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C O M M E R C I A L I N V E S T M E N T D I V I S I O N
OF THE GREATER BATON ROUGE ASSOCIATION OF REALTORS
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SPONSORS Trends
SNAPPY JACOBS CCIM
REAL ESTATE MANAGEMENT LLC
PropertyManagement
Leasing
Brokerage
FeeBasedCounseling
- Highest and Best Use Studies
- Due Diligence for Acquisition
- Demographic Reports and Trade Area Analysis
- Real Estate role in Estate Planning
- Hotel/Hospitality/Tax Credit Consulting
SalesLeasingCounselingPropertyManagement
BatonRouge(225)381-0105
NewOrleans(504)525-0190
FullServiceCommercialRealEstate
inBatonRougeandNewOrleans
WWW.SNAPPYJACOBS.COM
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IndustrIal Trends Todd Pevey, MPA 2
MIE Properties
OffIce Trends Branon Pesnell, CCIM, SIOR 12
Beau Box Commercial Real Estate
fInance Trends Brian S. Andrews, CMB 24
Andrews Commercial Real Estate Services
retaIl Trends Jonathan Walker, CCIM 34
Maestri-Murrell Real Estate
resIdentIal Trends Tom Cook, MAI 46
Cook, Moore, & Associates
MultI-faMIly Trends D. Wesley Moore, II, MAI, CCIM 62
Cook, Moore, & Associates
cHaIrMan Trends Gary Black, Jr. 79
Wampold Companies
sPecIaltHanKs Trends 80

contents Trends
Staying Strong... Building Stronger!
contents Trends
Copyrighted 2012 Commercial Investment Division of the Greater Baton Rouge Association of REALTORS

. No part may be reproduced or


retransmitted without the express written permission of the Commercial Investment Division of the Greater Baton Rouge Association of
REALTORS

. All opinions expressed herein are those of the writers and should not be relied upon without consultation with your own
investment advisor, attorney, accountant or tax advisor.
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Staying Strong... Building Stronger!
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industrial Trends
The 2010 to 2011 industrial real estate market was essentially fat but showed
indications that the industry is strengthening. While considered high, the 2011 year
end inventory vacancy rate stood at 14.36% as compared to 15.03% at year end
2010. An encouraging indicator of improving conditions was the positive absorption
of occupied inventory of 220,945 sq. ft. in 2011 as compared to negative absorption
of (62,748) sq. ft. in 2010. Absorption is the net change in occupied inventory.
Contributing factors for increased absorption were occupancy of additional bulk
warehouse distribution and fex space that had been vacant in the past. Vacancy
of smaller industrial buildings (5,000 sq. ft. to 10,000 sq. ft.) increased. Heavy industry,
meaning petro-chemical industry, will continue to lead this area out of a recessionary
market. The petro-chemical industry is back in a growth mode, aided in part by
State economic incentives and lower stabilized natural gas prices - which helping
area plants operate more cost efectively and restart shut down units. However, until
there is sustained economic growth, businesses will remain reluctant to enter into
long term leases. Landlords can expect to continue predicting rent concessions from
prospective tenants and on renewals of existing tenants for the short term. Land sales
were essentially non-existent. Still a disconnect between perceived market value
of property values by some sellers versus actual market demand. Some sellers still
holding on to post Hurricane Katrina property values despite signifcant increase in
vacancies since Hurricane Katrina. East Baton Rouge Parish permit dollar values for
new construction was down 22% but additions and expansions were up 60%. No
signifcant change in land or lease rates during 2011. Oil and natural gas exploration
has been increasing around the State. Local pipe and valve as well as other related
service industries should see an increased beneft from oil and gas exploration.
2011 year in review
The Committee identifed 103 vacant industrial buildings, 5,000 sq. ft.
or larger, in the Greater Baton rouge area comprising 3,624,175 sq. ft.
vacant space. The estimated 3,624,175 sq. ft. vacant space summarized by
the following sq. ft. building ranges:
2011 Building vacancy
Sq. Ft. Bldg. Ranges Vacant Bldgs. Total % Vacant (*)
5,000 To 10,000 Sq. Ft. 39 7.77%
10,000 To 20,000 Sq. Ft. 27 11.15%
20,000 To 40,000 Sq. Ft. 17 14.27%
40,000 To 100,000 Sq. Ft. 13 25.76%
100,000 Sq. Ft. Plus 7 41.05%
Total 103 100.00%
(*) Total % Vacant fgures represent percent vacant of the total 3,624,175
sq. ft. by building ranges.
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INDUSTRIAL TRENDS COMMITTEE
Todd Pevey, MPA
MIE Properties, Co-Chairman
Marc Barker, CCIM, SIOR,
NAI Latter & Blum, Co- Chairman
BrenT GarreTT, CCIM, SIOR
Beau Box Commercial
Real Estate
ScoT Guidry, CCIM
(speaker)
Mike Falgoust
& Associates
Commercial
Real Estate
WalT keTchinGS
NAI Latter & Blum
MaTheW laBorde
Beau Box Commercial
Real Estate
david lakvold, MAI
The Lakvold Group
industrial Trends

INDUSTRIAL INVENTORY STATISTICS
(5,000 SQ. FT. & LARGER BUILDINGS)

CATEGORY 2010 2011 % CHANGE

TOTAL INVENTORY 25,168,274 S.F. 25,230,219 S.F. 0.25%

VACANT S.F.

3,783,175 S.F. 3,624,175 S.F. (4.20%)

OCCUPIED S.F. 21, 385,099 S.F. 21,606,044 S.F. 1.03%

VACANT % 15.03% 14.36% (4.46)%

NET ABSORPTION (62,748) S.F. 220,945 S.F. 452.11%

UNDER CONSTRUCTION 32,777 S.F. 184,246 S.F. 462.12%



2011 BUILDING VACANCY

The Committee identified 103 vacant industrial buildings, 5,000 sq. ft. or
larger, in the Greater Baton Rouge area comprising 3,624,175 sq. ft. vacant
space. The estimated 3,624,175 sq. ft. vacant space summarized by the
following sq. ft. building ranges:

Sq. Ft. Bldg. Ranges Vacant Bldgs. Total % Vacant (*)
5,000 To 10,000 Sq. Ft. 39 7.77%
10,000 To 20,000 Sq. Ft. 27 11.15%
20,000 To 40,000 Sq. Ft. 17 14.27%
40,000 To 100,000 Sq. Ft. 13 25.76%
100,000 Sq. Ft. Plus 7 41.05%
Total 103 100.00%

(*) Total % Vacant figures represent percent vacant of the total 3,624,175
sq. ft. by building ranges.


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industrial Trends
INDUSTRIAL INVENTORY HISTORY
MEMO % INVENTORY
VACANT
NET ABSORPTION
OCCUPIED SPACE
2004 11.04% 496,335 S.F.
2005
KATRINA IMPACT
6.48% 2,162,949 S.F.
2006
KATRINA IMPACT
4.74% 1,381,015 S.F.
2007 8.66% 386,483 S.F.
2008
ECON RECESSION
13.78% (100,616) S.F.
2009
ECON RECESSION
14.13% 102,359 S.F.
2010
ECON RECESSION
15.03% (62,748) S.F.
2011
ECON RECESSION
14.36% 220,945 S.F.



HISTORICAL VACANCY AND ABSORPTION
industrial Trends
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industrial Trends
Staying Strong... Building Stronger!
industrial Trends
2011 nOTewOrTHy MaJOr PrOJeCTS
industrial Trends
LandlordConcessionsContinueOnNewLeasesAndRenewals.
Consolidation&MergingOfCompaniesContinue.
TotalNumberEastBatonRougePermitsDown3.5%.2011NewConstruction
Permit Values down 22% But Additions and Expansion Permit Values up 60%.
UncertaintyOfEconomyAndWorldMarketsInTurmoil.
GreaterBatonRougeAreaAmongLastUSACitiesToFeelImpactOf Recession
(Began2008)AndOneOfFirstCitiesToReboundOutOfRecession.
GreaterBatonRougeMLSReports3.3%Increasein2011HomeSales.
6,599 Homes Sold 2011 Compared To 6,387 Homes Sold 2010.
OilAndGasExplorationIncreasing.
USAUnemploymentRemainsAbove8%.
FewIndustrialLandSales.
NoSignifcantChangeInLandValuesandLeaseRates.
Slight4.46%ReductionInVacancyDuring2011.15.03%VacancyIn2010
ComparedTo14.36%VacancyIn2011.
SlightImprovementOfIndustrialRealEstateMarket.
Approx.500,000Sq.Ft.AdditionalBulkWarehouseSpaceLeasedIn2011
ComparedTo2010WhichHelpedReduceVacancyFrom2010.
More5,000To10,000Sq.ft.BuildingsVacantAtEnd2011Versus2010.
220,945Sq.Ft.PositiveAbsorptionIn2011Versus(62,748)Sq.Ft.Negative
AbsorptionIn2010.
NumerousIndustrialPlantExpansionsandNewProjectsAnnounced.
NaturalGasPricesDroppedToAfordableLevels($2.50-$3.00mcfrange)
ResultingInReopeningOfClosedIndustrialPlants.NaturalGasUsedAsFeed
StockAndBoilerFuel.
LoanLendingEnvironmentImproving.
StillReluctanceToLongTermLeasesByIndustrialTenants.ManyTenants
Request Short Term Leases.
2011 noticeable Trends

