypically strong performance in the apartment market, stemming largely from a dramatic demand increase because of households displaced after the August 2016 flood, as well as a reduction in inventory because of apartments and rental homes damaged in the flood. The result: vacancies are near historic lows, decreasing to less than 3%, based on the latest annual sur-

vey of 195 apartment complexes in the Baton Rouge area by the Commercial Investment Division of the Baton Rouge Board of Realtors. That’s down from the historical norm of 6%. Meanwhile, quoted rentals have increased more than 5% from early 2016 levels. These changes can be attributed largely to the flood, which greatly changed market dynamics. Before the flood, the area was experienc-

ing a rising trend in vacancies, as newly constructed units came onto the market. Indeed, the supply of rental units in the metropolitan area has increased significantly since 2005, starting with a post-Hurricane Katrina construction boom. “The big impact on the apartment market in 2016 was the flood,” says Craig Davenport, senior associate with Cook, Moore and Associates. “The flood damage to

the housing market was significant, but the flood helped reverse the trend of increasing vacancy rates and decreasing rental rates. After the flood, we saw a five percent increase in rents and vacancy rates dropped to around two percent.” An estimated 2,603 units in 30 larger complexes were damaged by the flood. This amounts to about 8% of the total units typically included in the annual market survey.

COURTESY THE SETTLEMENT AT SHOE CREEK

THE MARKET AT A GLANCE

ON THE DRAWING BOARD: The Settlement on Shoe Creek in Central is to include 479 single family homes, 250 multifamily homes, a 100-unit assisted living facility, and more than 100,000 square feet of commercial and retail space. The upscale apartments included in the development have yet to break ground, but are expected to be completed next year.

COURTESY THE SCION GROUP

being introduced in those submarkets, resulting in oversupply in these submarkets. For example, about one-third of the total 4,352 units built in 2016-2017 fall in the student-oriented category, typically near the LSU campus. And, the 9,042 beds introduced in the submarket since 2010 greatly exceeds the increased enrollment at LSU, which was 3,452 from 2010-2016. An oversupply will have an adverse ripple effect on other segments of the local market. The number of jobs retained and added in the area, combined with local infrastructure’s ability to accommodate the area’s growth, will drive long-term demand for and absorption of new multifamily units. Another factor at play is the time frame for federal disaster relief assistance to reach local property owners. Assistance funding has to go through a highly political process before it is provided to displaced homeowners, an odyssey that could take six to 12 months. Then there’s the additional 12 months for those homeowners to restore their homes. Further, construction costs—notably labor costs— for multifamily units have risen in recent years, largely due to a lack of available skilled construction workers, many of whom are tied to the many industrial projects in the region. The August 2016 flood only exacerbated the labor shortage. The cost of construction financing also has increased. As a result, some announced multifamily projects will not be built in the short term. Davenport adds that “the Baton Rouge market tends to see a lot of move in/move out in the summer, so the upcoming months will be very telling times.”

University Edge Apartments, 650 West McKinley St. Apartment vacancies have dropped to under 3%, down from historical norms of about 6%, largely due to the impact of the August 2016 flood. But the surge in demand is expected to be short-term and eventually recede as flood victims rebuild and return home.

The most significant wildcard will be the amount of federal disaster relief aid area homeowners receive and how long it takes to get to them. The longer relief aid takes to come in, the longer the apartment occupancy rates remain strong, benefitting apartment owners.

The multifamily market is poised to become far more competitive in the next two years, as an unprecedented number of apartment units enter the market. New complexes will begin to compete for market share while displaced flood victims begin moving back to their homes. As competition increases, concessions should become more common by 2018.

A substantial number of units built since 2010— 1,424 out of 4,352—are aimed at students. The demand for student apartments was bolstered by the TOPS program. But with TOPS only 60% funded this spring, and with the number of student beds added since 2010 exceeding enrollment at LSU, a surplus of student apartments seems imminent.

Because construction costs are rising and availability of skilled labor is stretched thin due to the flood and large industrial projects underway, it is possible some proposed apartment projects will have to be postponed.

During the August 2016 flood, roughly 8% of apartment market inventory was damaged. A survey by the Greater Baton Rouge Association of Realtors identified 30 complexes with 2,603 units damaged by the flood. But most are expected to be restored.

Real Estate Report 2017 |

Most units are expected to be restored, though it could take years. With a significant number of new apartment units either already under construction or planned to be introduced in 2017, industry experts predict the multifamily market will grow even more competitive over the next 12 to 24 months. These competitive pressures will be heightened in particular submarkets, which will likely see concessionary measures become more common by 2018. This will be compounded by singlefamily homeowners, displaced by the flood, leaving their temporary apartments as their damaged houses are restored. “People will move back into their restored homes, apartments damaged by the flood will come back onto the market and new units are being built—those are not good dynamics to sustain a strong rental market,” Davenport says. In 2016, 1,296 units were completed. The total new rental supply—either already built or currently under construction—for 2016-2017 will be 4,352 units. To absorb this number of new units, Baton Rouge’s population would typically need to increase by more than 38,000—more than the increase in population that occurred post-Hurricane Katrina. Other factors could affect this, however. This includes replacing existing depleted units; allowing for increased demand due to shrinking household size; and displaced single-family homeowners who must stay in multifamily units. In certain segments, such as the student market, the number of households has not increased enough to need the number of units

COOL SPACES

TIM MUELLER

RESIDENTIAL

MULTIFAMILY TAKEAWAYS

Built on the site of the former downtown headquarters of The Advocate, the 525 Lafayette apartment complex was completed in the fall of 2015. It features 85 units equipped with smart home technology that allows residents to control their apartment’s electronics from their phones. Other amenities include LED lighting, quartz countertops, hardwood floors and stainless steel appliances. The top floor houses a handful of penthouse suites, two of which comprise more than 2,000 square feet each. The rooftop pool and community area provides stunning views of the Mississippi River.

DIGITS

WHAT THEY’RE PAYING

The Capital Region’s multifamily market by the numbers

6,937

New apartment units completed from the day Hurricane Katrina hit on August 29, 2005, through the end of 2014

1,531

3,056

Units built in 2015

Units to begin construction or be completed in through the end of next year (1,823 will be traditional apartments, 1,014 are aimed at students and 192 are affordable units)

1,296 Units built in 2016

2,741 Units proposed for construction in 2018 and 2019

THE FIVE LARGEST APARTMENT COMPLEXES UNDER CONSTRUCTION IN THE CAPITAL REGION: NICHOLSON GATEWAY

Nicholson Drive at Skip Bertman | 761 units | Expected completion: 2018 | Upscale student apartments

PARK ROWE

Perkins Rowe | 334 units | Expected completion: 2017 | Upscale apartments

| Real Estate Report 2017

PARK 7 APARTMENTS

222 E. Boyd Drive | 280 units | Expected completion: 2017 | Upscale student apartments

COLUMNS AT LONG FARM

Jefferson Highway at Barringer Foreman | 276 units | Expected completion: 2017 | Upscale apartments

MANCHAC LAKE APARTMENTS

Airline Highway at Bayou Manchac, Prairieville | 272 units | Expected completion: 2017 | Upscale apartments

Average monthly rents for Baton Rouge area apartments

STUDIO: $716 ONE-BEDROOM: $836 TWO-BEDROOM: $1,014 THREE-BEDROOM: $1,228 FOUR-BEDROOM: $2,122 SOURCE: Research data was provided by the Commercial and Investment Division on the Greater Baton Rouge Association of Realtors and presented at the 2017 Baton Rouge TRENDS seminar. Multifamily TRENDS speaker was Craig Davenport of Cook, Moore and Associates. More information can be found at batonrougetrends.net.

Lexington Estates A neighborhood with room to grow

LEXINGTON LAND DEVELOPMENT

COMMERCIAL

Phase IV starting soon For information on available lots please contact Greg Flores at (225) 757-0250 or greg@floresconstruction.com www.lexingtonestatesbr.com

www.floresconstruction.com

Lexington COMING SOON to

RESIDENTIAL

COMMERCIAL

RETAIL

MULTI-FAMILY

Entrance

rive on D

hols

Nic

For residential, commercial, retail, or multi-family opportunities, contact Greg Flores at (225) 757-0250 or greg@floresconstruction.com www.lexingtonestatesbr.com

www.floresconstruction.com

COURTESY @HIGHLAND

INSIGHT

A NEW VIEW: @Highland, a mixed-use office park being built on 9 acres at the intersection of Highland Road and Bluebonnet Boulevard, is expected to see the first of four buildings on the campus completed by late August. General Infomatics will be the anchor tenant in the office park. So far, two potential office tenants have signed letters of intent for a total of about 15,000 square feet of office space in the park’s first building. The complex will ultimately have four, low-rise buildings nestled up against the Bluebonnet Swamp. The first of the four buildings, built for about $20 million, is a 54,000-square-foot glass and steel office structure.