HISTORICAL VACANCY RATE




industrial Trends
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industrial Trends
Staying Strong... Building Stronger!
2011 saMPle lease rates
Product Type Size/Sq. Ft. Lease Rate
/$Sq. Ft.
Lease
Type
Flex Space 1,000 15,000 $10 - $12 Net
Offce
Warehouse
Older
5,000 10,000 $4 - $6 Net
Offce
Warehouse
New
5,000 10,000 $6 - $8 Net
Warehouse -
Older
5,000 10,000 $2 - $4 Modifed
Gross
Warehouse
Older
10,000 Plus $2 - $3 Modifed
Gross
Warehouse
New
10,000 Plus $4 Net
No signifcant change in lease rates in 2011 compared to 2010. In 2011, industrial lease rates experienced continued downward
pressure. Landlord concessions are common. Creditworthy tenants & long-term leases draw the best deals.
UnionPacifcAnnounced$200MillionMajorExpansionsIncluding$40
Million InRailcarStorageYardInSt.JamesParishAndAdditionalTracks
Between Addis To Livonia
TenPlantAdditionsAndExpansionsAnnouncedInAscensionParishTopping
OneBillionDollarsInInvestment.ProjectsInclude,InPart,WilliamsCompany
EthylenePlantExpansion,BASFNewSurfactantPlant,AirLiquide
ExpansionOfAirSeparationCapacityForProductionOfNitrogenAndArgon,
ImpalaWarehousing,LLCNewBulkMaterialsHandlingTerminal,Ormet
CorporationReopeningAluminumManufacturingFacility
LouisianaScrapBeganConstructionOn26AcreIntracoastalCanalProject.
TheNewScrapFacilityWithBargeAccessWillEnhanceOperationsAnd
Exports
HDSupply100,000Sq.Ft.NewWarehouseUnderConstruction
TycoSafety62,500Sq.Ft.NewWarehouseUnderConstruction
EastJordanIronWorksOnHatchellLane,DenhamSpringsSold
BatonRougeWest,PortGreaterBatonRougeAdditionalBulkWarehouse
Leases
SNFPlaqueminePolymerPlantUnderConstructionInIbervilleParish
LouisDreyfusCommoditiesReplacesCargillToRunGrainElevatorAtPort
With$200MillionPlannedInvestmentNextTwentyYears
NucorSteelAcquiresApprox.4,000AcresInSt.JamesParishForNewIron
Plant
2011 nOTewOrTHy MaJOr PrOJeCTS
8
Working Together For You.
Geordy Waters CCIM Robert L. Pettit, III Ben Graham Drew Pearson
zz!.I.+! w+ter.jett|t.cem
8054 Summa Avenue Suite E
Baton Rouge, Louisiana 70809
teaaect w|t| a..
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availablity. We work together for you.
industrial Trends
industrial Trends industrial Trends
industrial Trends
The industrial real estate market will continue its slight upward trend. Our local
market lagged behind the downturn of the national economy and among the frst
cities to trend back upward. The large capital investment within the petro-chemical
industry over the course of the next few years will help stabilize our economy. This
will perpetuate additional growth the area is witnessing, both commercial and
residential. A few of the positive growth projects include, in part, new Renaissance
BatonRougeHotel,2012completionofWomansHospitalnewfacility,plannedJuban
Crossing retail and residential development, expansion of Baton Rouge River Center,
continued redevelopment of downtown Baton Rouge, and announced petro- chemical
expansions. Financial institutions are opening funding sources on commercial and
industrialprojectswhichmakeeconomicsense.Noorlittlespeculativebuilding.Owner
occupied properties and build to suits with long term leases will be funded to credit
worthyprojects.Withrealestatevacanciesdecreasing,2012willmarkaslowreturnto
a more stabilized market.
2012 fOrecast
10
industrial Trends
YEAR 2009 2010 2011
EBR PERMITS (NUMBER) 21,649 22,565 21,759
EBR PERMIT ($)
SEE NOTE 1
$375,597,425 $710,536,043
SEE NOTE 2
$729,876,485
SEE NOTE 3
EBR PERMIT FEES ($) $4,151,897 $4,878,466 $5,214,726
Note 1: East Baton Rouge Building Permits includes all residential and commercial permits including
schools, churches, hospitals, ofce buildings, and industrial buildings.
Note 2: New Womans Hospital began construction and accounts for approximately
$250,000,000 in new 2010 permit value.
Note 3: Includes OLOL, Womans Hospital, Pinnacle, H & E Equipment Services, Hampton Inn & Suites,
The Woodlands of Baton Rouge, Toys R Us, Safety Council, Sams Club, EMS Headquarters, Louisiana
Sherif Association, HD Supply, Tyco Safety along with several new car dealerships and new church
projects in new 2011 permit
value.
eaST BaTOn rOUGe PariSH BUiLDinG PerMiTS
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O F F I C E T r e n d s
OFFICE TRENDS COMMITTEE
Branon W. Pesnell, CCIM, SIOR
(speaker)
Beau Box Commercial
Jonann Stutzman
JTS Management Company
Gary Black
Wampold Companies
drew Pearson, CCIM
Waters & Pettit
Commercial Real Estate
The frst quarter of 2011 pointed towards a slowly improving market, but hope of
a recovery quickly diminished as activity came to a halt in the second and third
quarters. The ofce market experienced a quick rebound in the fourth quarter of
2011 as several new tenants entered the market. A large number of these tenants
were a result of the state privatization of many departments. These companies
quickly absorbed large blocks of vacant or sublease space that sat idle for several
months.
Signs of the momentum gained in the last quarter of 2011 have continued through
early 2012. Area brokers are taking this good news with a grain of salt, and report
that tenants are still being extremely cautious, and that transactions are still taking
months to complete. As in 2011, early indications for 2012 are pointing towards a
slowly improving market, but skepticism from some area brokers we spoke with
remains. There is still concern that the activity we are seeing has been geared toward
shopping and not buying and buyers and tenants alike are carefully weighing their
options. Everyone is seeking out the best deal possible before making any decisions.
executIve OvervIew OffiCe LeaSinG aCTiviTy
As a result of the sluggish market, tenants and tenant representatives are hitting
landlords from all angles seeking multiple concessions, reduced rental rates, and
fexible lease terms.
Area brokers saw a marked increase the use of long formrequests for Proposals (rPF)
and Letters of Intent (LOI) seeking to pre-negotiate lease language and demanding
concessions that were out of line with our typical offce market. These requests have
been coming from small and large tenants alike, indicating the perception that
landlords have an open checkbook to make deals happen. Landlords in Baton
rouge have been able to keep leasing concessions in line with our typical market
conditions, but have been willing to give shorter lease terms (one to three years) in
hopes of a turnaround in the near future.
Leasing activity has been more prevalent in requests for space of 10,000 square feet
or more and in spaces 2,000 square feet or less. The amount of sublease in the Baton
rouge market space decreased from a high 242,000 square feet in March 2011 to
92,683 square feet in March 2012.
Occupancy rates in Baton rouge remained fairly fat at 82.99%, up from 82.83%
in March 2011, as the majority of the space absorbed was sublease space taken by
companies awarded state privatization contracts. Additionally, a large majority of
the leasing activity in late 2011 and early 2012 has come from relocations of existing
tenants within our market.
Class B & C buildings have been hit the hardest over the past two years. several of
these buildings have vacancies that have been unoccupied for 18 months or more.
spaces that are in need of updating, or have become functionally obsolete, have been
largely ignored by tenants since options exist in Class A properties or in garden offce
buildings. savvy landlords who have invested money in improving their buildings
have been able to attract some tenants, but they must remain fexible on lease
terms.
2004 2005 Post 2006 2007 2008 2009 2010 2011 2012
Katrina
Office Leasing Activity
As a result of the sluggish market, tenants and tenant representatives are hitting
landlords from all angles seeking multiple concessions, reduced rental rates, and
flexible lease terms.
Area brokers saw a marked increase the use of long form Requests for Proposals
(RPF) and Letters of Intent (LOI) seeking to pre-negotiate lease language and
demanding concessions that were out of line with our typical office market. These
requests have been coming from small and large tenants alike, indicating the
perception that landlords have an open checkbook to make deals happen.
Landlords in Baton Rouge have been able to keep leasing concessions in line with
our typical market conditions, but have been willing to give shorter lease terms
(one to three years) in hopes of a turnaround in the near future.
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O F F I C E T r e n d s
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OffiCe SaLeS aCTiviTy
Sales activity in the offce sector continued to be slow in 2011 due to fnancing
concerns and market uncertainty. Additionally, a large gap remains between
buyers and sellers over value expectations.
Buyers are looking for exceptional deals and most sellers are having difculty
acceptingthatpropertyvalueshavedeclinedoverthepasttwoyears.Itisanticipated
that sales activity for arms length transactions will remain weak for the near term.
There were a few more distressed sales in 2011 as lenders have been more aggressive
in taking back troubled properties. This trend is expected to continue as banks
attempt to rid themselves of bad debt. There continues to be a lack of afordable
or stable investment properties on the market and investors are only seeking high
return or value add deals. Owner-occupant demand continues to be low as market
uncertaintyhas made most companiesleeryof buildingownership.Themajorityof
companies prefer to lease due to the fexibility it ofers.
Prudent buyers with good credit and cash will be able to fnd considerably good
deals, especially for owner occupants. However, quality ofce related investment
deals continue to be harder to come by due to tougher lending requirements and
higher cap rates.
225.237.3343 o
225.237.3344 f
beaubox.com Baton Rouge, New Orleans, Lafayette
Oce Retail Industrial Property Management
8710 Jeerson Highway
Baton Rouge, LA
OF F I C E T r e n d s
OF F I C E T r e n d s
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fOrecast
The Baton Rouge ofce market is expected to continue a slow recovery
throughout 2012. Initial signs and activity seem to indicate that the darkest days
are over. With plans for further state privatization and positive outlook for the
petro-chemical industry; we expect that ofce demand should continue to increase
in2012.We expectthe majorityof activityto comefromrelocationsfromwithinour
market, but state privatization may continue to bring new companies to Baton Rouge.
If the petro-chemicalindustrycontinuesto turn around, look for growthfromlarger
engineering frms, who were forced to downsize as industrial construction projects
dried up during the recession. Additionally, if drilling activity in the Tuscaloosa Shale
proves positive, we could see overfow from ancillary business in the ofce sector.
Transactions will continue to progress slowly as companies take their time to evaluate
options and negotiate the best possible deal. Look for this trend to continue as long
as there is any national discussion about economic uncertainty.
Exceptional Office and Flex Space Exceptional Office and Flex Space Exceptional Office and Flex Space
SEALY & COMPANY, INC.
150 James Drive East, Suite 140
St. Rose, Louisiana 70087
BR: 225.767.4776 NO: 504.463.5600
FAX: 504.463.5650
www.sealynet.com
Daniel P. Poulin,
CCIM, SIOR
danP@sealynet.com
Jennifer A. Lee,
CCIM, SIOR
jenniferL@sealynet.com
Baton Rouge Industriplex Business Park

AVAILABLE PROPERTIES:
Baton Rouge 3 - Office/Warehouse
11441 Industriplex Boulevard


Baton Rouge 5 - Office/Warehouse
11200 Industriplex Boulevard


Baton Rouge 6 - Warehouse
6565 Exchequer Drive
3,200 s.f. up to 8,075 s.f.
3,179 s.f. up to 9,224 s.f.
20,000 s.f.
OF F I C E T r e n d s
OF F I C E T r e n d s
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Staying Strong... Building Stronger!
We expect the majority of activity to come from relocations from within our
market, but state privatization may continue to bring new companies to Baton
Rouge. If the petro-chemical industry continues to turn around, look for growth
from larger engineering firms, who were forced to downsize as industrial
construction projects dried up during the recession. Additionally, if drilling
activity in the Tuscaloosa Shale proves positive, we could see overflow from
ancillary business in the office sector. Transactions will continue to progress
slowly as companies take their time to evaluate options and negotiate the best
possible deal. Look for this trend to continue as long as there is any national
discussion about economic uncertainty.
OffiCe MarKeT OCCUPanCy
Average rental rates and occupancy rates for the individual buildings and submarkets
surveyed are shown on the following spreadsheets.
Office Market Occupancy
Average rental rates and occupancy rates for the individual buildings and
submarkets surveyed are shown on the following spreadsheets.
32 Class B Buildings
75.26% Occupied
33 Class A Buildings
88.27% Occupied
Class B Buildings Equal 2,656,989
Total SF
Class A Buildings Equal
3,890,954 Total SF
O F F I C E T r e n d s
O F F I C E T r e n d s
Brad Way, CCIM
Property Management Director
Chris Pike
Property Management Director
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BUILDING CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE
SUBLEASE
6 MONTHS
PENDING
1 Acadian Centre A 75,000 62,500 83.33% $18.00 0 0
2 CitiPlace Centre I (Hancock Bank Building @ CitiPlace) A 85,000 79,700 93.76% $21.00 0 0
3 CitiPlace Centre II A 33,766 25,519 75.58% $20.00 0 0
4 CitiPlace Centre III (The Bancorp Bank Center @ CitiPlace) A 43,282 43,282 100.00% $22.00 0 0
5 Acadia Trace A 121,000 119,755 98.97% $21.00 0 0
6 Corporate Atrium A 76,400 64,400 84.29% $18.00 0 0
7 Corporate Center A 48,000 48,000 100.00% $22.00 0 0
8 Republic Finance A 27,000 17,200 63.70% $27.50 0 0
509,448 460,356 90.36% $21.19 0 0
BUILDING CLASS
SQUARE
FEET
OCCUPIED
OCCUPANCY
RATE
RATE SUBLEASE
6 MONTHS
PENDING
1 One American Place A 333,306 291,703 87.52% $20.00 71,731 0
2 Bank One Centre - North Tower A 202,867 182,829 90.12% $21.00 0 0
3 Bank One South Tower A 332,000 280,446 84.47% $18.00 0 0
4 City Plaza A 166,222 159,162 95.75% $21.00 2,782 0
5 II City Plaza A 257,000 229,690 89.37% $28.00 4,954 0
6 La Cap Building A 75,000 68,000 90.67% $22.00 0 0
1,366,395 1,211,830 88.69% $21.67 79,467 0
BUILDING CLASS
SQUARE
FEET
OCCUPIED
OCCUPANCY
RATE
RATE SUBLEASE
6 MONTHS
PENDING
1 Essen Center A 113,000 31,393 27.78% $20.00 0 0
2 United Plaza IV A 71,547 65,332 91.31% $20.00 7,716 0
3 Jefferson Brentwood A 63,625 60,654 95.33% $18.50 0 0
4 One United Plaza A 94,204 91,026 96.63% $20.00 0 0
5 Two United Plaza A 197,010 181,114 91.93% $20.00 5,500 0
6 United Plaza III A 60,389 40,389 66.88% $19.50 0 0
7 United Plaza IX A 97,000 97,000 100.00% $19.50 0 0
8 United Plaza XII A 154,000 149,630 97.16% $20.00 0 0
9 United Plaza V A 58,365 58,365 100.00% $22.00 0 0
10 United Plaza VIII A 57,932 52,849 91.23% $20.00 0 0
11 United Plaza VII A 58,000 58,000 100.00% N/A 0 0
12 Bluebonnet Centre A 71,656 57,717 80.55% $21.00 0 0
13 Louisiana School Employee Retirement A 112,253 112,253 100.00% N/A 0 0
14 Jacobs Plaza A 192,600 192,600 100.00% N/A 0 0
15 Shaw A 240,000 240,000 100.00% N/A 0 0
16 Perkins Rowe A 126,328 82,109 65.00% $20.00 0 0
1,767,909 1,570,431 88.83% $20.04 13,216 0
BUILDING CLASS
SQUARE
FEET
OCCUPIED
OCCUPANCY
RATE
RATE SUBLEASE
6 MONTHS
PENDING
1 4000 S. Sherwood Office Building A 75,482 70,128 92.91% $19.50 0
2 Court Plaza A 66,000 50,919 77.15% $17.50 0 0
3 CDI Center A 105,720 70,720 66.89% $18.50 0 0
247,202 191,767 77.58% $18.50 0 0
# of
Buildings
AREA CLASS
SQUARE
FEET
OCCUPIED
OCCUPANCY
RATE
RATE SUBLEASE
6 MONTHS
PENDING
8 ACADIAN/COLLEGE A 509,448 460,356 90.36% $21.19 0 0
6 DOWNTOWN A 1,366,395 1,211,830 88.69% $21.67 79,467 0
16 ESSEN/BLUEBONNET A 1,767,909 1,570,431 88.83% $20.04 13,216 0
3 SHERWOOD FOREST A 247,202 191,767 77.58% $18.50 0 0
33 3,890,954 3,434,384 88.27% $20.35 92,683 0
TOTAL
SUMMARY OF OFFICE MARKET BY AREA
For Class A Buildings
Thursday, March 01, 2012
ACADIAN/COLLEGE
DOWNTOWN
ESSEN/BLUEBONNET
SHERWOOD FOREST
Staying Strong... Building Stronger
Located near I-12 and Jefferson Hwy,
the Property offers 24,000 sq. feet of
available space for lease or sale.
New 26 ton Rooftop package units,
New Heater, upgraded VAV boxes,
all resulting in superior energy
efficiencies.
Excess parking of 175 spaces.
7+ spaces per 1,000/sq ft!
Additional land included in sales price
for expansion or new building.


Office Building for Lease or Sale
9489 Interline Avenue
Baton Rouge, LA
CONTACT BEN STALTER FOR MORE INFORMATION:
OFFICE (225) 298-1250 CELL (225) 803-3514
9018 JEFFERSON HWY. BATON ROUGE, LA 70809
WWW.MMCRE.COM
Available for Lease:
10,000-24,000 SQ FT
$16.50/ SF

Available for Sale:
24,000 SQ FT
$3,125,000.00
OF F I C E T r e n d s
OF F I C E T r e n d s
20
12
Staying Strong... Building Stronger!
THE MISS
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BUSINESS
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how Neighbors can fll the missing
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business with a full suite of busines
services from those who know you
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AREA
CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE SUBLEASE PENDING
1 ACADIAN/COLLEGE A & B 596,511 520,918 87.33% $17.59 0 0
2 DOWNTOWN A & B 2,142,034 1,718,718 80.24% $18.23 79,467 0
3 FLORIDA/AIRLINE A & B 1,108,493 833,758 75.22% $12.42 0 0
4 SHERWOOD FOREST A & B 808,182 681,924 84.38% $17.08 0 0
5 ESSEN/BLUEBONNET A & B 1,892,723 1,678,830 88.70% $17.15 13,216 0
6,547,943 5,434,148 82.99% $16.49 92,683 0
AREA CLASS
PRE-KATRINA
OCCUPANCY
PRE KATRINA
OCCUPANCY
%
POST-
KATRINA
OCCUPANCY
POST KATRINA
OCCUPANCY %
OCCUPANCY
12 MONTHS
AFTER
KATRINA
OCCUPANCY
% 12 MONTHS
AFTER
KATRINA
OCCUPANCY
SPRING 2012
OCCUPANCY %
SPRING 2012
ACADIAN/COLLEGE A & B 560,287 90.39% 619,829 100.00% 615,503 99.30% 520,918 87.33%
DOWNTOWN A & B 1,451,248 79.07% 1,776,329 97.47% 1,718,249 95.79% 1,718,718 80.24%
FLORIDA/AIRLINE A & B 236,092 60.53% 323,185 80.36% 962,110 79.74% 833,758 75.22%
SHERWOOD FOREST A & B 553,338 81.36% 607,562 90.40% 631,683 93.99% 681,924 84.38%
ESSEN/BLUEBONNET A & B 1,519,479 95.71% 1,642,932 99.83% 1,621,291 98.52% 1,678,830 88.70%
4,320,444 84.44% 4,969,837 96.27% 5,548,836 94.97% 5,434,148 82.99%
SUMMARY OF OFFICE MARKET BY AREA
For Class A & B Buildings
Thursday, March 01, 2012
O
f
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T
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BUILDING CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE
SUBLEASE
6 MONTHS
PENDING
1 Corporate II B 56,400 32,400 57.45% $14.00 0 0
2 5420 Corporate B 30,663 28,162 91.84% $14.00 0 0
87,063 60,562 69.56% $14.00 0 0
BUILDING CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE
SUBLEASE
6 MONTHS
PENDING
1 Renaissance East B 172,000 172,000 100.00% N/A 0 0
2 Renaissance West B 50,000 0 0.00% $13.00 0 0
3 Gras Town Plaza B 32,000 20,000 62.50% $14.50 0 0
4 Roumain Building B 32,997 28,997 87.88% $16.00 0 0
5 State National B 71,912 32,661 45.42% $15.00 0 0
6 Taylor Building B 30,000 28,000 93.33% $15.00 0 0
7 339 Florida B 44,524 44,524 100.00% $16.00 0 0
8 525 Florida St. (Kinko's Building) B 30,000 30,000 100.00% $17.00 0 0
9 Cordova Square B 20,000 18,500 92.50% $20.00 0 0
10 Commerce Building B 160,000 0 0.00% $13.00 0 0
11 Hibernia Bank B 104,206 104,206 100.00% N/A 0 0
12 500 Laurel Street B 28,000 28,000 100.00% $15.00 0 0
775,639 506,888 65.35% $15.45 0 0
BUILDING CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE
SUBLEASE
6 MONTHS
PENDING
1 Alpha Building (8281 Goodwood) B 30,209 27,406 90.72% $14.50 0 0
2 Dean Tower (5700 Florida) B 79,491 31,305 39.38% $14.00 0 0
3 Mid City Plaza (4962 Florida) B 31,975 5,213 16.30% N/A 0 0
4 Direct General - 10255 Florida B 90,898 0 0.00% $10.00 0 0
5 1900 Lobdell B 53,000 17,214 32.48% $10.50 0 0
6 1771 North Lobdell B 110,000 110,000 100.00% $9.00 0 0
7 Bon Carre B 712,920 642,620 90.14% $16.50 0 0
1,108,493 833,758 75.22% $12.42 0 0
BUILDING CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE
SUBLEASE
6 MONTHS
PENDING
1 IBM B 51,878 29,263 56.41% $18.50 0 0
2 CJ Brown Plaza B 36,000 36,000 100.00% $16.00 0 0
3 Sherwood II B 25,673 23,568 91.80% $15.00 0 0
4 Sherwood Oaks Office Park B 103,000 87,000 84.47% $15.00 0 0
5 Sherwood Plaza Business Park B 61,000 52,491 86.05% $14.50 0 0
6 10719 Airline B 37,500 37,500 100.00% $17.50 0 0
7 Bellsouth Building B 122,849 102,849 83.72% $15.00 0 0
8 Security National B 45,378 45,378 100.00% $14.50 0 0
9 Sherwood Tower B 77,702 76,108 97.95% $15.00 0 0
560,980 490,157 87.38% $15.67 0 0
BUILDING CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE
SUBLEASE
6 MONTHS
PENDING
0 7414 Perkins Road B 72,145 55,730 77.25% $13.50 0 0
2 Essen Crossing B 52,669 52,669 100.00% $15.00 0 0
124,814 108,399 86.85% $14.25 0
# of
Buildings
AREA
CLASS
SQUARE
FEET OCCUPIED
OCCUPANCY
RATE RATE
SUBLEASE
6 MONTHS
PENDING
2 ACADIAN/COLLEGE B 87,063 60,562 69.56% $14.00 0 0
12 DOWNTOWN B 775,639 506,888 65.35% $15.45 0 0
7 FLORIDA/AIRLINE B 1,108,493 833,758 75.22% $12.42 0 0
9 SHERWOOD FOREST B 560,980 490,157 87.38% $15.67 0 0
2 ESSEN/BLUEBONNET B 124,814 108,399 86.85% $14.25 0 0
32 2,656,989 1,999,764 75.26% $14.36 0 0
Thursday, March 01, 2012
ACADIAN/COLLEGE
SUMMARY OF OFFICE MARKET BY AREA
For Class B Buildings
FLORIDA/AIRLINE
DOWNTOWN
SHERWOOD FOREST
ESSEN/BLUEBONNET
TOTAL
O F F I C E T r e n d s
O F F I C E T r e n d s
OF F I C E T r e n d s
OF F I C E T r e n d s
20
12
25
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24
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AN OV
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ommercial M
Development
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nd thrifts co
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there have
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e companies
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VERVIEW O
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ontinue to h
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Banksandthriftscontinuetoholdthemajorityofcommercialrealestatedebtinthe
United States as of the third quarter of 2011. Securitized lenders hold the second
largest piece even though there have been minimal recent originations and regular
principalreductionsandpayofs.AgencyandGSE-backedmortgagepoolsholdthe
third position, followed by life insurance companies, government and other lenders.
fInance
Commercial &Multifamily Mortgage Debt Outstanding
By Sector ($ millions)
The trend in outstanding debt has continued from 2008 with increases in bank and agency
portfolios and decreases in securitized portfolios.
The trend in outstanding debt has continued from 2008 with increases in bank and
agency portfolios and decreases in securitized portfolios.
20
12
While total outstandings are down, the mix within the sectors have changed. Bank
balances are down quarter over quarter and securitized lending is down signifcantly
as that industry has yet to recover. Multifamily lenders have increased balances and
StateandLocalGovernmentlendingisup.
Net Change in Commercial and Multifamily Mortgage Debt Outstanding
by Sector, Third Quarter 2011 ($millions)
While total outstandings are down, the mix within the sectors has changed. Bank balances are
down quarter over quarter and securitized lending is down significantly as that industry has yet
to recover. Multifamily lenders have increased balances and State and Local Government
lending is up.
Net Change in Commercial and Multifamily Mortgage Debt Outstanding
by Quarter ($ millions)
Commercial portfolios are still declining, though at a slower pace, and Multifamily portfolios
are increasing.
Commercial portfolios are still declining, though at a slower pace, and Multifamily
portfolios are increasing.
FINANCE TRENDS COMMITTEE
Brian S. andrews, CMB (speaker)
Andrews Commercial
Real Estate
Tommy kehoe
Eustis Commercial Mortgage
connie Bolen
Homebank
Mark Goodson
East Baton Rouge
Development
Authority
Students
LSUs E.J. Ourso
College of Business
Finance Department
fi nance Trends
fi nance Trends
Staying Strong... Building Stronger!
fi nance Trends
fi nance Trends
20
12
Multifamily Mortgage Debt Outstanding
By Sector ($ millions)
Within just the Multifamily sector there have been significant increases in agency portfolios.
Within just the Multifamily sector there have been signifcant increases in agency
portfolios.
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26
fi nanceTrends
A Community Bank
Since 1916
Business Bankers.
Business Partners.
At Citizens, we strive to be more than just
your business banker. We want to be your
business partner serving local businesses
with one-on-one service in the true
community banking tradition.
Perkins Rowe Branch
10601 Perkins Road
Baton Rouge 70810
225.761.4170
Bocage Branch
7646 Jefferson Hwy.
Baton Rouge 70809
225.923.1916
ONeal Branch
4810 ONeal Lane
Baton Rouge 70817
225.755.1916
Sherwood Branch
2925 S. Sherwood
Baton Rouge 70816
225.291.1420
Belleview Branch
58240 Belleview Road
Plaquemine 70764
225.687.6897
Main Offce
57910 Main Street
Plaquemine 70764
225.687.1916
citizensbankandtrust.com
Jim Purgerson, CCIM
Senior Vice President
jpurgerson@cbtla.com
Peter Henry
Vice President
phenry@cbtla.com
Gwen Cangelosi
Vice President
gcangelosi@cbtla.com
Ryan Elliott
Vice President
relliott@cbtla.com
Brooks Lewis
Senior Vice President
blewis@cbtla.com
Diana Weems
Branch Manager
dweems@cbtla.com
Jack McLarty
Commercial Lending Offcer
jmclarty@cbtla.com
Kathy Miller
Vice President
kmiller@cbtla.com
CBT Realtor Ad Final.indd 1 3/9/12 5:19 PM
fi nance Trends
fi nance Trends
Staying Strong... Building Stronger!
20
12
lender uPdate
RealtyRates.com1stQuarter2012InvestorSurveyofpermanentlendersshowsthe
following preferences of property types (as of the fourth quarter of 2011):
LENDER UPDATE
RealtyRates.com 1st Quarter 2012 Investor Survey of permanent lenders shows the following
preferences of property types (as of the fourth quarter of 2011):
Source: RealtyRates.com
28
In their February 16, 2011 Economic Forecast, the Mortgage Bankers Association
projectedfatresultsforallindicesthroughtheendof2013.
Long Term fixed rate index - The benchmark 10-Year Treausy rate was 3.58% in
February 2011 and declined to 1.97% by February 2012. The Mortgage Bankers
Associationprojectsanincreaseto2.50%bytheendof2012and3.00%bytheendof
2013.
floating rate indexes - The Prime Rate remained at 3.25% for the entire year as the
FederalFundsRateremainednearzerooverthesameperiod.
Interest rate uPdate
INTEREST RATE UPDATE
Floating Rate Indexes - The Prime Rate remained at 3.25% for the entire year as the Federal
Funds Rate remained near zero over the same period.
Average Monthly Prime, Fed Funds and 30-Day LIBOR Rates
January 2006 through February 2012
Source: Federal Reserve
In their February 16, 2011 Economic Forecast, the Mortgage Bankers Association projected flat
results for all indices through the end of 2013.
0
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FedFunds
30DayLIBOR
Long Term Fixed Rate Index The benchmark 10-Year Treasury rate was 3.58%in February
2011 and declined to 1.97%by February 2012. The Mortgage Bankers Association projects an
increase to 2.50%by the end of 2012 and 3.00% by the end of 2013.
10-Year Constant Maturity Treasury Rates
January 2006 through February 2012
Source: Federal Reserve
3.69
3.58
1.97
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10YearUST
29
fi nance Trends
fi nance Trends
Staying Strong... Building Stronger!
fi nanceTrends
fi nanceTrends
20
12
Home Bank has served South Louisiana for over 100 years, taking
pride in actively supporting remarkable local organizations. We are a
full-service bank, ready to help you build a business, buy a home, or
start saving for college. From established companies to families just
starting out, Home Bank offers clients personalized, professional
service. We take pride in helping Louisiana thrive.
Approval subject to Home Bank credit and other qualifcations.
866-401-9440 / www.home24bank.com
EXCEPTIONAL
CONNIE BOLEN / Commercial Lender, Baton Rouge
ITS WHAT WE DO
EVERY DAY
PROGRAMSPOTLIGHT
One of the main goals of the East Baton Rouge Redevelopment Authority (RDA) is the targeted
revitalization of blighted areas through development and economic development initiatives that
add value to the surrounding community and return services back to communities that were once