COMMERCIAL

Going up Coming off a flat year, office leasing activity is on the rise in 2017 as several major new developments near completion. BY MEREDITH WHITTEN cal industry and related professional office users have been negatively affected by sustained lower oil prices, which have driven down commodity prices. Additionally, the uncertainty of new state and federal government administrations for the first time in eight years—including state government facing a substantial budget shortfall— led to several planned petrochemical expansion projects being put on hold or deferred, while smaller maintenance and upgrade projects have been delayed. This impact on petrochem-

ical projects greatly affects the Capital Region’s engineering firms, which subsequently put office space back on the market. This is evidenced by the roughly 180,000 square feet of sublease space on the market in the third quarter of 2016, a significant increase from the third quarter of 2015, when approximately 45,000 square feet of sublease space was on the market. “We’re focused on the petrochemical industry because that’s really the main driver for Baton Rouge’s office activity,” says Ty Gose of NAI/ Latter & Blum. “Our experi-

ence historically is it’s hard for Baton Rouge to compete with Houston, Dallas and Atlanta from a corporate standpoint because the dollar goes a lot further in those markets with a lower cost of living or, in Texas, no state income tax. But, we compete well in petrochemical with waterway, pipeline and rail infrastructure. That’s really been a catalyst for office demand the last five to six years.” Gose notes that surveys on office market trends do not include medical offices, although Baton Rouge does well in this sector and, thus,

Real Estate Report 2017 |

2016 WAS A flat year for office leasing activity in Baton Rouge. Several key changes in the local office market resulted in a sizeable shift in occupancy rates, especially in the Class A segment, which comprises more than 4 million square feet. Class A office space is defined as facilities measuring at least 60,000 square feet, with full-service management and higher-end finishes. Combined, the Baton Rouge office market consists of approximately 6.6 million square feet of Class A, B and C space. Baton Rouge’s petrochemi-

COOL SPACES

TIM MUELLER

TAKEAWAYS COMMERCIAL

it should be watched in the future. The office market also was affected by tenants moving into owner-occupied or stateoccupied buildings, and by the addition of new inventory and new construction during a flat year, which aggravated existing vacancy issues. In 2015, the IBM and The Advocate buildings became operational, causing large amounts of vacancies—approximately 150,000 square feet—in their previous spaces at Essen Centre and 7290 Bluebonnet, respectively. Meanwhile, the first phase of the Water Campus introduced about 102,000 square feet of office space into the market last year, which resulted in relocation of numerous existing downtown office tenants. The trend of smaller tenants preferring drive-up products was evident in several garden-style office developments near Town Center, as these had positive absorption in 2016. Further new inventory will be introduced in 2017, when the River House and @Highland developments will create about 80,000 square feet of new space.

Baton Rouge law firm Taylor, Porter, Brooks & Phillips completed renovations of its new $3.8 million offices, which occupy three full floors of the Chase North Tower, in January of last year. Taylor Porter partnered with Coleman Partners Architects and Cangelosi Ward to create a modern feel with an expansive lobby and plenty of conference room space. The new office also includes an outdoor terrace designed by Joseph Furr Design Studio Landscape Architects that overlooks the State Capitol and the Mississippi River. Along with the views, the terrace features ample sitting areas, a wireless capable conference room and putting green, making it perfect for events. Occupancy rates decreased from 85.7% in the first quarter of 2016 to 82.4% in the first quarter of 2017. The highest occupancy rate, 93.3%, occurred in the Acadian/College area, while the lowest was in Florida/Airline, at 66.8%. In early 2016, just five large blocks of office space greater than 20,0000 square feet were available in the Class A segment in Baton Rouge. However, by the fourth quarter, more than a dozen such

DIGITS

spaces were available. This, coupled with the slower activity throughout the year, has led to slight changes in negotiating dynamics. Except for the Acadian/College corridor, all submarkets have started to see negotiations that favor the tenant. In competitive submarkets, such as the Central Business District and Sherwood, reduced rates as well as free rent is being used to attract new tenants. Unlike other segments of

the real estate market—such as single family and multifamily—the office market emerged relatively unaffected by the flood of August 2016. Despite the flat performance in 2016, local brokers expect an uptick in leasing activity in the upcoming year. Activity for the first quarter of 2017 has been solid and the outlook in the local petrochemical industry is upbeat. This is good news for area engineering firms and the local office market, with positive absorption likely to occur as these firms and the ancillary businesses that serve the industry capitalize on the expected industrial growth. Tenants who postponed a move after the flood or waited until after the presidential election to move are showing increased interest. However, to see real growth, the local market needs to add businesses and new industry to the current tenant mix. “We need oil trending upwards to have all the components of a healthy Louisiana economy to occur,” Gose says. “We also need to add to our local employment for occupancies to increase.”

The Capital Region commercial market by the numbers

2017 OFFICE MARKET OCCUPANCY RATE*

100%

95%

| Real Estate Report 2017

90%

85%

80% 2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

* Includes Class A, B and C office space, through the first quarter of 2017

THE MARKET AT A GLANCE 2016 was predicted to be a flat year for commercial real estate leasing activity, and that prediction has held true over the last 12 months. The good news is 2017 has already shown signs of growth. The real estate industry and local petrochemical businesses are optimistic, which is favorable for both engineers and the office market. But, while new engineering contracts can improve the office sector, Baton Rouge must add news businesses and industries to achieve real growth. One of downtown Baton Rouge’s most iconic buildings, the Chase South Tower at 451 Florida St., is getting a new look as part of a $7 million facelift. The 49-year-old building will undergo an exterior renovation this summer, including a mineral stain that will give the 21-story, mudbrown high-rise a sleek whitewashed appearance. The facelift is part of a larger investment in the building that its New York-based owners, Florida Street Holdings LLC, are making in an effort to more aggressively market property. At 76%, the 300,000-square-foot tower has the lowest occupancy rate of all Class A office buildings downtown. Renovations are slated for the 10th and 21st floors, which are among the vacancies in the building. Both floors have been completely gutted and will be redeveloped into “loft spaces” with exposed brick walls and polished concrete floors (see rendering below).

RECREATION & PARKS | COMMERCIAL | SITE PLANNING SUSTAINABLE DESIGN | RESIDENTIAL DESIGN 225.388.5351 | www.elslastudio.com

COURTESY FLORIDA STREET HOLDINGS LLC

2017 OFFICE OCCUPANCY RATES BY AREA ACADIAN/COLLEGE

93.3% DOWNTOWN

83.6% FLORIDA/AIRLINE

66.8% 84.8%

ESSEN/BLUEBONNET

85.3%

Class A average rental rates per square foot

Class B and C average rental rates per square foot

ACADIAN/COLLEGE

DOWNTOWN

METHANOL ON THE MOVE

TAKEN TO THE CLEANERS

NEIGHBORHOOD INSTITUTIONS

JULY 19 - AUGUST 1, 2016 • BUSINESSREPORT.COM

$2.75

$21.85 $17.50 $24.63 $16.89 FLORIDA/AIRLINE

N/A

FLORIDA/AIRLINE

$13.50

SHERWOOD FOREST

ESSEN/BLUEBONNET

$19.13 $16.28 $22.46 $15.50

SOURCE: Research data was provided by the Commercial and Investment Division of the Greater Baton Rouge Association of Realtors and presented at the 2017 Baton Rouge TRENDS seminar. Commercial TRENDS speaker was Ty Gose of NAI/Latter & Blum. More information can be found at batonrougetrends.net.

INSIDE THE TOP I00 COMPANIES:

• HOW THEY REWARD EMPLOYEES • THE HIGHEST-EARNING CEOs • LARGEST LEAPS AND GREATEST FALLS

HERE’S HOW! EACH YEAR we research & identify the Top 100 Private Companies in Baton Rouge. We rank them according to their estimated revenue for the most recently completed fiscal year, & print the list in our most anticipated issue of the year, THE TOP 100.

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CONTACT Kerrie Richmond at 225.928.1700 or krichmond@businessreport.com for more information or to place an ad.

Real Estate Report 2017 |

SHERWOOD FOREST

THE GOING RATE

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Commercial contractors

|â&#x20AC;&#x201A; Real Estate Report 2017

COMMERCIAL

RANKINGS

Ranked by total 2016 East Baton Rouge permit valuation.

BUSINESS NAME ADDRESS

PHONE

CONTRACTOR(S)

TOTAL EBR PERMITS

TOTAL EBR VALUATION

Lincoln Builders of Baton Rouge 11567 Mercantile Drive, Baton Rouge 70809

(225) 706-5038

Daryl Williams, Keith Keller

$36,850,000

Milton J. Womack 8400 Jefferson Hwy., Baton Rouge 70809

(225) 924-8050

Joseph Hill

$27,087,000

Arkel Constructors 1048 Florida St., Baton Rouge 70802

(225) 344-1023

Johnny Fife

$26,432,900

Buquet & LeBlanc 18145 Petroleum Drive, Baton Rouge 70809

(225) 753-4150

Rob Liles, Jake Mayo

$20,220,000

MAPP 344 Third St., Baton Rouge 70801

(225) 757-0111

Michael Polito

$11,797,728

Charles Carter Construction 1565 Choctaw Drive, Baton Rouge 70805

(225) 357-9698

Rennie Carter, Daniel Landry, Chris Landry

$10,436,000

The Lemoine Company 15555 Airline Hwy., Baton Rouge 70817

(225) 383-3710

Leonard "Lenny" Lemoine

$8,385,000

Cangelosi Ward General Contractors 9512 Brookline Ave., Baton Rouge 70809

(225) 927-7258

Robert Ward, David Cangelosi

$7,110,000

Faulk & Meek General Contractors 3595 I-10 Frontage Road, Port Allen 70767

(225) 383-4505

David Faulk, John Meek

$6,227,000

Beaurayne Builders 18269 Bluff Road, Prairieville 70769

(225) 924-7095

Beau Robert

$4,873,000

S.L. Shaw & Associates 9191 Siegen Lane, Bldg. 4-A, Baton Rouge 70809

(225) 766-5522

Jeff Birnbaum, Phillip Manchester

$4,550,000

Source: mypermitnow.org. This list does not reflect all area commercial builders, only those receiving East Baton Rouge Parish permits in 2016 with a total valuation of $2,000,000 or more, and only those contractors filing permits under their contractor business name. Valuations for nonpermitted state projects are not included. Business Report assumes the data are accurate and truthful. Email scrump@businessreport.com with corrections.