thriving. Early in our operations, market analysis proved the need for additional financing to
incentivize the rehabilitation or development of commercial and neighborhood retail in the
RDAs targeted areas. Thus, the Gap Finance for Commercial Development Program and the
Business Improvement Grant Program were both created to help meet these needs. The programs
work to reduce the cost of development and construction or rehabilitation in order attract private
investment to these distressed communities.
Gap Finance for Commercial Development (Gap-C)
Program Overview: Gap-C is a financial tool to incentivize real estate developers to build or
rehabilitate commercial developments in target areas. Though this programs budget is currently
limited, the intent remains to stimulate commercial revitalization of community-serving retail in
these target neighborhoods. Gap-C financing cannot exceed $500,000 or 30% of the total project
cost, whichever is less. The loan terms and repayment period will be determined by a third party
underwriter and approved by the Board of Commissioners.
Business Improvement Grant
The Business Improvement Grant provides an incentive to small business owners and owners of
commercial buildings to improve the physical setting while enhancing the neighborhood. This
financial incentive is available to improve the commercial corridors and neighborhood retail
environment within any of our target areas. The grant provides a reimbursable 75%to 25%
match of approved expenditures, up to $7,500 per storefront, for improvements to storefronts and
sites. The RDA has the discretion to award additional funds based on project merit for
improvements within critical redevelopment areas. Eligible improvements may include removing
old faade structures, installation of new awnings, canopies, signage improvements, landscaping
and other site improvements necessary to enhance the property. Some examples of active
projects include the Ogden Park Market shopping center located on Government Street in Mid
City, and the Renaissance Center building located on Plank Road.
theGapFinanceforCommercialDevelopmentProgramandtheBusinessImprovement
Grant Program were both created to help meet these needs. The programs work to
reduce the cost of development and construction or rehabilitation in order attract
private investment to these distressed communities.
Gap Finance for Commercial Development (Gap-C)
Program Overview: Gap-C is a fnancial tool to incentivize real estate developers to
build or rehabilitate commercial developments in target areas. Though this programs
budget is currently limited, the intent remains to stimulate commercial revitalization
of community-serving retail in these target neighborhoods. Gap-C fnancing cannot
exceed$500,000or30%ofthetotalprojectcost,whicheverisless.Theloantermsand
repayment period will be determined by a third party underwriter and approved by
the Board of Commissioners.
30
The RealtyRates.com survey indicates permanent loan pricing as follows as of the fourth quarter
of 2011:
Source: RealtyRates.com
The realtyrates.com survey indicates permanent loan pricing as follows as of the
fourth quarter of 2011
PrOgraM sPOtlIgHt
One of the main goals of the East Baton Rouge Redevelopment Authority (RdA) is
the targeted revitalization of blighted areas through development and economic
development initiatives that add value to the surrounding community and return
services back to communities that were once thriving. Early in our operations, market
analysis proved the need for additional fnancing to incentivize the rehabilitation or
development of commercial and neighborhood retail in the RdAs targeted areas. Thus,
fi nance Trends
fi nance Trends
Staying Strong... Building Stronger!
fi nanceTrends
fi nanceTrends
20
12
Staying Strong... Building Stronger
All loans subject to credit approval. Member FDIC.
Call 800.813.7346 Click whitneybankmortgage.com
Come by one of our convenient Baton Rouge locations
Contact a Whitney mortgage specialist today.
Beth Holden - 225.376.4537
Baton Rouge
Christopher Hughes - 225.791.4162
Walker
Craig Coleman - 225.664.1314
Denham Springs
Gloria Winchester - 225.376.4512
Baton Rouge
Holly LeBlanc - 225.749.3607
Baton Rouge
Jessie Clark - 225.248.7925
Baton Rouge
Jill Spencer - 225.248.7151
Zachary
Lyndra Lea - 225.677.7332
Prairieville
Paul Kyle - 225.621.6144
Gonzales
Terri Heitman - 225.248.7428
Baton Rouge
A Whitney Home Mortgage:
the key to their dream home.
Once you help your clients fnd a great home, help them fnd
the right fnancing to make it theirs. Whitney Bank can help.
Our experienced team can guide your customers through every
step of the process, from prequalifcation to closing. Plus,
they can discover the benefts of using a local lender, check
rates, and even apply online at whitneybankmortgage.com.
W12-72_7.625x10_v2.indd 1 2/23/12 4:09 PM
Business improvement Grant
TheBusinessImprovementGrantprovidesanincentivetosmallbusinessownersand
owners of commercial buildings to improve the physical setting while enhancing
the neighborhood. This fnancial incentive is available to improve the commercial
corridors and neighborhood retail environment within any of our target areas. The
grant provides a reimbursable 75% to 25% match of approved expenditures, up to
$7,500 per storefront, for improvements to storefronts and sites. The RDA has the
discretiontoawardadditionalfundsbasedonprojectmeritforimprovementswithin
critical redevelopment areas. Eligible improvements may include removing old faade
structures, installation of new awnings, canopies, signage improvements, landscaping
and other site improvements necessary to enhance the property. Some examples of
activeprojectsincludetheOgdenParkMarketshoppingcenterlocatedonGovernment
StreetinMidCity,andtheRenaissanceCenterbuildinglocatedonPlankRoad.
FormoreinformationvisittheRDAwebsiteatwww.ebrra.org.
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a SUrvey Of SHOPPinG CenTerS in BaTOn rOUGe:
SPrinG 2012
This report was prepared from data collected from e-mail and telephone surveys of
shopping center managers, leasing agents, and owners conducted by members of
the Baton Rouge TRENdS in Real Estate Retail Committee. Surveys were conducted in
February and March. Extensive independent verifcation was not provided, however
quoted rents and/or vacancies that appeared anomalous were checked.
Description of the analysis
Once again our survey included breaking down data for anchored and non-anchored
spaces. We believe this is the best indicator of what small shop space is actually
leasing for. Previous surveys refected rental rates collected on a high-low basis, with
an average rental rate for each property calculated based on the high-low indicators.
This caused anchored centers (with typically lower rentals for the large spaces) to
signifcantly skew the rental fgures. As this is only the second year of breaking out the
anchor spaces in the rental survey, the reported rental rates should not be compared
to prior year surveys.
The shopping center survey analysis is structured as follows:
Suitesover15,000squarefeetareconsideredtobeanchorspaces.
Rentalratesfornon-anchorspacesarecollectedonahigh-lowbasis,withan
average rental rate for each property calculated based on the high-
low indicators.
Therentalsindicatedarerefectiveofvaryingleaseterms,withsome
shopping centers requiring expense reimbursements from tenants
in addition to base rentals and some shopping centers requiring no
additional reimbursements. To arrive at consistent rentals, any
additionalreimbursementspaidbytenants(generallyforCAM,
taxes and/or insurance) are added to each shopping centers calculated
average rental to arrive at a total average rental.
Attemptstosurveyeachshoppingcenteraremadeeachyear,however,
due to turnover in management and/or ownership, results for each shopping
center are not available every year. Comparison of the total surveyed leasable
space and number of shopping centers indicated in each time period should
not be taken as an indication of new construction and/or demolition, but as
an indication of properties for which data was provided.
TheVacancyRatefgurespresentedshouldnotbeviewedasamatched
sample, as the fgures for each time period refect the results for each
individual survey. They are, however, considered to be indicative of general
market conditions.
Onlyshoppingcentersofover15,000squarefeetofleasablespaceare
included in the survey. Numerous small strip centers throughout the Baton
Rouge area are excluded from the analysis due to the minimal size
requirement for the survey.
BatonRougestwoenclosedshoppingmalls,theMallofLouisianaand
CortanaMall,areexcludedfromthesurvey.Duetothelargesizeofthese
centers and signifcantly higher rentals collected for mall spaces compared to
standard multi-tenant retail spaces, these properties have historically caused
signifcant skewing of the vacancy and average rental results when included
in past reports. They were eliminated from the survey in 2007, with results
from earlier surveys revised to exclude these centers.
BatonRouges3completedlifestylecentersPerkinsRowe,TheBoulevard
attheMallofLouisianaandTowneCenterweresurveyedforthefrsttime
in 2008. As with the shopping malls, these centers collect signifcantly
higher rentals, inclusion of which would likely signifcantly skew the data.
These three centers are generally excluded from the fgures presented,
and specifc information will be given on these centers during the actual
presentation.
AnalysesareperformedbyVacancyRate(Table1),Size/Type(Table2),Age
(Table 3), Location (Table 4) and both Location and Type (Table 5). Tables are
located on pages 36, 38, 39
RETAIL TRENDS COMMITTEE
Jonathan Walker, CCIM
(speaker)
Maestri-Murrell Real Estate
dottie Tarleton, CCIM
Stirling Properties
evan Scroggs
Latter & Blum
austin earhart
Beau Box
Justin langlois, CCIM
Mike Falgoust
& Associates
Sean Mcdonald
Cook Moore & Associates
colin Smith
Kurz & Hebert
charlie colvin , CCIM
Beau Box
Brad Way, CCIM
Mike Falgoust & Associates
35
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Issue Date: Book of Lists Ad proof #1
Please respond by e-mail or fax with your approval or minor revisions.
Ad will run as is unless approval or fnal 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. 2011. All rights reserved. Phone 225-928-1700 Fax 225-926-1329
G R E A T E R
For over 20 years, Maestri-Murrells goal has been to build long
term relationships with an emphasis on personal attention. We
strive to build an environment that simplifes the transaction
process for our clients. We take care of the details so our clients
can focus on the deal points of the transaction.
9018 Jeferson Highway
225.298.1250
www.mmcre.com
225.298.1300 for Virtual Ofce Info.
Commercial Sales & Leasing Residential Sales & Leasing Property Management
COMMERCIAL REAL ESTATE
MADE SIMPLE
Benjamin Stalter Linda Jackson George Murrell Lawrence Maestri
Table 1
Shopping Centers by Vacancy Rate
(Excluding Lifestyle Centers)
Facility Vacancy
Rate Period
Number of
Responding
Centers
Percent of
Total
Responding
Change
from
Previous
Period
Total Surveyed
Leasable Space
Percent of
Total
Responding
Change
from
Previous
Period
Total
Vacant Space
Percent of
Total
Responding
Change
from
Previous
Period
Percent
Anchor Space
10% or Less
Spring 2012 80 65% 15 6,175,720 72% 644,842 139,153 18% 77 45.08%
Spring 2011 65 58% 5 5,530,878 69% 596,544 139,076 17% 12,832 47.71%
Spring 2010 60 56% 12 4,934,334 66% 490,296 126,244 13% 50,846
Spring 2009 48 48% -6 4,444,038 58% 43,659 75,398 8% 17,590
Spring 2008 54 58% 4,400,379 63% 57,808 8%
10.01% to 25%
Spring 2012 20 16% -8 1,094,318 13% -106,376 174,367 22% 1,371 20.26%
Spring 2011 28 25% 5 1,200,694 15% 168,278 172,996 21% 20,078 18.43%
Spring 2010 23 21% -10 1,032,416 14% -646,089 152,918 16% -110,970
Spring 2009 33 33% 7 1,678,505 22% 91,616 263,888 29% 7,503
Spring 2008 26 28% 1,586,889 23% 256,385 34%
25.01% to 50%
Spring 2012 19 15% 5 1,143,286 13% 112,663 386,310 49% 42,227 26.85%
Spring 2011 14 13% -5 1,030,623 13% -134,729 344,083 41% -58,587 35.74%
Spring 2010 19 18% 4 1,165,352 15% -162,728 402,670 43% -65,349
Spring 2009 15 15% 9 1,328,080 17% 726,780 468,019 51% 242,469
Spring 2008 6 6% 601,300 9% 225,550 30%
Over 50%
Spring 2012 4 3% -1 139,835 2% -136,350 89,732 11% -84,642 0.00%
Spring 2011 5 4% -1 276,185 3% -119,371 174,374 21% -88,681 44.17%
Spring 2010 6 6% 2 395,556 5% 221,029 263,055 28% 151,663
Spring 2009 4 4% -3 174,527 2% -175,303 111,392 12% -106,498
Spring 2008 7 8% 349,830 5% 217,890 29%
Total
Spring 2012 123 11 8,553,159 514,779 789,562 -40,967 38.73%
Spring 2011 112 4 8,038,380 510,722 830,529 -114,358 41.68%
Spring 2010 108 8 7,527,658 -97,492 944,887 26,190
Spring 2009 100 7 7,625,150 686,752 918,697 161,064
Spring 2008 93 6,938,398 757,633
Table 2
Shopping Centers by Size/Type
(Excluding Lifestyle Centers)
Shopping
Center
Type Period
Number of
Responding
Centers
Percent of
Total
Responding
Change
from
Previous
Period
Total Surveyed
Leasable Space
Percent of
Total
Responding
Change
from
Previous
Period
Total
Vacant Space
Percent of
Total
Responding
Change
from
Previous
Period
Vacancy
Rate
Change
from
Previous
Period
Average
Center
Size
Change
from
Previous
Period
Percent
Anchor Space
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
Convenience
Center
(30,000 SF
& Under)
Spring 2012 51 41% 6 1,023,283 12% 129,084 132,027 17% -16,984 12.90% -3.76% 20,064 193 1.42% $17.34
Spring 2011 45 40% 0 894,199 11% 212,621 149,011 18% 55,123 16.66% 2.88% 19,871 1,450 0.00% $18.24
Spring 2010 45 42% 8 681,578 9% 62,199 93,888 10% 12,078 13.78% 0.57% 18,421 -348
Spring 2009 37 37% 4 619,379 8% 47,760 81,810 9% 40,500 13.21% 5.98% 18,769 -285
Spring 2008 33 35% 571,619 8% 41,310 5% 7.23% 19,054
Neighborhood
Center
(30,001 to
100,000 SF)
Spring 2012 47 38% 2 2,664,976 31% 38,251 290,490 37% 20,416 10.90% 0.62% 56,702 -1,670 25.70% $13.97
Spring 2011 45 40% 2 2,626,725 33% 115,044 270,074 33% -76,365 10.28% -3.51% 58,372 -39 29.23% $14.95
Spring 2010 43 40% 3 2,511,681 33% 120,820 346,439 37% 25,789 13.79% 0.38% 58,411 -1,361
Spring 2009 40 40% 0 2,390,861 31% -4,781 320,650 35% -17,143 13.41% -0.69% 59,772 -119
Spring 2008 40 43% 2,395,642 35% 337,793 45% 14.10% 59,891
Community
Center
(100,001 to
250,000 SF)
Spring 2012 21 17% 3 2,990,007 35% 365,457 339,755 43% -55,802 11.36% -3.71% 142,381 -3,427 38.86% $15.59
Spring 2011 18 16% 2 2,624,550 33% 375,808 395,557 48% -18,413 15.07% -3.34% 145,808 5,262 43.12% $13.76
Spring 2010 16 15% -3 2,248,742 30% -430,933 413,970 44% -66,609 18.41% 0.48% 140,546 -490
Spring 2009 19 19% 2 2,679,675 35% 275,788 480,579 52% 143,514 17.93% 3.91% 141,036 -369
Spring 2008 17 18% 2,403,887 35% 337,065 44% 14.02% 141,405
Regional
Center
(Over
250,000 SF)
Spring 2012 4 3% 0 1,874,893 22% -33,229 27,290 3% -12,355 1.46% -0.62% 468,723 -8,308 77.39% $19.85
Spring 2011 4 4% 0 1,908,122 24% 35,086 39,645 5% 4,178 2.08% 0.19% 477,031 8,772 76.04% $23.23
Spring 2010 4 4% 0 1,873,036 25% 0 35,467 4% 11,887 1.89% 0.63% 468,259 0
Spring 2009 4 4% 1 1,873,036 25% 353,546 23,580 3% 22,615 1.26% 1.20% 468,259 -38,238
Spring 2008 3 3% 1,519,490 22% 965 0% 0.06% 506,497 506,497
Total
(Excluding
Lifestyle
Centers)
Spring 2012 123 11 8,553,159 514,779 789,562 -40,967 9.23% -1.10% 69,538 -163 38.73% $15.66
Spring 2011 112 4 8,038,380 510,722 830,529 -114,358 10.33% -2.22% 69,701 0 41.68% $16.00
Spring 2010 108 8 7,527,658 -97,492 944,887 26,190 12.55% 0.50% 69,701 -6,551
Spring 2009 100 7 7,625,150 686,752 918,697 161,064 12.05% 1.13% 76,252 1,646
Spring 2008 93 6,938,398 757,633 10.92% 74,606
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Table 3
Shopping Centers by Age
(Excluding Lifestyle Centers)
Year of
Construction or
Rehab Period
Number of
Responding
Centers
Percent of
Total
Responding
Change
from
Previous
Period
Total Surveyed
Leasable Space
Percent of
Total
Responding
Change
from
Previous
Period
Total
Vacant Space
Percent of
Total
Responding
Change
from
Previous
Period
Vacancy
Rate
Change
from
Previous
Period
Average
Center
Size
Change
from
Previous
Period
Percent
Anchor Space
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
2000 or Later
Spring 2012 43 35% 2 2,210,171 26% 49,800 119,533 15% 8,355 5.41% 0.26% 51,399 -1,293 40.86% $20.66
Spring 2011 41 37% 5 2,160,371 27% 434,284 111,178 13% -18,226 5.15% -2.35% 52,692 4,745 43.50% $21.07
Spring 2010 36 33% 11 1,726,087 23% 191,368 129,404 14% 55,504 7.50% 2.68% 47,947 -13,442
Spring 2009 25 25% 4 1,534,719 20% 378,493 73,900 8% 27,645 4.82% -1.78% 61,389 -14,836
Spring 2008 21 23% 1,156,226 17% 46,255 6% 6.60% 76,225
1995-1999
Spring 2012 12 10% 1 1,044,585 12% 64,914 42,615 5% 1,343 4.08% -0.13% 87,049 -2,012 63.35% $19.50
Spring 2011 11 10% -1 979,671 12% 19,159 41,272 5% 10,858 4.21% 1.04% 89,061 9,018 67.55% $20.39
Spring 2010 12 11% 1 960,512 13% 21,320 30,414 3% 7,953 3.17% 0.78% 80,043 -5,338
Spring 2009 11 11% -1 939,192 12% -32,995 22,461 2% 6,697 2.39% 0.77% 85,381 4,365
Spring 2008 12 13% 972,187 14% 15,764 2% 1.62% 81,016
1985-1994
Spring 2012 19 15% 1 1,488,179 17% 7,857 119,787 15% -4,198 8.05% -0.33% 78,325 -3,915 41.51% $15.78
Spring 2011 18 16% -1 1,480,322 18% -55,500 123,985 15% -31,658 8.38% -1.75% 82,240 1,407 41.54% $17.04
Spring 2010 19 18% 2 1,535,822 20% 130,714 155,643 16% 28,695 10.13% 1.10% 80,833 -1,820
Spring 2009 17 17% 0 1,405,108 18% -65,141 126,948 14% 47,515 9.03% 3.63% 82,653 -3,832
Spring 2008 17 18% 1,470,249 21% 79,433 10% 5.40% 86,485
1980-1984
Spring 2012 13 11% -1 1,050,278 12% 4,382 162,478 21% -72,724 15.47% -7.02% 80,791 6,084 36.17% $11.68
Spring 2011 14 13% 1 1,045,896 13% 85,532 235,202 28% 40,749 22.49% 2.24% 74,707 833 43.09% $12.39
Spring 2010 13 12% -2 960,364 13% -165,308 194,453 21% -39,684 20.25% -0.55% 73,874 -1,171
Spring 2009 15 15% 2 1,125,672 15% 316,508 234,137 25% 61,206 20.80% -0.57% 75,045 12,802
Spring 2008 13 14% 809,164 12% 172,931 23% 21.37% 62,243
Before 1980
Spring 2012 36 29% 8 2,759,946 32% 387,826 345,149 44% 26,257 12.51% -0.93% 76,665 -8,054 27.18% $12.95
Spring 2011 28 25% 0 2,372,120 30% 27,247 318,892 38% -116,081 13.44% -5.11% 84,719 974 28.81% $12.24
Spring 2010 28 26% -4 2,344,873 31% -275,586 434,973 46% -26,278 18.55% 0.95% 83,745 1,856
Spring 2009 32 32% 2 2,620,459 34% 89,887 461,251 50% 48,001 17.60% 1.27% 81,889 -2,463
Spring 2008 30 32% 2,530,572 36% 413,250 55% 16.33% 84,352
Total
Spring 2012 123 11 8,553,159 514,779 789,562 -40,967 9.23% -1.10% 69,538 -163 38.73% $15.66
Spring 2011 112 4 8,038,380 510,722 830,529 -114,358 10.33% -2.22% 69,701 0 41.68% $16.00
Spring 2010 108 8 7,527,658 -97,492 944,887 26,190 12.55% 0.50% 69,701 -6,551
Spring 2009 100 7 7,625,150 686,752 918,697 161,064 12.05% 1.13% 76,252 1,646
Spring 2008 93 6,938,398 757,633 10.92% 74,606
Table 4
Shopping Centers by Geographic Area
(Excluding Lifestyle Centers)
Geographic Area Period
Number of
Responding
Centers
Percent of
Total
Responding
Change
from
Previous
Period
Total Surveyed
Leasable Space
Percent of
Total
Responding
Change
from
Previous
Period
Total
Vacant Space
Percent of
Total
Responding
Change
from
Previous
Period
Vacancy
Rate
Change
from
Previous
Period
Average
Center
Size
Change
from
Previous
Period
Percent
Anchor Space
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
Area 1
(South of I-10 &
West of Airline)
Spring 2012 33 27% 1 2,985,937 35% 125,896 74,163 9% -21,857 2.48% -0.88% 90,483 1,107 52.80% $20.13 $35.27
Spring 2011 32 29% 5 2,860,041 36% 523,086 96,020 12% 10,254 3.36% -0.31% 89,376 2,832 57.07% $20.94
Spring 2010 27 25% -3 2,336,955 31% -238,656 85,766 9% 5,965 3.67% 0.57% 86,544 690
Spring 2009 30 30% 0 2,575,611 34% 211,432 79,801 9% 25,596 3.10% 0.81% 85,854 7,048
Spring 2008 30 32% 2,364,179 34% 54,205 7% 2.29% 78,806
Area 2
(North of I-10 &
South/West of
Airline)
Spring 2012 22 18% 4 1,290,684 15% 101,726 194,799 25% 28,037 15.09% 1.06% 58,667 -7,386 14.57% $14.71 $79.47
Spring 2011 18 16% 0 1,188,958 15% 83,320 166,762 20% -12,978 14.03% -2.23% 66,053 4,629 18.51% $13.54
Spring 2010 18 17% -1 1,105,638 15% -109,913 179,740 19% -10,440 16.26% 0.61% 61,424 -2,552
Spring 2009 19 19% 1 1,215,551 16% 73,987 190,180 21% 72,630 15.65% 5.35% 63,976 556
Spring 2008 18 19% 1,141,564 16% 117,550 16% 10.30% 63,420
Area 3
(North of Choctaw
& North/East of
Airline)
Spring 2012 13 11% 2 788,188 9% 85,000 92,961 12% -19,439 11.79% -4.19% 60,630 -3,296 31.34% $11.16
Spring 2011 11 10% 2 703,188 9% 86,116 112,400 14% 52,584 15.98% 6.27% 63,926 -4,638 37.38% $12.30
Spring 2010 9 8% -3 617,072 8% -240,808 59,816 6% -70,793 9.71% -5.51% 68,564 -2,926
Spring 2009 12 12% 4 857,880 11% 271,358 130,609 14% -5,412 15.22% -7.97% 71,490 -1,825
Spring 2008 8 9% 586,522 8% 136,021 18% 23.19% 73,315
Area 4
(South of Choctaw
& East of Airline)
Spring 2012 30 24% 3 2,491,253 29% 183,857 323,586 41% -4,329 12.99% -1.22% 83,042 -2,417 43.92% $13.59
Spring 2011 27 24% -2 2,307,396 29% -163,500 327,915 39% -142,126 14.21% -4.81% 85,459 256 46.51% $14.63
Spring 2010 29 27% -2 2,470,896 33% -209,800 470,041 50% 47,807 19.02% 3.27% 85,203 -1,271
Spring 2009 31 31% 2 2,680,696 35% 130,863 422,234 46% 117,077 15.75% 3.78% 86,474 -1,451
Spring 2008 29 31% 2,549,833 37% 305,157 40% 11.97% 87,925
Area 5
(Zachary)
Spring 2012 8 7% 1 296,236 3% 18,300 66,518 8% 5,668 22.45% 0.56% 37,030 -2,675 27.01% $13.97
Spring 2011 7 6% -1 277,936 3% -18,300 60,850 8% -11,407 21.89% -2.50% 39,705 2,675 17.99% $13.43
Spring 2010 8 7% 0 296,236 4% 824 72,257 9% -23,616 24.39% -8.06% 37,030 103
Spring 2009 8 7% 0 295,412 4% -888 95,873 10% -48,827 32.45% -16.39% 36,927 -111
Spring 2008 8 8% 296,300 4% 144,700 16% 48.84% 37,038
Area 6
(Ascension Parish)
Spring 2012 15 12% 0 626,330 7% 0 34,806 4% -28,626 5.56% -4.57% 41,755 0 20.23% $15.63
Spring 2011 15 12% 0 626,330 7% 0 63,432 8% -711 10.13% -0.11% 41,755 0 17.91% $15.59
Spring 2010 15 13% 626,330 8% 64,143 8% 10.24% 41,755
Area 7
(Livingston
Parish)
Spring 2012 2 2% 0 74,531 1% 0 2,729 0% -421 3.66% -0.57% 37,266 0 0.00% $21.53
Spring 2011 2 2% 0 74,531 1% 0 3,150 0% -9,894 4.23% -13.27% 37,266 0 0.00% $21.53
Spring 2010 2 2% 74,531 1% 13,044 2% 17.50% 37,266
Total
Spring 2012 123 11 8,553,159 514,779 789,562 -40,967 9.23% -1.10% 69,538 -163 38.73% $15.66
Spring 2011 112 4 8,038,380 510,722 830,529 -114,358 10.33% -2.22% 69,701 0 41.68% $16.00
Spring 2010 108 8 7,527,658 -97,492 944,887 26,190 12.55% 0.50% 69,701 -6,551
Spring 2009 100 7 7,625,150 686,752 918,697 161,064 12.05% 1.13% 76,252 1,646
Spring 2008 93 6,938,398 757,633 10.92% 74,606
Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2 Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2
Table 5
Shopping Centers by Geographic Area and Type
(Spring 2012 - Excluding Lifestyle Centers)
Geographic Area
Property
Type
Number of
Responding
Centers
Percent of
Total
Responding
(In Area)
Total Surveyed
Leasable Space
Percent of
Total
Responding
(In Area)
Total
Vacant Space
Percent of
Total
Responding
(In Area)
Vacancy
Rate
Average
Center
Size
Percent
Anchor Space
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
Area 1
(South of I-10 &
West of Airline)
Anchored 12 36% 2,252,905 75% 26,380 36% 1.17% 187,742 69.98% $18.12
Unanchored 21 64% 733,032 25% 47,783 64% 6.52% 34,906 0.00% $21.99 $41.65
Total 33 2,985,937 74,163 2.48% 90,483 52.80% $20.13
Area 2
(North of I-10 &
South/West of
Airline)
Anchored 7 32% 649,137 50% 128,416 66% 19.78% 92,734 28.98% $17.47
Unanchored 15 68% 641,547 50% 66,383 34% 10.35% 42,770 0.00% $12.73 $87.37
Total 22 1,290,684 194,799 15.09% 58,667 14.57% $14.71
Area 3
(North of Choctaw
& North/East of
Airline)
Anchored 6 46% 581,054 74% 74,069 80% 12.75% 96,842 42.52% $9.11
Unanchored 7 54% 207,134 26% 18,892 20% 9.12% 29,591 0.00% $14.46
Total 13 788,188 92,961 11.79% 60,630 31.34% $11.16
Area 4
(South of Choctaw
& East of Airline)
Anchored 14 47% 1,924,070 77% 191,871 59% 9.97% 137,434 26.87% $14.81
Unanchored 16 53% 567,183 23% 131,715 41% 23.22% 35,449 0.00% $11.81
Total 30 2,491,253 323,586 12.99% 83,042 43.92% $13.59