Researched by Sierra Crump

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Real Estate Report 2017 |

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Commercial contractors

| Real Estate Report 2017

COMMERCIAL

RANKINGS

Ranked by total 2016 East Baton Rouge permit valuation.

BUSINESS NAME ADDRESS

PHONE

CONTRACTOR(S)

TOTAL EBR PERMITS

TOTAL EBR VALUATION

J Reed Constructors 9882 S. Perdue Ave., Baton Rouge 70814

(225) 201-8826

Reed Luneau

$4,393,000

Salco Construction 8484 Athens Ave., Baton Rouge 70814

(225) 927-3970

Jeff Torrance, Matthew Torrance, Carolyn Torrance

$4,378,000

Century Building Services P.O. Box 82881, Baton Rouge 70884

(225) 766-5200

Mitchell Wood

$3,780,000

Cajun Industries 15635 Airline Hwy., Baton Rouge 70817

(225) 753-5857

Todd Grigsby, Mike Moran, Milton Graugnard, Shane Recile

$3,000,000

Stuart & Company General Contractors 4320 Jeffrey Drive, Baton Rouge 70816

(225) 293-8650

Christopher Stuart, Duane Mizell, Tyler Tramonte

$2,950,000

Dantin Bruce Construction 4220 Bluebonnet Blvd., Ste. B, Baton Rouge 70809

(225) 615-8170

Brian Dantin, Ross Bruce

$2,552,000

Harvey Honoré Enterprises 10840 Highland Road, Baton Rouge 70810

(225) 769-6370

Harvey Honoré Jr.

$2,270,000

Miremont-Schoonmaker Construction 12046 Justice Ave., Ste. A, Baton Rouge 70816

(225) 752-4377

Thomas Heap

$2,267,000

Epic Construction 14908 Audubon Lakes Drive, Baton Rouge 70810

(225) 279-2503

Joey Noto

$2,250,000

Connelly Construction 9864 Professional Blvd., Baton Rouge 70809

(225) 933-0099

Paul Connelly

$2,090,000

Grand Construction 4327 Jeffrey Drive, Baton Rouge 70816

(225) 296-1557

Michael Grand, Christopher Grand

$2,000,000

Researched by Sierra Crump

Real Estate Report 2017â&#x20AC;&#x201A; |

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Commercial real estate firms Ranked by number of local, licensed commercial agents. FIRM ADDRESS PHONE/WEBSITE

TOP LOCAL EXECUTIVE(S)

NO. OF LOCAL COMMERCIAL AGENTS

YEAR FOUNDED LOCALLY

MARKET AREA(S)

NAI/Latter & Blum Commercial 1700 City Farm Drive, Baton Rouge 70806 (225) 295-0800/latter-blum.com

Robert Merrick, Robert Penick, Joseph Pappalardo, Richard Haase, Karl Landreneau

1917

SVN | Graham, Langlois & Legendre 6160 Perkins Road, Ste. 200, Baton Rouge 70808 (225) 367-1515/svngll.com

Steve Legendre, Justin Langlois, Ben Graham

2014

Beau Box Commercial Real Estate 5500 Bankers Ave., Baton Rouge 70808 (225) 237-3343/beaubox.com

Beau Box

2004

Louisiana, Mississippi and Alabama

Saurage Rotenberg Commercial Real Estate 5135 Bluebonnet Blvd., Baton Rouge 70809 (225) 766-0000/sauragerotenberg.com

Hank Saurage, Edward Rotenberg

2011

Louisiana and Mississippi

Mike Falgoust & Associates 10202 Jefferson Hwy., Bldg. C, Baton Rouge 70809 (225) 778-5858/mfacre.com

Randy Herring, Scot Guidry, Robert "Grey" Hammett Jr.

2010

Louisiana and Mississippi

Maestri-Murrell 9018 Jefferson Hwy., Baton Rouge 70809 (225) 298-1250/mmcre.com

Benjamin Stalter, Lawrence Maestri, George Murrell, Linda Jackson

1989

Baton Rouge, Lafayette, Lake Charles, Shreveport, New Orleans and Mississippi

Adam Campo Real Estate 3535 S. Sherwood Forest Blvd. Ste. 201, Baton Rouge 70816 (225) 295-3035/adamcampo.com

Adam Campo

2007

Greater Baton Rouge

Donnie Jarreau Real Estate, A Latter & Blum Company 4225 Perkins Road, Baton Rouge 70808 (225) 753-3573/donniejarreau.com

Donnie Jarreau

1998

Greater Baton Rouge

Realty Executives South Louisiana 15615 Airline Hwy., Ste. B, Prairieville 70769 (225) 677-7772/southlouisianagroup.com

Gary Binns, Rick Gautreau, Gary Fontenot

2010

Greater Baton Rouge and New Orleans

Kurz & Hebert Commercial Real Estate P.O. Box 80301, Baton Rouge 70898 (225) 925-0600/kurzhebert.com

George Kurz, Mark Hebert

1986

Greater Baton Rouge, New Orleans, Alexandria and Lafayette

Padial Real Estate 8675 Bluebonnet Blvd., Ste. A, Baton Rouge 70810 (225) 769-9494/padialrealestate.com

Martin Padial

1990

Greater Baton Rouge, Ascension and Livingston parishes

Stirling Properties 8550 United Plaza Blvd., Ste. 303, Baton Rouge 70809 (225) 926-4481/stirlingprop.com

Martin Mayer

1975

Gulf South region of Louisiana, Mississippi, Alabama and Florida

Gully, Phelps & McKey 5025 Bluebonnet Blvd., Baton Rouge 70809 (225) 925-2300/gullyphelpsmckey.com

Betty Phelps, David McKey, David Trusty

1989

Greater Baton Rouge and south Mississippi

Marcus & Millichap 10527 Kentshire Court, Baton Rouge 70810 (225) 376-6750/marcusmillichap.com

Chris Shaheen

2016

Gulf Coast

Keller Williams Realty Premier Partners 291 Veterans Blvd., Denham Springs 70726 (225) 664-1911/denhamsprings.yourkwoffice.com

Matt Hughes

2006

Greater Baton Rouge

Property One 3636 S. Sherwood Forest Blvd., Ste. 110, Baton Rouge 70816 (225) 292-0001/propertyone.com

Paul Dastugue, Quentin Dastugue

1985

Southeast United States

Jim Talbot Real Estate 14635 S. Harrell's Ferry Road, Ste. 2-B, Baton Rouge 70816 (225) 927-2114/jimtalbot.com

E.J. Talbot

1994

Greater Baton Rouge

Keller Williams Realtyâ&#x20AC;&#x201C;Red Stick Partners 8686 Bluebonnet Blvd., Baton Rouge 70810 (225) 768-1800/kw.com

Larry Champagne, Johnette Champagne, Alex Polito, David Vercher

2009

Greater Baton Rouge

RE/MAX First 4750 Sherwood Common Blvd., Baton Rouge 70816 (225) 291-1234/brhomesfirst.com

Wynona Squires

1998

Greater Baton Rouge

Information presented was provided by company representatives, and Business Report assumes the data are accurate and truthful. Not all commercial real estate firms are shown, only those providing requested information with three or more local, licensed commercial agents. Commercial real estate firms featured in Business Report's Listmakers must have at least one location or facility located in the nine-parish Capital Region, unless otherwise noted. For corrections or to be considered when the list is next updated, please contact scrump@businessreport.com.

Researched by Sierra Crump

Real Estate Report 2017â&#x20AC;&#x201A; |

RANKINGS

Greater Baton Rouge, Lafayette, Alexandria, Lake Charles, New Orleans, Thibodaux, Houma, Cut Off, Mississippi Gulf Coast and Houston East Baton Rouge, West Baton Rouge, Ascension, Livingston, Iberville and St. Tammany parishes

COMMERCIAL

PREV. RANK

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|â&#x20AC;&#x201A; Real Estate Report 2017

HLA

THIS FOLLOWING GUIDE attempts to list all of the leasable Class A office space in Baton Rouge. The city has been divided into four areas and mapped to show key streets. Included in Class A office space are buildings measuring more than 60,000 square feet with full-service management and higher-end finishes. Excluded from the listings are office/ warehouses, individual condominiums and retail facilities that might include office space. Our sources for this information are the Greater Baton Rouge Association of Realtors 2017 TRENDS report and Ty Gose of NAI/Latter & Blum. This information was deemed to be as complete and accurate as possible as of March 28, 2017. It is inevitable that some commercial space has been overlooked, but no omission is intentional. These listings are intended only to be a general guide as to the amount of space available in the area and the rental rates quoted for those spaces.

BUR

RD.

BAN BUILDING NAME/ K DR . ADDRESS

Each of the buildings is listed by its name or, if no name is used, by its street address.