Area 5
(Zachary)
Anchored 1 13% 111,000 37% 50,000 75% 45.05% 111,000 45.05% $7.25
Unanchored 7 88% 185,236 63% 16,518 25% 8.92% 26,462 0.00% $16.61
Total 8 296,236 66,518 22.45% 37,030 27.01% $13.97
Area 6
(Ascension Parish)
Anchored 2 13% 200,147 32% 4,800 14% 2.40% 100,074 56.06% $14.90
Unanchored 13 87% 426,183 68% 30,006 86% 7.04% 32,783 0.00% $15.79
Total 15 626,330 34,806 5.56% 41,755 20.23% $15.63
Total
Anchored 42 34% 5,718,313 67% 475,536 60% 8.32% 136,150 57.15% $15.26
Unanchored 81 66% 2,834,846 33% 314,026 40% 11.08% 34,998 0.00% $16.01
Total 123 8,553,159 789,562 9.23% 69,538 38.73% $15.66
Note: Airline Hwy Shopping Centers between I-12 and Florida Blvd Interchange are included in Area 4, Plank Rd Shopping Centers south of Hooper Rd are included in Area 2
Both Livingston Parish responding centers are un-anchored
5025 Bluebonnet Blvd. Baton Rouge, LA 70809
225-925-2300 Fax: 225-925-1119
www.gullyphelpsmckey.com
David Trusty
Director of Commercial Real Estate
810-9926
datrusty@cox.net
David Palmer
317-3230
pipalmer@hotmail.com
Reputation Resources Results for Over Half a Century!
Wendell Fredieu
964-2310
wendell.fredieu@gmail.com
Doug Garland
954-9416
garprop2@aol.com
Dr. Gary Shetler
938-6154
gary@drgaryshetler.com
Betty Phelps
Broker/Owner
241-2549
bprealtor@aol.com
Julia Kennedy
485-4330
j44kennedy@gmail.com
David McKey
Broker/Owner
241-2548
David.mckey@coldwellbanker.com
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Brokerage | Leasing | Property Management | Development
Serving the Ark-La-Tex and beyond.
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Trends half page.indd 1 3/9/2012 9:34:07 AM
SUMMary Of SPrinG 2012 reTaiL SUrvey
Attemptsweremadetocontact133shoppingcentersinEastBatonRouge,
Ascension and Livingston Parishes, with responses obtained from 123 shop
ping centers.
AcadianVillagewasdemolishedin2008forredevelopmentinfutureyears.
As the property physically contains only Acme Oyster House at the current
time, it is excluded from this years survey.
Excludingthelifestylecenters,atotalof8,553,159squarefeetofleasable
space was surveyed, with 789,562 square feet (9.23%) reported to be vacant.
This vacancy rate is lower than the 10.33% vacancy rate reported in the 2011
survey, and much lower than the 12.55% vacancy rate in the 2010 survey.
AverageTotalCollections(rentandexpensereimbursements)fornon-anchor
spacewere$15.66/squarefoot,whichrefectsa2%dropinrentalratesfrom
the 2011 survey.
anaLySiS By vaCanCy raTe
Table 1 (page 36) contains the analysis by vacancy rate. The overall vacancy rate has
decreased to 9.23% from 10.33% in Spring 2011, 12.55% in Spring 2010 and 12.05% in
Spring2009.InSpring2008,58%ofsurveyedcentersreportedvacancyratesof10%
or less, while only 48% of surveyed centers in Spring 2009, 56% of surveyed centers
in Spring 2010, 58% of surveyed centers in Spring 2011 and 65% of surveyed centers
in Spring 2012 reported vacancy rates of 10% or less. Only 3% of centers reported
vacancies over 50% in Spring 2012 (down from 4% in Spring 2011). 16% of the surveyed
centers reported vacancies of 10.01% to 25% (down from 25% in Spring 2011, (21% in
Spring 2010 and 33% in Spring 2009), while 15% reported vacancies of 25.01% to 50%
(up from 13% in Spring 2011 and down from 18% in Spring 2010). Vacancy rates overall
are the lowest they have been since 2007.
anaLySiS By Size/TyPe
Table 2 (page 36) contains the analysis by shopping center size/type. The surveyed
shopping centers are categorized based on discussions with local leasing agents in
cooperation with CID and the Greater Baton Rouge Association of REALTORS and
defnitions used by the Urban Land Institute and International Council of Shopping
Centers. The shopping center types are as follows:
ConvenienceCenters(under30,000squarefeet)typicallyprovideforthesale
of convenience goods and personal services without having a
standard anchor space.
NeighborhoodCenters(30,001to100,000squarefeet)typicallyprovidefor
the sale of convenience goods and personal services with a grocery anchor
space.
CommunityCenters(100,001to250,000squarefeet)typicallyprovide
clothing, hardware, and appliances, in addition to convenience goods and
personal services. Typically, these are built around a small department,
variety, or discount store.
RegionalCenters(over250,000squarefeet)typicallyprovidegeneral
merchandise, furniture and home furnishings, as well as services and
recreational facilities. These larger centers are often built around one or two
full-line department stores that are generally larger than 100,000 square feet.
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41% of the surveyed centers are considered to be Convenience Centers, though
only 12% (1,023,283 square feet) of the surveyed leasable space is located in these
centers. 38% of the surveyed centers are considered to be Neighborhood Centers,
which contain 31% (2,664,976 square feet) of the surveyed leasable space. 17% of the
surveyed centers and 35% of the surveyed leasable space (2,990,007 square feet) are
considered to be Community Centers, while 3% of the surveyed centers and 22% of the
surveyed leasable space (1,874,893 square feet) are considered to be Regional Centers.
Since the Spring 2011 survey, vacancy rates have decreased in every shopping center
type except for Neighborhood centers, which noted only a slight increase (10.28% to
10.90%). The highest vacancies are noted in the unanchored Convenience Centers
(12.90%), while Regional Centers continue to have a low vacancy rate (1.46%).
Community Centers have a vacancy rate of 11.36%, while Neighborhood Centers
have a vacancy rate of 10.90%.
43% of the reported vacant space is located in Community Centers, while only 3% is
located in Regional Centers. 17% is located in Convenience Centers and 37% is located
in Neighborhood Centers. The highest collections for non-anchor space were noted in
Regional Centers ($19.85/square foot).The lowest average collections were noted in
CommunityCenters($15.59/squarefoot).
anaLySiS By aGe
Table 3 (page 38) contains the analysis by age, with the shopping centers categorized
based on the year of their construction.
The frst set of shopping centers consists of 43 properties that have been constructed
since 2000. There were 11 more recently-built centers included in Spring 2010 than
in Spring 2009, primarily due to the surveying of Livingston and Ascension Parishes
(which have experienced substantial retail growth in the past decade) for the frst
time. 2 of the 5 additional centers included in Spring 2011 are centers in Central, LA
that previously had not been surveyed (one completed in 2006 and the other in early
2011). These newer centers report a Spring 2012 vacancy rate of 5.41%, which is close
to the Spring 2011 vacancy rate of 5.15%. 40.86% of the space is anchor space and
averagetotalcollectionsfornon-anchorspaceare$20.66/squarefoot.Thenextsetof
shopping centers consists of 12 centers constructed between 1995 and 1999. These
centers report a Spring 2012 vacancy rate of 4.08%, which is slightly down from the
Spring 2011 vacancy rate of 4.21% and Spring 2010 vacancy of 3.17%. 63.35% of the
spaceisanchorspaceandaveragetotalcollectionsfornon-anchorspaceare$19.50/
square foot.
19 surveyed shopping centers were constructed between 1985 and 1995. These centers
report a Spring 2012 vacancy of 8.05%, which is down from the Spring 2011 vacancy
rate of 8.38% and the Spring 2010 vacancy rate of 10.13%. 41.51% of the space is anchor
spaceandaveragetotalcollectionsfornon-anchorspaceare$15.78persquarefoot.
13 surveyed shopping centers were constructed between 1980 and 1984. These
centers report a Spring 2012 vacancy rate of 15.47% which is signifcantly down from
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the Spring 2011 vacancy rate of 22.49% and the Spring 2010 vacancy rate of 20.25%
36.17% of the space is anchor space and average total collections for non-anchor space
are$11.68/squarefoot.
36 surveyed shopping centers (representing 32% of the surveyed leasable space and
44% of the vacant space) were constructed before 1980. These centers report a Spring
2012 vacancy rate of 12.51%, down from the Spring 2011 vacancy rate of 13.44% and
signifcantly down from the Spring 2010 vacancy rate of 18.55%. 27.18% of the space
isanchorspaceandaveragetotalcollectionsfornon-anchorspaceare$12.95/square
foot.
The lowest rentals and highest vacancy are noted in the shopping centers built before
1985. These centers represent 40% of the surveyed shopping centers, 44% of the
surveyed leasable space and 65% of the total vacant space.
anaLySiS By GeOGraPHiC area
Table 4 (page 39)containstheAnalysisbyGeographicArea.TheGeographicAreasused
in this survey for shopping centers in Baton Rouge are long-standing and are defned
as follows:
Area1SouthofInterstates10and12andwestofAirlineHighway
Area2NorthofInterstates10and12andsouthandwestofAirlineHighway
alsoincludesshoppingcentersalongPlankRoadbetweenAirlineHighway
and Hooper Road.
Area3NorthofChoctawDriveandAirlineHighway,excludingZacharyand
Plank Road shopping centers between Airline Highway and Hooper Road
Area4SouthofChoctawDriveandeastofAirlineHighwayalsoincludes
shoppingcentersalongAirlineHighwaybetweenInterstate12andFlorida
Boulevard
Area5Zachary(surveyedbeginningin2008)
Area6AscensionParish(surveyedbeginningin2010)
Area7LivingstonParish(surveyedbeginningin2010)
Thehighestaveragenon-anchorcollections($21.51/squarefoot)arenotedinArea7
and the lowest vacancy rate (2.48%) is noted in Area 1, while Area 3 reports the lowest
total non-anchor collections ($11.16/square foot) and Area 5 reports the highest
vacancy rate (22.45%). Area 7 is Livingston Parish and includes only 2 responding
centers (both are new construction with 1st generation tenants), while Area 1 contains
many of the newer retail corridors in Baton Rouge (along Bluebonnet Boulevard,
Siegen Lane, and Perkins Road).
anaLySiS By GeOGraPHiC area anD TyPe
Table 5 (page 39) presents a breakdown of responses from anchored and unanchored
centers in each of the geographic areas. The lowest vacancies in anchored centers
are noted in Area 1 (1.17%) and Area 6 (2.40%), while the highest is noted in Area 5
(45.05%, which is based on a single anchor vacancy). The highest collections for
anchoredcentersarenotedinArea1($18.12/squarefoot)andthelowestcollections
arenotedinArea5($7.25/squarefoot).
The lowest vacancies in unanchored centers are noted in Area 1 (6.52%), while the
highest vacancies are noted in Area 4 (23.22%). The highest collections for unanchored
centersarenotedinArea1($21.99/squarefoot)andthelowestcollectionsarenoted
inArea4($11.81/squarefoot).
SUMMary
Of the 8.553 million square feet of leasable space represented in our sample (not
including lifestyle centers), 9.23% is reported as vacant. This represents a 1.10%
decreaseinvacancyfromtheSpring2011survey.Itshouldbenotedthatthesefgures
do not represent a matched sample of shopping centers, but only refect the results of
each survey. After peaking at its highest in the past 5 years in Spring 2010, the vacancy
rate has declined for the past two years, and is more in line with the vacancy this area
enjoyedin2007,whichwas9.53%.
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exeCUTive SUMMary
Residential Market continued their plateau in 2011. Sales reported to The Greater
Baton Rouge MLS service showed a slight increase in 2011, most likely due to low
interest rates and more available fnancing. The fall in sales volume that began in 2007
and continued until 2010, stopped as volume rose in 2011 by 6.32%. Current inventory
roseby0.78%overlastyear,andmonthsinventoryfellby5.32%.MonthsInventoryis
strongly impacted by the rate of sales but this is still a signifcant increase. Total number
of sales rose in Livingston, Ascension and East Baton Rouge Parishes and inventory
increased only in East Baton Rouge Parish. The greatest gain in new home sales came
inthe$300,000to$400,000pricerangewithanincreaseof12.31%overthelastyear.
The attached residence (condominium and town home) market where sales volume
dropped nearly 23% in 2010 only fell by 3.18% last year. The more expensive new home
category where homes above $400,000 dropped in total number of sales by 40% in
2010, after dropping 62% in 2009 only fell by 6.25% last year.
MarKeT Overview
ThedatastudiedincludesallsalesreportedtotheGreaterBatonRougeMultipleListing
Service which includes East Baton Rouge, West Baton Rouge, Livingston, Ascension,
Iberville,PointeCoupee,EastFelicianaandWestFelicianaParishes.Lastyeartherewere
over1.28billionsalesreportedtotheGreaterBatonRougeMultipleListingServiceby
a membership of over 2600 agents. This study applies to market data analyzed from
March16th,2004toFebruary16th,2012.Alldatawasanalyzedona12-monthbasis
fromMarch16thtoFebruary16th.Therefore,whentheyear2010isreferencedbelow,
itmeansMarch16th2010toFebruary16th2011,andwhentheyear2011isreferenced
itreferstoMarch16th2011toFebruary16th2012.
AnanalysisofdatatakenfromtheGreaterBatonRougeMultipleListingServicefrom
2011to2012indicatedthatfromMarchof2011toFebruaryof2012,therewereatotal
of 6,742 sales. This was up from 6,341 sales in the previous year but down from the high
of 11,826 sales in 2005.Total sales volume rose to about $1.284 billion down about
$1.235 billion the previous year. This represents a gain of 6.32% in total sales and a
riseof3.91%inthetotalsalesvolume.However,averagelistpricesfellfrom$201,364
in 2010 to $196,980 in 2011. This represents a decrease in list prices of 2.18% from
2010 to 2011. Average sale prices fell from $194,871 in 2010 to $190,452 during the
same time period. The decrease in sale price represents 2.27%. The average days on
market(DOM)roseto104in2011from90in2010or15.56%.Themonthsofinventory
decreasedto8.55in2011vs9.03in2010,representinga5.32%decrease.Insummary,
the entire market experienced an increase in volume both in number of sales and total
dollar volume but there were some slight decreases in sale price and increases in the
time it took to sell a home, even with total inventory increasing. The grid that follows
demonstrates changes from 2004 to 2012.
Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 8,829 $1,290,699,582 $149,288 $146,188 84 3,770 5.12
3/2005 to 2/2006 11,826 33.94% $1,969,387,901 52.58% $169,545 13.57% $166,530 13.91% 77 -8.33% 4,067 7.88% 4.12 -19.53%
3/2006 to 2/2007 10,761 -9.01% $2,033,258,350 3.24% $192,408 13.48% $188,946 13.46% 65 -15.58% 3,669 -9.79% 4.09 -0.73%
3/2007 to 2/2008 9,316 -13.43% $1,836,278,393 -9.69% $201,627 4.79% $197,110 4.32% 145 123.08% 4,925 34.23% 6.34 55.01%
3/2008 to 2/2009 7,093 -23.86% $1,430,661,986 -22.09% $207,434 2.88% $201,700 2.33% 95 -34.48% 4,928 0.06% 8.33 31.39%
3/2009 to 2/2010 6,878 -3.03% $1,313,225,284 -8.21% $196,876 -5.09% $190,931 -5.34% 94 -1.05% 4,275 -13.25% 7.45 -10.56%
3/2010 to 2/2011 6,341 -7.81% $1,235,680,205 -5.90% $201,364 2.28% $194,871 2.06% 90 -4.26% 4,772 11.63% 9.03 21.21%
3/2011 to 2/2012 6,742 6.32% $1,284,029,425 3.91% $196,980 -2.18% $190,452 -2.27% 104 15.56% 4,809 0.78% 8.55 -5.32%
Total MLS
MaJOr MarKeT SeGMenTS:
TheGreaterBatonRougemarketisdominatedbythreeparishes:EastBatonRouge,
Livingston,andAscension.Over90%ofthesalesreportedtoMLStakeplaceinthese
three parishes. Each market segment was analyzed separately.
RESIDENTIAL TRENDS
COMMITTEE
Tom cook, MAI
david Wade
Marie Wade
don Stern (speaker)
Cook, Moore & Associates
RESIDENTIAL Trends
RESIDENTIAL Trends
48
eaST BaTOn rOUGe
EastBatonRougeexperiencedsimilartrendsascomparedtothetotalGreaterBaton
Rouge Market.The total number of sales rose by 3.73% over last year.The fall from
2010to2011wasover10.5%.In2010,3,514salestookplace,andin2011therewere
3,645.Listpricesfellby1.19%from$211,855in2010to$209,336in2011.Saleprices
also fell from $204,220 to $201,664 during the same period representing a one year
decrease of 1.25%. When the time it took to sell a home in East Baton Rouge Parish was
analyzed, the market refected an increase from 85 days in 2010 to 104 days in 2011,
representing an increase of 22.35% in marketing time. Current inventory increased
from 2,594 in 2010 to 2,705 in 2011, representing an increase of 4.28%. The current
monthly inventory increased only 0.56%.
ThegridbelowrefectsmarketdataforEastBatonRougeParishfromMarch16th2004
toFebruary16th2012.
Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 5,498 $817,363,785 $152,113 $148,665 77 1,987 4.33
3/2005 to 2/2006 7,121 29.52% $1,208,001,107 47.79% $172,938 13.69% $169,639 14.11% 70 -9.09% 2,221 11.78% 3.74 -13.63%
3/2006 to 2/2007 6,404 -10.07% $1,210,603,571 0.22% $192,874 11.53% $189,038 11.44% 62 -11.43% 2,132 -4.01% 4 6.95%
3/2007 to 2/2008 5,547 -13.38% $1,106,992,598 -8.56% $204,532 6.04% $199,566 5.57% 70 12.90% 2,731 28.10% 5.91 47.75%
3/2008 to 2/2009 4,299 -22.50% $905,193,107 -18.23% $216,757 5.98% $210,558 5.51% 89 27.14% 2,762 1.14% 7.71 30.46%
3/2009 to 2/2010 3,928 -8.63% $775,286,555 -14.35% $204,409 -5.70% $197,374 -6.26% 93 4.49% 2,385 -13.65% 7.28 -5.58%
3/2010 to 2/2011 3,514 -10.54% $717,630,533 -7.44% $211,855 3.64% $204,220 3.47% 85 -8.60% 2,594 8.76% 8.85 21.57%
3/2011 to 2/2012 3,645 3.73% $735,068,059 2.43% $209,336 -1.19% $201,664 -1.25% 104 22.35% 2,705 4.28% 8.9 0.56%
EBR
aSCenSiOn
The parish of Ascension also experienced a rise in total number of sales and in dollar
volume. Both categories increased after decreasing by 5.04% last year. List prices and
sale prices remained almost fat in Ascension with less than a 2% decrease. days on
market increased by 10.11% in 2011 to 98 from 89 the year before. Current inventory
fell by 5.74% from 802 homes available for sale in 2010 to 756 in 2011.
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Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 1,478 $243,736,913 $166,564 $164,909 93 760 6.17
3/2005 to 2/2006 2,173 47.02% $406,712,030 66.87% $188,750 13.32% $187,166 13.50% 83 -10.75% 715 -5.92% 3.95 -35.98%
3/2006 to 2/2007 2,017 -7.18% $433,309,000 6.54% $216,927 14.93% $214,828 14.78% 64 -22.89% 646 -9.65% 3.84 -2.78%
3/2007 to 2/2008 1,582 -21.57% $355,204,922 -18.03% $227,549 4.90% $224,529 4.52% 84 31.25% 858 32.82% 6.54 70.31%
3/2008 to 2/2009 1,208 -23.64% $257,911,924 -27.39% $218,626 -3.92% $213,503 -4.91% 96 14.29% 899 4.78% 8.99 37.46%
3/2009 to 2/2010 1,291 6.87% $261,866,502 1.53% $207,339 -5.16% $202,840 -4.99% 95 -1.04% 738 -17.91% 6.85 -23.80%
3/2010 to 2/2011 1,225 -5.11% $248,666,451 -5.04% $207,636 0.14% $202,993 0.08% 89 -6.32% 802 8.67% 7.85 14.60%
3/2011 to 2/2012 1,342 9.55% $268,271,085 7.88% $204,595 -1.46% $199,903 -1.52% 98 10.11% 756 -5.74% 6.76 -13.89%
Ascension
LivinGSTOn
Livingston Parish typically has been the parish where more afordable housing exist.
TheaveragesalepriceinLivingstonParishin2011was$151,283,ascomparedtothe
average sale price in East Baton Rouge Parish of $201,664, and Ascension Parish of
$199,903.
LivingstonParishexhibitedsomeoftheslowestmarketconditionswithintheGreater
Baton Rouge area from 2007 to 2008 but seemed to have rebounded somewhat from
2008 to 2009. In 2008, there were 1,134 sales that took place. By 2009 that number
had increased to 1,241 an increase of 9.44% after falling by 26.46 % the year before,
but market conditions slowed again in 2010. Total sales dropped from 1,241 in 2009
to 1,092 in 2010 or about 12%. In 2011, the number of sales had increased to 1,141,
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Itisalsointerestingtonotethatin2006afterHurricaneKatrinatherewere2,017sales
so the drop in sales volume from 2006 to 2011 was 62%. Prior to the storm, in 2004
there were 1,478 homes sold in Ascension Parish, and in 2011 there were 1,342 homes
sold, so the sales volume has still not reached pre-Katrina levels.
The grid below refects market data for Ascension Parish from March 16th 2004 to
February16th2012.
and was up 4.49%. dollar volume dropped during the same period by 0.97%, while
list prices and sale prices both fell in 2011. The average days on market went from 100
in 2010 to 102 in 2011, an increase of over 2%. Inventory decreased by 6.26% from
879 homes available for sale in 2010 to 824 homes available in 2011. The total month
inventory decreased by 10.26% over the same period. The recovery that appeared to
be taking place in Livingston has slowed, and even though it appears to be recovering
from the overbuilding it experienced after Hurricane Katrina, the parish has still not
reached the sales volume it produced prior to the storm. In 2004, there were 1,346
homes sold in Livingston Parish, and in 2011, the sales volume was 1,141. The total
number of sales had risen to a high of 1,826 after Hurricane Katrina.
The grid below refects market data for Livingston Parish from March 16th 2004 to
February16th2012.
Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 1,346 $165,382,884 $124,601 $122,869 87 648 5.78
3/2005 to 2/2006 1,826 35.66% $254,330,556 53.78% $141,432 13.51% $139,282 13.36% 88 1.15% 686 5.86% 4.51 -21.97%
3/2006 to 2/2007 1,624 -11.06% $261,130,630 2.67% $163,292 15.46% $160,794 15.44% 67 -23.86% 509 -25.80% 3.77 -16.41%
3/2007 to 2/2008 1,542 -5.05% $253,910,318 -2.77% $167,582 2.63% $164,662 2.41% 68 1.49% 834 63.85% 6.51 72.68%
3/2008 to 2/2009 1,134 -26.46% $188,309,494 -25.84% $170,020 1.45% $166,057 0.85% 106 55.88% 820 -1.68% 8.72 33.95%
3/2009 to 2/2010 1,241 9.44% $200,250,427 6.34% $164,612 -3.18% $161,362 -2.83% 89 -16.04% 770 -6.10% 7.44 -14.68%
3/2010 to 2/2011 1,092 -12.01% $174,313,810 -12.95% $163,339 -0.77% $159,628 -1.07% 100 12.36% 879 14.16% 9.65 29.70%
3/2011 to 2/2012 1,141 4.49% $172,614,557 -0.97% $155,868 -4.57% $151,283 -5.23% 102 2.00% 824 -6.26% 8.66 -10.26%
Livingston
RESIDENTIAL Trends
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52
Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 1,567 $241,321,829 $153,828 $154,002 97 724 5.54
3/2005 to 2/2006 2,219 41.61% $359,290,086 48.88% $161,581 5.04% $161,915 5.14% 103 6.19% 872 20.44% 4.71 -14.98%
3/2006 to 2/2007 2,060 -7.17% $351,065,021 -2.29% $170,480 5.51% $170,419 5.25% 94 -8.74% 849 -2.64% 4.94 4.88%
3/2007 to 2/2008 1,410 -31.55% $244,929,451 -30.23% $174,118 2.13% $173,708 1.93% 99 5.32% 1,026 20.85% 8.73 76.72%
3/2008 to 2/2009 879 -37.66% $153,085,337 -37.50% $176,147 1.17% $174,158 0.26% 144 45.45% 758 -26.12% 10.34 18.44%
3/2009 to 2/2010 1,071 21.84% $180,634,221 18.00% $169,493 -3.78% $168,659 -3.16% 119 -17.36% 528 -30.34% 5.91 -42.84%
3/2010 to 2/2011 1,110 3.64% $185,569,011 2.73% $167,637 -1.10% $167,179 -0.88% 91 -23.53% 586 10.98% 6.33 7.11%
3/2011 to 2/2012 1,076 -3.06% $184,493,569 -0.58% $172,350 2.81% $171,462 2.56% 110 20.88% 539 -8.02% 6.01 -5.06%
MLS 100 to 225
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Staying Strong... Building Stronger
new HOMe SaLeS
Also analyzed were new home sales in the Greater Baton Rouge market. New home
sales were analyzed based upon sale prices. The new home market was subdivided into
homes ranging in price from; $100,000 to $225,000, $225,000 to $300,000, $300,000
to $400,000, and $400,000 and up. Homes in the $300,000 to $400,000 category did
signifcantly better than the rest of the market, considering increases in volume and
price, as compared to last year.
new HOMe SaLeS $100,000 TO $225,000 GreaTer BaTOn
rOUGe MLS area
Thelowerpricerangeorstarterhomemarketseemstohavestabilized.In2010,there
were1,100salesthattookplacefrom$100,000to$225,000.In2011,thatnumberhad
fallen to 1,076 or about 3.06%. The increase was fat from 2009 to 2010 at 3.64% List
pricesandsalepricesweremostlyfatwithbothincreasingatabout2.5%.In2011,the
averagelistpricewasforahomeinthiscategorywas$172,350,whiletheaveragelist
price in 2010 was $167,637, an increase of 2.81%. Sale prices rose in this category by
2.56%. The average days on market increased to 110 from 91 the year before or 20.88%.
Currentinventorydecreasedto539from586,orabout8.02%.Monthsofinventoryfell
to 6.01 from 6.33, or about 5.06%.
AgridrepresentingchangesfromMarchof2004toFebruaryof2012inthe$100,000to
$225,000pricerangefollows:


