RENTAL CONTACTS

This column provides information on whom to contact for additional information. In some cases, owners may manage the building and lease space. Or owners may contract with a management company to oversee maintenance and handle space negotiations. The contact listed is the current agent as of March 28, 2017.

SQUARE FOOTAGE AVAILABLE

This figure refers to the amount of leasable square footage available.

RATES/OCCUPANCY

Lease rate is a negotiable figure naming a dollar amount per rentable square foot. Price represents a fair estimate of value, with other influential factors such as market competition and amenities included. Occupancy rate refers to the amount of space occupied by current tenants.

One American Place

AREA A

(DOWNTOWN)

1. RIVERSIDE NORTH TOWER

Address: 450 Laurel St. Square feet: 207,572 Square footage available: 56,019 Occupancy rate: 73% Lease rate per square foot: $23 Agent/Phone: Gary Black/(225) 383-0424

2. CITY PLAZA

Address: 445 North Blvd. Square feet: 166,473 Square footage available: 42,795 Occupancy rate: 74.3% Lease rate per square foot: $22 Agent/Phone: Gary Black/(225) 383-0424

3. II CITY PLAZA

Address: 400 Convention St. Square feet: 255,344 Square footage available: 7,150 Occupancy rate: 97.2% Lease rate per square foot: $28.50 Agent/Phone: Gary Black/(225) 383-0424

4. ONE AMERICAN PLACE

Address: 301 Main St. Square feet: 333,306 Square footage available: 54,109 Occupancy rate: 83.8% Lease rate per square foot: $22 Agent/Phone: Branon Pesnell/(225) 237-3343

5. CHASE SOUTH TOWER BATON ROUGE

Address: 451 Florida St. Square feet: 333,000 Square footage available: 119,575 Occupancy rate: 64.1% Lease rate per square foot: $20 Agent/Phone: Michele Casi/(337) 316-0277

6. RIVER HOUSE

Address: 900 N 3rd St. Square feet: 75,000 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $21.50 Agent/Phone: Branon Pesnell/(225) 237-3343

8. IBM

Address: 525 Lafayette St. Square feet: 140,651 Square footage available: 6,267 Occupancy rate: 95.5% Lease rate per square foot: $30 Agent/Phone: Mike Siegel; Randall White/(504) 581-5005

9. WATER CAMPUS

Address: 100 North St., Ste. 900 Square feet: 102,000 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $30 Agent/Phone: Mike Siegel; Randall White/(504) 581-5005

Real Estate Report 2017 |

7. LA. CAPITOL BUILDING

STAFF PHOTO

Address: 1480 Nicholson Drive Square feet: 34,000 Square footage available: 28,000 Occupancy rate: 17.6% Lease rate per square foot: $21 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

COMMERCIAL

DIRECTORY

Lease rate per square foot: $22 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

AREA B

(ACADIAN/COLLEGE)

1. ACADIAN CENTRE

Address: 2431 S. Acadian Thruway Square feet: 74,589 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $21 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

2. CITIPLACE CENTRE I

Address: 2600 Citiplace Drive Square feet: 82,023 Square footage available: 3,482 Occupancy rate: 95.7% Lease rate per square foot: $23 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

3. CITIPLACE CENTRE II

| Real Estate Report 2017

Address: 6300 Corporate Blvd. Square feet: 31,516 Square footage available: 0 Occupancy rate: 100%

4. CITIPLACE CENTRE III

Address: 6100 Corporate Blvd. Square feet: 42,659 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $23 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

5. ACADIA TRACE

Address: 2237 S. Acadian Thruway Square feet: 121,000 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $20 Agent/Phone: N/A

6. CORPORATE ATRIUM (XEROX)

Address: 5555 Hilton Ave. Square feet: 76,447 Square footage available: 6,779 Occupancy rate: 91.1% Lease rate per square foot: $20 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

7. CORPORATE CENTER

Address: 5757 Corporate Blvd. Square feet: 48,000 Square footage available: 8,640 Occupancy rate: 82% Lease rate per square foot: $22 Agent/Phone: Rob Hebert/(225) 922-4212

8. REPUBLIC FINANCE

Address: 7031 Commerce Circle Square feet: 27,000 Square footage available: 9,000 Occupancy rate: 66.7% Lease rate per square foot: $24 Agent/Phone: George Kurz/(225) 925-0600

9. 2370 TOWNE CENTER

Address: 2370 Towne Center Blvd. Square feet: 66,000 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $22.50 Agent/Phone: Branon Pesnell/(225) 237-3343

10. 5551 CORPORATE

Address: 5551 Corporate Blvd. Square feet: 52,142 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $21 Agent/Phone: George Kurz/(225) 925-0600

Republic Finance

AREA C

(ESSEN/BLUEBONNET)

1. BLUEBONNET CENTRE

Address: 9100 Bluebonnet Centre Blvd. Square feet: 71,656 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $24 Agent/Phone: Debbie Harvill/(225) 297-7888

2. I UNITED PLAZA

Address: 4041 Essen Lane Square feet: 94,204 Square footage available: 15,705 Occupancy rate: 83.3% Lease rate per square foot: $23 Agent/Phone: Scott Macdonald/(225) 201-0142

STAFF PHOTO

3. II UNITED PLAZA

Address: 8550 United Plaza Blvd. Square feet: 197,010 Square footage available: 27,875 Occupancy rate: 85.8% Lease rate per square foot: $23 Agent/Phone: Scott Macdonald/(225) 201-0142

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Jefferson Brentwood

7. VIII UNITED PLAZA

DIRECTORY

Address: 8641 United Plaza Blvd. Square feet: 57,932 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $23 Agent/Phone: Scott Macdonald/ (225) 201-0142

COMMERCIAL

8. IX UNITED PLAZA

STAFF PHOTO

Address: 8687 United Plaza Blvd. Square feet: 97,000 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $19.50 Agent/Phone: N/A

4. III UNITED PLAZA

Address: 8545 United Plaza Blvd. Square feet: 60,389 Square footage available: 7,487 Occupancy rate: 87.6% Lease rate per square foot: $23 Agent/Phone: George Kurz/(225) 925-0600

5. IV UNITED PLAZA

Address: 8555 United Plaza Blvd. Square feet: 71,547 Square footage available: 3,578 Occupancy rate: 95% Lease rate per square foot: $24 Agent/Phone: Debbie Harvill/(225) 297-7888

6. V UNITED PLAZA

Address: 8591 United Plaza Blvd. Square feet: 58,365 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $22 Agent/Phone: George Kurz/(225) 925-0600

9. XII UNITED PLAZA

Address: 8549 United Plaza Blvd. Square feet: 154,000 Square footage available: 8,744 Occupancy rate: 94.3% Lease rate per square foot: $23 Agent/Phone: Scott Macdonald/ (225) 201-0142

10. ESSEN CENTER

Address: 5353 Essen Lane Square feet: 113,000 Square footage available: 87,063

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| Real Estate Report 2017

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Occupancy rate: 22.9% Lease rate per square foot: $22 Agent/Phone: Justin Langlois/(225) 367-1515

11. JEFFERSON BRENTWOOD

Address: 8440 Jefferson Hwy. Square feet: 63,625 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: $21 Agent/Phone: Milton Womack/(225) 924-8050

12. LOUISIANA SCHOOL EMPLOYEE RETIREMENT Address: 8660 United Plaza Blvd. Square feet: 112,253 Square footage available: 1,130 Occupancy rate: 99% Lease rate per square foot: N/A Agent/Phone: N/A

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13. JACOBS PLAZA

Address: 4949 Essen Lane Square feet: 192,600 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: N/A Agent/Phone: N/A

14. CB&I PLAZA

Address: 4171 Essen Lane Square feet: 240,000 Square footage available: 0 Occupancy rate: 100% Lease rate per square foot: N/A Agent/Phone: Gary Black/(225) 383-0424

15. PERKINS ROWE

Address: 10202 Perkins Rowe Square feet: 126,328 Square footage available: 1,263 Occupancy rate: 99% Lease rate per square foot: $24.50 Agent/Phone: Scott Macdonald/(225) 201-0142

16. 7920 BLUEBONNET

Address: 7920 Bluebonnet Blvd. Square feet: 152,000 Square footage available: 126,378 Occupancy rate: 16.9% Lease rate per square foot: $20 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

17. @HIGHLAND

225.267.5732 www.mgminc.com

Real Estate Report 2017 |

Address: 10500 Highland Blvd. Square feet: 54,000 Square footage available: 35,000 Occupancy rate: 35.2% Lease rate per square foot: $32 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

COMMERCIAL

DIRECTORY

AREA D

Westfork Building

(SHERWOOD FOREST)

1. 4000 SHERWOOD

Address: 4000 S. Sherwood Forest Blvd. Square feet: 78,183 Square footage available: 10,250 Occupancy rate: 86.9% Lease rate per square foot: $19.95 Agent/Phone: Ty Gose; Jonann Stutzman/ (225) 445-0473; (225) 295-0800

2. COURT PLAZA

Address: 10500 Coursey Blvd. Square feet: 57,486 Square footage available: 144 Occupancy rate: 99.7% Lease rate per square foot: $18.95 Agent/Phone: N/A

3. WESTFORK BUILDING

STAFF PHOTO

Address: 2900 Westfork Drive Square feet: 105,720 Square footage available: 22,329 Occupancy rate: 78.9% Lease rate per square foot: $18.50 Agent/Phone: Jonathan Walker/(225) 810-3294

|â&#x20AC;&#x201A; Real Estate Report 2017

N/A=Not available | SOURCE: TRENDS in Baton Rouge Real Estate Seminar; Ty Gose, Office TRENDS Chairman

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Ringing it up The Baton Rouge area retail market has been hot for the past three years and is showing no signs of cooling down. BY MEREDITH WHITTEN “In our shopping center survey in the area, we’ve found that retail vacancy rates have hovered around the 8 percent to 9 percent range over the past 36 months, which translates into a good, stabilized retail market,” says Jonathan Walker, a commercial real estate agent for Maestri-Murrell Inc. The survey does not include lifestyle centers or malls such as the Mall of Louisiana, Perkins Rowe, Cortana Mall or Towne Center—all of which, with the exception of Cortana,

typically have few vacancies. A key reason for this strong performance is the new development that is occurring throughout the region. These nonspeculative developments typically include an anchor tenant, which helps alleviate risk, attracts smaller tenants more readily and enables lenders to offer more flexible terms to the borrower. “When a large tenant anchors a development, it spurs other activity and accelerates other retail growth,” Walker

says. “This generates traffic and sales for other small retail tenants and acts as a catalyst for other uses, such as in multifamily and garden offices.” Overall, the vacancy rate decreased slightly from 8.9% in spring 2016 to 8.1% this spring. Almost two-thirds of retail centers surveyed reported a vacancy rate of 10% or less. Only 3% of shopping centers reported vacancies greater than 50%, signaling a healthy market. Larger shopping centers continue to ex-

Real Estate Report 2017 |

THE CAPITAL REGION retail market was strong in 2016, according to a recent survey of 8.46 million square feet of leasable space by the Greater Baton Rouge Association of Realtors Commercial and Investment Division. Despite impact from the August 2016 flood, local retail closures and the continued low price of oil, both occupancy rates and rental rates remained high. This continues a 36-month trend of vacancy rates below 10%, indicating that demand is outpacing supply.

TAKEAWAYS RETAIL

perience low vacancy rates and higher rental rates, indicating that retailers feed off the traffic generated by other large retailers. As such, the Baton Rouge market—much like the national market— can expect to see continued new development with bigbox development continuing to evolve. E-commerce continues to steadily outpace brick-and-mortar sales, Walker says. The lowest vacancy rates— at roughly 0.9%—are found in regional centers, which at more than 250,000 square feet usually provide general merchandise, furniture and home furnishings, as well as services and recreational facilities. Typically, these larger centers are built around one

or two department stores that themselves are larger than 100,000 square feet. At 14.6%, the highest vacancy rates occur in neighborhood centers, which at 30,0001 to 100,000 square feet typically sell convenience goods and personal services with a grocery anchor space. Other shopping center types include convenience centers, which are 30,000 square feet or smaller, and sell convenience goods and personal services without a standard anchor space. These have a vacancy rate of 9.8%. Community centers, at between 100,001 and 250,000 square feet, provide clothing, hardware and appliances, as well as convenience

goods and personal services, and typically are built around a small department, variety or discount store. These reported a vacancy rate of 7%. Newer centers—those built in 2006 or later—have a vacancy rate of 4.3%, as well as the highest rental rate, at $24.73 per square foot. These total almost 910,000 square feet in Baton Rouge. The lowest rental rates along with the highest vacancy rates are found in shopping centers built before 1985. These accounted for 25.9% of the total vacant space in the Baton Rouge area. The highest average nonanchor rental rates, at $23.30, and the lowest vacancy rate, roughly 4.2%, are located

south of Interstates 10 and 12 and west of Airline Highway. This area contains many of the newer retail corridors in Baton Rouge, particularly along Bluebonnet Boulevard, Siegen Lane and Perkins Road. The area north of Choctaw Drive and Airline Highway—excluding Zachary and Plank Road shopping centers between Airline Highway and Hooper Road—reported the lowest total non-anchor rental rates, at $10.41 per square foot. Meanwhile, Livingston Parish reported the highest vacancy rate, at 19%, although this area includes only two centers that responded to surveys.

TIM MUELLER

| Real Estate Report 2017

COOL SPACES

A formerly rundown warehouse on Nicholson Drive near the Mississippi River bridge has been transformed into a hub for Baton Rouge’s artistic and creative businesses. 1010 Nic was completed in September 2015 following a $1.5 million renovation by LA Construction. The 18,000-square-foot building’s tenants include Comtemporain, Denicola’s, Jeannie Frey Rhodes, Mercer Supply Co., Monochrome, Noelie Harmon and The Front Door. The redevelopment netted 1010 Nic a 2016 Good Growth Award from the Baton Rouge Growth Coalition.

THE MARKET AT A GLANCE:

Retail centers are beginning to focus on tenants that offer goods and services not easily found online, such as restaurants, health clubs, medical offices and supermarkets. One successful example is Long Farm Village, which is anchored

Rouses’ foray into the Baton Rouge market in 2016 has driven new developments in the retail sector. The Thibodaux-based chain acquired all nine LeBlanc’s Food Stores in October and has more locations planned for a new retail developments at Burbank and Lee drives and at Lagniappe Center on Airline Highway south of Prairieville. The Capital Region offers several opportunities for retailers looking for space to expand, with available real estate in new developments such as Rouzan in Southdowns, Shoe Creek in Central, Conway Plantation in Gonzales and the Greens at Millerville. Another hub for retail development is the revived Mid-City area, with upcoming projects such as Square 46 and the Electric Depot on Government Street.

DIGITS

The Capital Region retail market by the numbers

132 8.1%

Overall vacancy rates among the roughly 8.5 million square feet of leasable space at Baton Rouge area shopping centers—excluding Perkins Rowe, Mall of Louisiana, Cortana Mall and Towne Center—down from 8.9% a year ago Number of consecutive months Capital Region shopping centers have been 90% or more occupied, on average

Shopping center under development at 320 Lee Drive, which will be home to MOOYAH Burgers and Shakes

Rouses CEO Donny Rouse

WHAT THEY’RE PAYING Average rental rates were

$17.73 per square foot $17.19 in 2017, up from

in 2016

Newer retail centers built after 2006 have a vacancy rate of

4.29% $24.73 per square foot and the highest rental rate at

Shopping centers constructed before 1980 have a vacancy rate of

13.55% $14.23 per square foot and average rental rates of

Share of shopping centers in the Capital Region with vacancies in excess of 50%

SOURCE: Research data was provided by the Commercial and Investment Division of the Greater Baton Rouge Association of Realtors and presented at the 2017 Baton Rouge TRENDS seminar. The retail TRENDS speaker was Jonathan Walker of Maestri-Murrell Inc. More information can be found at batonrougetrends.net.

Real Estate Report 2017 |

Shopping centers in East Baton Rouge, Ascension and Livingston parishes

STAFF PHOTO

In the age of e-commerce, shopping malls are struggling. Cortana Mall began a downward spiral with the departure of Macy’s in 2016. Sears and JCPenny followed suit this year, leaving Dillard’s as the only remaining anchor tenant. But a resurgence may be on the way, as Cortana shifts away from retail. An out-of-state investor recently signed a purchase agreement for the former Macy’s location at Cortana, with plans to repurpose the space.

by a Rouses Supermarket and has several chain restaurants and upcoming fitness, massage and nail businesses.

ALLIE APPEL

The last three years, during which vacancy rates stayed below 10%, have outperformed trends of the last 15 years in the Baton Rouge area retail market.

Architecture firms

RETAIL

RANKINGS

Ranked by number of licensed, local architects. PREV. RANK

| Real Estate Report 2017

OWNER(S)

NO. OF LICENSED, LOCAL ARCHITECTS NO. OF LOCAL STAFF

NOTABLE ARCHITECTURAL PROJECTS

GraceHebert Architects 501 Government St., Ste. 200, Baton Rouge 70802 (225) 338-5569/gracehebert.com

Gerald "Jerry" Hebert II, Adam Fishbein, Kriste Rigby, David Hebert

16 32

LSU Student Recreation Center St. George Catholic Church Lee Magnet High School

Coleman Partners Architects 3377 North Blvd., Baton Rouge 70806 (225) 387-4414/cparch.com

Robert Coleman, Dale Songy, Marvin "Buddy" Ragland, Gary Gilbert, Wendy Lee, Joe Saffiotti

14 18

The Water Institute of the Gulf Renovations to LSU’s Patrick F. Taylor Hall Ritz Carlton Hotel – Turks & Caicos

Holly & Smith Architects 208 N. Cate St., Hammond 70401 (985) 345-5210/hollyandsmith.com

Michael Holly, Jeffrey Smith, Mark Beckers, Pierre Theriot, Ryan Faulk, Kevin Morris, Robert Boyd, Rohit Sood

12 23

SLU Science and Technology Building Cambria Hotel New Orleans and Nashville SLU New Residential Housing Facilities

Tipton Associates 449 Westmoreland Drive, Baton Rouge 70806 (225) 387-0101/tipton-associates.com

Bryon Hume, Daniel Zito, Kenneth Tipton Jr.

10 32

LSU Honors College Historic Renovation UNC Wilmington Student Commons LA Tech University Student Housing (JV)

Fusion Architecture 3488 Brentwood Drive, Ste. 101, Baton Rouge 70809 (225) 766-4848/fusionarchitecture.com

Kyle Kramer, Brad Guerin, Brandon Cooper

9 15

SUNO Arts and Humanities building Ochsner Louisiana East Baton Rouge Parish School System

Remson Haley Herpin Architects 200 Government St., Ste. 100, Baton Rouge 70802 (225) 383-0002/rhharchitects.com

Chris Remson, Sam Herpin, Trula Remson, Jason Hargrave, Clarke Gernon

9 13

LSU Nicholson Gateway Development Knock Knock Children’s Museum New Richards Honda Car Dealership

WHLC Architecture 1744 Oakdale Drive, Baton Rouge 70810 (225) 767-1530/whlcarchitecture.com

Russell Washer, Michael Hill, Rick Lipscomb, Rex Cabaniss

9 20

Baton Rouge General Medical Center Thibodaux Regional Wellness Center Biscayne Beach Condominiums, Miami

Holden Architects(1) 500 Laurel St., 5th Fl., Baton Rouge 70801 (225) 389-0077/holdarch.com

Thomas Holden

8 10

WND

Bradley-Blewster & Associates 8026 Picardy Ave., Baton Rouge 70809 (225) 769-7040/bradley-blewster.com

W. Carroll Blewster, C. Lynn Bradley

7 14

Our Lady of the Lake East Tower expansion and renovation East Baton Rouge Parish Public Safety Complex Mary Bird Perkins Cancer Center additions and renovations

BCB Architects (Bani, Carville, & Brown) 3718 Government St., Baton Rouge 70806 (225) 343-2267/bcbaia.com

Henry Carville, Richard Brown, Jim Pugh, Matt Daigrepont

6 10

The McKay Automotive Technology Center St. Aloysius Child Care Center LSU Beach Volleyball Complex

DNA Workshop 235 S. 14th St., Baton Rouge 70802 (225) 224-3363/dna-workshop.com

Dyke Nelson

6 11

500 Laurel 440 on Third Electric Depot

Domain Architecture 8316 Kelwood Ave., Baton Rouge 70806 (225) 216-3770/domain-dsgn.com

Michael Buturla, Sit Wong, Joseph Wild

6 20

EBR Career & Technical Education Center St. Amant High School Freshman Academy St. George Fire Department master plan and additions

Cockfield Jackson Architects 6711 Perkins Road, Baton Rouge 70808 (225) 761-1680/cjarchitects.com

Tommie Cockfield, Steve Jackson

5 11

Stab's Restaurant Tiger Stadium Locker Room renovations Denham Springs/Walker Library addition

Crump Wilson Architects 5721 S. Sherwood Forest Blvd., Baton Rouge 70816 (225) 387-2307/crumpwilsonarchitects.com

Michael Wilson, Robert Boudreaux, Shawn Fisher, Carrie Knight

5 15

Episcopal School of Baton Rouge, Academic Commons BASF Lab, Hannibal, Missouri Sasol Catalyst/Main Office/Warehouses, Lake Charles

Ritter Maher Architects 2987 Government St., Baton Rouge 70806 (225) 383-4321/rittermaher.com

Scott Ritter, Stephen Maher

5 11

City Farm Development St. John the Baptist Catholic Church Catholic High School Student Center

Chenevert Architects 640 Main St., Ste. A, Baton Rouge 70801 (225) 334-9907/chenevertarchitects.com

Norman Chenevert

4 9

640 Main St. 200 Laurel St. Benny's Carwash Siegen Lane

Al Jones Architect 7909 Wrenwood Blvd., Ste. A, Baton Rouge 70809 (225) 925-0123/aljonesarchitect.com

Al Jones

3 5

WND

Post Architects 12032 Bricksome Ave., Baton Rouge 70816 (225) 293-6964/postarchitects.com

Raymond Post, Lisa Nice

3 7

19th Judicial District Courthouse Capitol Park Master Plan and Galvez Building River Center expansion and renovation

The Architectural Studio 409 N. Seventh St., Baton Rouge 70802 (225) 215-1777/architect7.com

Lance Malley, James Dodds

3 6

Repairs to Areas Pilot A and Pilot B Lipsey's distribution center Floating cabins, Bayou Segnette State Park

FIRM ADDRESS PHONE/WEBSITE

WND=Would not disclose. JV=Joint venture. Not all area architecture firms are shown, only those providing requested information with three or more licensed, local architects. Information presented was provided upon request by company representatives, and Business Report assumes the data are accurate and truthful. Architecture firms featured in Business Report's Listmakers must have at least one location or facility located in the nine-parish Capital Region, unless otherwise noted. If you would like your company to be considered for next year’s list, or if there are any corrections or additions, please email scrump@businessreport.com. (1) 2016 data. Firm was unable to provide updated information at the time of publication.

Researched by Sierra Crump

The Lighting Industry is Growing Commercial · Industrial

Why EcoLite LED? Providing the most efficient approach to LED, EcoLite utilizes the highest quality and most efficient components available in the industry. EcoLite Executives have more than 20 years of combined expertise and have completed more than 5500 energy retrofit projects. With offices and sales agents throughout North America, Caribbean, Latin America, and India, EcoLite provides the highest quality LED products, razor edged competitive technology and incomparable warranty.

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CORPORATE OFFICES: BATON ROUGE, LOUISIANA · HOUSTON, TEXAS · KOLKATA, INDIA EcoLite Protection Plans are administered by Bankers Warranty Group, Inc., BWG Protection Plans Inc., Bankers Warranty Group of Oklahoma, Inc., and/or Bankers Warranty Group of Florida, Inc. 11101 Roosevelt Blvd N, St. Petersburg, FL 33716

Real Estate Report 2017 |

For more information regarding a free energy audit proposal Contact us at: Info@EcoLiteInternational.com OR 1-844-LED SWAP (533-7927)

Property management firms

|â&#x20AC;&#x201A; Real Estate Report 2017

RETAIL

RANKINGS

Ranked by total square footage managed locally.

PREV. RANK

FIRM ADDRESS PHONE/WEBSITE

TOP LOCAL EXECUTIVE(S)

SQUARE FOOTAGE (LOCALLY) SQUARE FOOTAGE (STATEWIDE)

NO. OF PROPERTY MANAGERS LOCAL/STATEWIDE TOTAL STAFF LOCAL/STATEWIDE

NOTABLE LOCAL PROPERTIES

Community Management 140 Aspen Square, Ste. H, Denham Springs 70726 (225) 271-3906/cmgt.org

Jeff Harman

14,592,000 25,600,000

10/13 30/33

The Settlement at Willow Grove Rouzan Long Farm

Lewis Companies 9828 Bluebonnet Blvd., Ste. F, Baton Rouge 70810 (225) 766-8802/lewis-companies.com

Valerie Lewis, Lanny Lewis

11,239,075 11,929,075

8/8 30/30

Walden Homeowners Association Fieldhouse Condominiums University View Condominiums

NAI Latter & Blum Property Management 1700 City Farm Drive, Baton Rouge 70806 (225) 297-7888/latterblumpm.com

Joseph Pappalardo Sr., Debbie Harvill, Laura White

10,350,736 21,501,809

19/76 52/311

Hammond Aire One American Place Creekside Crossing

Maestri-Murrell Property Management 9018 Jefferson Hwy., Ste. B, Baton Rouge 70809 (225) 298-1240/mmcre.com

George Murrell, Linda Jackson, Lawrence Maestri

6,251,284 6,578,428

10/12 143/172

CDI Centre Zachary Parkside Apartments Highland Club I & II

Wampold Companies 4171 Essen Lane, Ste. 450, Baton Rouge 70809 (225) 215-1800/wampold.com

Mike Wampold

3,760,280 4,432,624

9/11 97/115

CB&I Plaza II City Plaza City Plaza

Tom Mackey Real Estate Services 9336 Interline Ave., Baton Rouge 70809 (225) 751-8847/www.tmrehomes.com

Chris Daigle, Ashley Mackey, Tom Mackey

3,500,000 3,500,000

7/7 7/7

Beau Box Property Management 5500 Bankers Ave., Baton Rouge 70808 (225) 237-3343/beaubox.com

Beau Box, Brent Garrett, Branon Pesnell, Patti Pizzolato

2,460,562 2,670,255

2/3 10/12

Retirement Systems Building Kress Building Long Farm Village Retail

Kurz & Hebert Commercial Real Estate P.O. Box 80301, Baton Rouge 70898 (225) 925-0600/kurzhebert.com

Mark Hebert, George Kurz

2,300,000 2,300,000

2/2 14/14

Corporate II 5551 Corporate Wrenwood Offices

Stirling Properties 8550 United Plaza Blvd., Ste. 303, Baton Rouge 70809 (225) 926-4481/stirlingprop.com

Marty Mayer

1,646,142 12,148,926

2/16 13/146

Stirling Millerville United Plaza I, II, VIII and XII Woodlawn Park Shopping Center

Donnie Jarreau Properties 4225 Perkins Road, Baton Rouge 70808 (225) 753-3573/donniejarreau.com

Donnie Jarreau

1,100,000 1,500,000

3/3 5/5

Drusilla shopping center Southdowns shopping center Eastbank shopping center

Southland Properties 6315 Fieldstone Drive, Baton Rouge 70809 (225) 751-0093/southlandpropertiesinc.com

Steve Hayden

1,100,000 1,100,000

3/3 6/6

Brightside Park townhomes Holly Ridge townhomes Maison Orleans townhomes

Select Properties Ltd. Realty 2644 S. Sherwood Forest Blvd., Ste. 107, Baton Rouge 70816 (225) 291-7980/selectpropertiesltd.com

Richard Hymel

439,655 1,097,671

1/4 4/29

Sherwood Plaza Business Park Justice Office Condominium Monchen Building

Padial Real Estate 8675 Bluebonnet Blvd., Ste. A, Baton Rouge 70810 (225) 769-9494/padialrealestate.com

Martin Padial

388,590 388,590

5/5 6/6

Prairieville Plaza Oak Grove Plaza Eagle Storage

NR=Not ranked. Not all area firms are shown, only those providing requested information and managing 388,590 square feet or more locally. Information presented was provided upon request from company representatives. Business Report assumes the data are accurate and truthful. Property management firms featured in Business Report's Listmakers must have at least one location or facility located in the nine-parish Capital Region, unless otherwise noted. If you would like your company to be considered for next yearâ&#x20AC;&#x2122;s list, or if there are any corrections or additions, please email scrump@businessreport.com.

Seven Oaks HOA River Ridge HOA Natchez Trace

Researched by Sierra Crump

225.766.8802 W W W. L E W I S -C O M PA N I E S . C O M

Real Estate Report 2017 |

“Baton Rouge Style” RETAIL CENTER On the “going to work” side of LA Hwy 1 in Port Allen, approx. 1/2 mile south of Wal-Mart Supercenter and 1-1/2 miles south of Mississippi River Bridge. Situated west of Baton Rouge and a short commute to downtown Baton Rouge.

Located on LA Hwy. 1 with Excellent Visibility

New CC’s Coffee

Immediate Access to LA Hwy. 1 Service Road

SoSis Clothing Boutique

Traffic Count: 48,000 +/- Vehicles Per Day

Rotolo’s Pizzeria

NOW OPEN NOW OPEN NOW OPEN

Retail Shopping Center Planned Hotel Land Site Available Excellent Visibility Close Proximity to Plant Workers, K-12 Schools and Mississippi River Commerce

year built: 2016 | building size: 10168.0 sq ft | lot size: 1.04 acres

(225) 235-6808 | (225) 344-7000 Property One Inc New Orleans | (504) 336-2703 x406

BUILDING ON

PERFORMANCE AND

TRUST

BEARD CONSTRUCTION GROUP, LLC is an industrial construction firm specializing in all phases of civil construction services. Our management and field supervisor teams have extensive experience in managing and performing on industrial facility expansions and major grass root projects. Our expertise includes working in the most challenging and unique soil conditions native to the Gulf South region.

Corporate Headquarters • 3970 Rosedale Road • Port Allen, LA 70767 • www.beardconstructiongroup.com

INDUSTRIAL

SERVING THE ENTIRE GULF SOUTH

CORE MISSION

CIVIL STRUCTURAL CONSTRUCTION

To provide our customers with superior quality, safe work performance, competitive pricing and a high level of customer service

SITE DEVELOPMENT / EARTHWORK ROADS & INFRASTRUCTURE ENVIRONMENTAL

To provide the most qualified supervision with a work force who has a history of safe work performance and a proven track record

SAFETY

FACILITY MAINTENANCE

QUALITY

EXCELLENCE

Corporate Headquarters • 3970 Rosedale Road • Port Allen, LA 70767 • www.beardconstructiongroup.com

INDUSTRIAL

COURTESY HONEYWELL

INSIGHT SWEET BEGINNINGS: Honeywell Performance Materials and Technologies celebrated the completion of Honeywell’s $300 million manufacturing facility for automotive refrigerants in Geismar in mid-May. The plant is part of $915 million in new capital investment projects Honeywell has completed statewide in the past four years. The combined investments have created 3,311 construction jobs in Louisiana, including 1,363 construction jobs connected to the new Geismar plant. The 55 new direct jobs at the Geismar mobile refrigerants plant will average more than $86,000 per year, plus benefits.

Heavy lifting

Megaprojects kept the Capital Region industrial market humming in 2016 as the vacancy rate fell to a decade-low. BY MEREDITH WHITTEN square feet in new construction that entered the market. The vacancy rate for 2016 was roughly 6.8%, a decrease of one percentage point from 2015 and a rate not experienced since 2005, when the vacancy rate was just shy of 6.5%. Nationally, the vacancy rate fell to a record low 5.6%. In the first two quarters of 2016, Baton Rouge’s industrial market had little growth, affected in part by

uncertainty driven by state government’s budget woes and local economists declaring the state was in a recession. The August 2016 flood had a largely indirect impact on the industrial sector, as it affected the housing market, displacing much of the labor market. In the latter two quarters of 2016, industry confidence improved, with the presidential election eliminating some

uncertainty and President Donald Trump’s administration largely being seen as friendly to heavy industry. This contributed to an increase in activity in the fourth quarter. Changes in state government also affected the industrial market, according to Scot Guidry, partner with Mike Falgoust & Associates Commercial Real Estate. “The new regime locally essentially flip-flopped

Real Estate Report 2017 |

AFTER A DECLINE in 2015, greater Baton Rouge’s industrial market—representing office-warehouse, distribution and manufacturing properties with 5,000 square feet or more of gross building area—saw improvement in 2016. The market had a net absorption of 844,813 square feet of heavy commercial to industrial space in 2016. More than 70% of this absorption came from 593,973

space was modest, resulting in less pressure on rental rates for landlords. New build-to-suit projects are leasing on the high end of the market, typically around $9.50 per square foot. Both materials and labor costs increased. The August 2016 flood affected the labor market, with trade workers moving to work on the reconstruction of flooded properties. The flood did not have much impact on the industrial market’s inventory, however, with only a small percent of office-warehouses experiencing any flooding. Even then, the rental rates for these properties did not seem to decrease. For office-warehouse sales, low interest rates, high construction/permitting and

land costs, and a lack of inventory continued a threeyear tend of stable prices. For 2017, the forecast includes mild, but steady growth with stable vacancy rates. Pricing should remain at current levels and cap rates will remain low due to the shortage of available properties that meet usual investor or owner-occupant demand. A limited supply of vacant lots are available in commercial and industrial parks for sale. Pricing for lots in approved developments in East Baton Rouge and Ascension parishes are expected to see strong interest and sales. This is less likely in West Baton Rouge and Livingston parishes. A few megaprojects have been announced. Formosa

Plastics Group’s $9.4 billion petrochemical plant in St. James Parish is expected to start this year, pending permit approvals. Increased capital expenditures at industrial plants are expected to continue for the next few years. “Historically, the industry side will quiet down first when talking about big-money projects,” says Guidry. “If the market’s not right, they can shut the valve off almost immediately. We run in cycles in the industrial market. We’ve had a great three years, but we can’t stay at that level forever. There is enough going on to satisfy the next 12 months, but beyond that, who can say?”

COOL SPACES

COURTESY HONEYWELL

TAKEAWAYS INDUSTRIAL

| Real Estate Report 2017 68

from Gov. Bobby Jindal’s very pro-business, pro-incentives administration,” Guidry says. “Whether it’s reality or perception, the industry took the new administration as non-friendly toward their interest to increase a presence here or in other coastal states. One thing that industry does not like is uncertainty, which trickles down to broker community and our clients’ interest to locate or expand here.” Negative news regarding Louisiana being in a recession and facing a budget crunch further kept the market subdued, Guidry adds. The bulk (82%) of the 2,121,599 square feet in permitted projects in metropolitan Baton Rouge stemmed from four megaprojects, which collectively accounted for 1,735,000 square feet that was either added to inventory or under construction in 2016. These included the Pepsi distribution center (140,000 square feet); Martin Brower (142,000 square feet); Epic Piping (268,000 square feet); and Dow Chemical (1,185,000 square feet). Beyond these four largescale projects, new construction was modest. The remaining 393,254 square feet of permitted projects primarily included projects for owner-occupiers and a few speculative builds. As in previous years, speculative building was limited to a small group of office-warehouse buildings in the 5,000 square feet to 20,000 square feet range, most of which are located in the La. 30/Gonzales market. Industrial lease rates remained largely unchanged from the previous year. New projects for speculative

Inside Honeywell’s new $300 million manufacturing facility for automotive refrigerants in Geismar, employees work to produce a fast-growing refrigerant that’s currently adopted in 20 million vehicles and expected to reach 40 million vehicles by the end of 2017. The refrigerant is called Solstice HFO-1234yf r, and Honeywell says nearly every automaker plans to use it in at least one of their U.S. models. The mobile refrigerants produced at the Geismar site can reduce the greenhouse gas impact of standard refrigerants now used in most vehicles by more than 99%, Honeywell says, adding Tthe plant will be the world’s largest site for producing the refrigerant. Global adoption of the refrigerant is expected to reduce greenhouse gas emissions by the equivalent of permanently removing more than 30 million cars from the road.

DIGITS

THE MARKET AT A GLANCE

The Capital Region’s industrial market by the numbers*

6.78%

Capital Region industrial vacancy rate at the end of 2016

7.57%

Capital Region industrial vacancy rate at the end of 2015 COURTESY EPIC PIPING

5.6%

U.S. industrial vacancy rate at the end of 2016

703,710

PRETTY COOL: Epic Piping’s new 268,000-square-foot Livingston Parish pipe fabrication facility—the only air-conditioned plant of its kind in the U.S.—was one of the Capital Region’s four megaprojects that accounted for 70% of absorption last year.

Noteworthy industrial projects announced in 2016 include a $9.4-billion Formosa Petrochemical plant and $1.85-billion Yuhuang Chemical methanol complex, both in St. James Parish. Expect mild but steady growth in the industrial market, with little change in vacancy rates, throughout 2017. The desire to pump cash into the market should continue. Commercial and industrial parks have a limited supply of vacant lots for sale. There will be strong interest in pricing for lots in East Baton Rouge and Ascension parishes, but less so in West Baton Rouge and Livingston parishes. Traffic remains an issues for Baton Rouge and the petrochemical industry. A gas tax proposal to fund traffic solutions is not unique to Louisiana, but the Capital Region is unique in its need reroute traffic across the Mississippi

WHAT THEY’RE PAYING

River and around Baton Rouge. For industrial projects being considered in the area, getting employees to work is part of the decision making process.

1,528,226

The hiring, spending and production outlook at Baton Rouge area plants for the next six months looks strong. According to the Greater Baton Rouge Industrial Alliance’s second quarter survey, 26% of area plant managers expect production to increase over the next six months. Meanwhile, 71% expect no change and just 3% expect production to decrease. At the same time, 35% believe capital expenditures will rise, 61% expect spending to hold steady and 3% anticipate spending will fall. On the employment front, 23% expect to bring on some new workers in the next six months and 77% don’t anticipate any changes. Just over half of GBRIA’s 60 members, which include petrochemical, energy, paper, pharmaceutical, pipeline, storage terminal and other industrial facilities in the eight parish region, participated in the survey. All told, the GBRIA Economic Index was 73 for the second quarter, a one point increase from the first quarter. The index ranges from negative 50 to 150. A reading below 50 predicts an expanding economy and values below 50 reflect a contracting economy.

Square feet of industrial space under construction at the end of 2016 *These figure apply to industrial space larger than 5,000 square feet, including office-warehouse and distribution and manufacturing properties as of the end of 2016 in the Baton Rouge area

NEW INDUSTRIAL CONSTRUCTION 1.75 MIL 1.5 MIL

SQUARE FEET

Oil prices have continuously risen throughout 2016, from a low in February of $28 per barrel to $53 per barrel in December. Natural gas prices also rose after the first quarter of 2016. Like energy prices, industrial commodity prices prices increased throughout the year. As of early June, oil prices were holding steady around $50 per barrel.

Square feet of industrial inventory added in 2016, for a total of 27,563,147 square feet

1.25 MIL 1 MIL 750,000 500,000 250,000 0

1st half 2nd half of 2014 of 2014

1st half 2nd half of 2015 of 2015

1st half 2nd half of 2016 of 2016

Average industrial lease rates per square foot in 2016

5,000 to 15,000 square feet of flex space

5,000 to 15,000+ square feet of older office warehouse space

5,000 to 15,000+square feet of new office warehouse space

20,000+ or more square feet of older bulk warehouse

SOURCE: Research data was provided by the Commercial and Investment Division of the Greater Baton Rouge Association of Realtors and presented at the 2017 TRENDS seminar. Industry TRENDS speaker was Scot Guidry of Mike Falgoust & Associates. More information can be found at batonrougetrends.net.

20,000+ or more square feet of new bulk warehouse

Real Estate Report 2017 |

$7.25 - $8.50 $3.25 - $4.25 $8.50 - $9.50 $1.95 - $3.00 $5.50 - $7.00

The

Precision CONSTRUCTION GROUP

PCGBR.COM | 225-753-8191 As seen in the Business Report

INC.

LUXURY ESTATE DEVELOPMENT | HIGH PERFORMANCE CONSTRUCTION HOMES & RENOVATIONS | ICF | LUXURY POOLS

OUR MISSION STATEMENT: At Precision, we deliver a distinct product. From design and execution to post-construction, our objective is to attain the highest level of craftsmanship possible. Our passionate commitment to accuracy, accountability, and function, combined with our unique vision, allows us to wholeheartedly place our name on every project.

This 5 acre estate is currently listed. Contact Rory Breeland for information 225.445.3154

Industrial construction firms

|â&#x20AC;&#x201A; Real Estate Report 2017

INDUSTRIAL

RANKINGS

Ranked by number of local employees.

PREV. RANK

COMPANY

ADDRESS PHONE/WEBSITE

TOP LOCAL EXECUTIVE(S)

NO. OF LOCAL EMPLOYEES

GROSS REVENUE 2016

9,794

$2,641,424,548

9,100

$830,000,000

Turner Industries Group

8687 United Plaza Blvd., Baton Rouge 70809 (225) 922-5050/turner-industries.com

Brown & Root

2600 Citiplace Drive, Ste. 500, Baton Rouge 70808 Andy Dupuy, Fred McManus, Jonathan Batarseh (225) 778-7655/brownandroot.com

Performance Contractors

9901 Pecue Lane, Baton Rouge 70810 (225) 751-4156/performance-br.com

Art Favre, Kevin Courville, Julius Mabile, Lee Jenkins, Willie Lefever, Christian Fast, Dane Bailey, Matt Villere

5,500

$1,520,000,000

Cajun Industries

15635 Airline Hwy., Baton Rouge 70817 (225) 753-5857/cajunusa.com

Todd Grigsby, Mike Moran, Milton Graugnard, Shane Recile

2,500

$721,352,000

EXCEL Group(1)

8641 United Plaza Blvd., Baton Rouge 70809 (225) 408-1300/excelusa.com

David Roberts, Jeff Smith

2,500

N/A

ISC Constructors

20480 Highland Road, Baton Rouge 70817 (225) 756-8001/iscgrp.com

Edward Rispone, Jerry Rispone

2,500

$351,500,000

MMR Group

15961 Airline Hwy., Baton Rouge 70817 (225) 756-5090/mmrgrp.com

James "Pepper" Rutland

1,950

$695,000,000

The Newtron Group

8183 W. El Cajon Drive, Baton Rouge 70815 (225) 927-8921/thenewtrongroup.com

Newton Thomas, Bruce Beard, John Schempf

1,210

$450,000,000

Boh Bros. Construction Co.

8706 Jefferson Hwy, Ste. A, Baton Rouge 70809 (225) 753-0100/bohbros.com

Jeff Plauche

1,200

$271,000,000

CB&I

4171 Essen Lane, Baton Rouge 70809 (225) 932-2500/cbi.com

Edgar Ray

1,182

$10,700,000,000

Pala Group

16347 Old Hammond Hwy., Baton Rouge 70816 (225) 272-5194/palagroup.com

Jorge Tarajano, Scott Barringer, Gay Young

550

$103,240,000

Barriere Construction Co.(1)

11328 Cedar Park Ave., Baton Rouge 70809 (225) 753-1121/barriere.com

George Wilson, Peter Wilson, Bert Wilson, Matt Lammon, Robert Senglemen, Matt Woods, Jim Breland, Doug Olsen, David Mayer, Heath Wahden, Chris Williams, Jason Latiolais

520

N/A

Westgate

1355 Beaulieu Lane, Port Allen 70767 (225) 749-2635/westgatellc.com

John Thigpen, Tim Thigpen

350

$37,000,000

Trade Construction Company

17043 Joor Road, Zachary 70791 (225) 654-7741/tradeconstruction.com

Brennan Easley, Andi Kirkpatrick

285

N/A

Group Industries

15055 Jefferson Hwy., Baton Rouge 70817 (225) 752-2500/group-industries.com

David Arrighi Sr., Shane Kirkpatrick, Kevin Gourgues, Donn Peterson

250

$86,000,000

Beard Construction Group

3970 Rosedale Road, Port Allen 70767 (225) 387-2339/beardconstructiongroup.com

James Beard, Keith Coleman, L. Grant Witty, Matt Milton

249

$47,000,000

Volks Constructors

17474 Old Jefferson Hwy., Prairieville 70769 (225) 673-3236/volksconstructors.com

Lawson King, LaAnn Adams, Steve Munsell, Karl Beadle, Chetta Hudson

230

$40,960,521

Plant Performance Services (P2S)(1)

635 La. 30, St. Gabriel 70776 (225) 756-8992/p2sworld.com

Mack Bozarth

150

N/A

Coastal Industries

4825 Jamestown Ave., Baton Rouge 70808 (225) 766-0244/coastalbuilds.com

Kelly Sills, Devon Overall

$12,000,000

The Lemoine Company

15555 Airline Hwy., Baton Rouge 70817 (225) 383-3710/lemoinecompany.com

Leonard "Lenny" Lemoine

$182,064,139

Roland Toups, Thomas Turner, Billy Guitreau

N/A=Not available. Information presented was provided upon request by company representatives, and Business Report assumes the data are accurate and truthful. Not all area industrial construction firms are shown, only those providing requested information with 69 or more local employees. Industrial construction firms featured in Business Report's Listmakers must have at least one location or facility located in the nine-parish Capital Region, unless otherwise noted. If you would like your company to be considered for next yearâ&#x20AC;&#x2122;s list, or if there are any corrections or additions, please email scrump@businessreport.com. (1) 2016 data. Firm was unable provide updated information at the time of publication.

Researched by Sierra Crump

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