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RESIDENTIAL Trends
RESIDENTIAL Trends
54
new HOMe SaLeS $225,000 TO $300,000 GreaTer
BaTOn rOUGe
Newhomes,inthemidpricerange,inthegreaterBatonRougeMLSarearoseslightly
over last year. In 2010 there were 215 sales in this price range and that number rose
in 2011 to 231, representing a rise of 7.44%. dollar volume rose 5.58% also. Pieces in
this category were stable, decreasing less than 2.5%. The bright spot is that inventory
dropped by nearly 36% in 2010 and 11.03% in 2011, so the market appears to be
absorbing the homes in this category. The current inventory in 2010 was 145 homes
and in 2011 that number had fallen to 129. The months inventory decreased by
17.18%. It appears that even with slow sales prices are holding and the inventory is
being absorbed in this category of new homes.
AgridrepresentingchangesfromMarchof2004toFebruaryof2012inthe$225,000
to$300,000pricerangefollows:
Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 332 $85,773,558 $258,213 $258,354 132 173 6.25
3/2005 to 2/2006 456 37.35% $118,067,991 37.65% $258,816 0.23% $258,921 0.22% 107 -18.94% 187 8.09% 4.92 -21.28%
3/2006 to 2/2007 616 35.09% $157,614,821 33.49% $255,518 -1.27% $255,868 -1.18% 85 -20.56% 298 59.36% 5.8 17.89%
3/2007 to 2/2008 555 -9.90% $142,818,326 -9.39% $259,950 1.73% $257,330 0.57% 128 50.59% 430 44.30% 9.29 60.17%
3/2008 to 2/2009 365 -34.23% $94,158,944 -34.07% $260,610 0.25% $257,969 0.25% 161 25.78% 414 -3.72% 13.61 46.50%
3/2009 to 2/2010 348 -4.66% $89,520,779 -4.93% $257,243 -1.29% $254,672 -1.28% 151 -6.21% 226 -45.41% 7.79 -42.76%
3/2010 to 2/2011 215 -38.22% $55,594,769 -37.90% $260,660 1.33% $258,580 1.53% 133 -11.92% 145 -35.84% 8.09 3.85%
3/2011 to 2/2012 231 7.44% $58,698,672 5.58% $254,684 -2.29% $254,106 -1.73% 138 3.76% 129 -11.03% 6.7 -17.18%
MLS
New 225 to 300
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Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 94 $32,073,968 $339,783 $341,212 117 57 7.27
3/2005 to 2/2006 205 118.09% $69,223,193 115.82% $338,348 -0.42% $337,674 -1.04% 120 2.56% 127 122.81% 7.43 2.20%
3/2006 to 2/2007 316 54.15% $108,119,310 56.19% $342,077 1.10% $342,149 1.33% 108 -10.00% 184 44.88% 6.98 -6.06%
3/2007 to 2/2008 252 -20.25% $86,132,747 -20.34% $344,073 0.58% $341,796 -0.10% 147 36.11% 248 34.78% 11.8 69.05%
3/2008 to 2/2009 158 -37.30% $54,802,832 -36.37% $351,115 2.05% $346,853 1.48% 175 19.05% 181 -27.02% 13.74 16.44%
3/2009 to 2/2010 90 -43.04% $30,763,182 -43.87% $349,730 -0.39% $341,813 -1.45% 141 -19.43% 122 -32.60% 16.26 18.34%
3/2010 to 2/2011 64 -28.89% $21,978,309 -28.56% $349,572 -0.05% $343,411 0.47% 155 9.93% 79 -35.25% 14.81 -8.92%
3/2011 to 2/2012 73 14.06% $24,683,359 12.31% $340,678 -2.54% $338,128 -1.54% 134 -13.55% 76 -3.80% 12.49 -15.67%
MLS
New 300 to 400
new HOMe SaLeS $300,000 TO $400,000 GreaTer
BaTOn rOUGe
Inthe$300,000to$400,000pricerangeofsalesvolumedroppedby43.04%in2009
after dropping by 37.30% in 2008. The total number of sales in this price range fell in
2010 by 28.89%. during the time period studied from 2004 to 2010 the highest volume
of sales took place in 2006, the year following Hurricane Katrina with 316 sales. That
number has risen to 73 in 2011 from 64 in 2010. This represents a 332% fall in total
number of sales from the 2006 post Katrina peak. Prior to the storm, this segment
of the market generated 94 sales and so this segment of the market is still over 28%
below the more stable market of 2004. Average sale prices are stable with less than
a 2% change in this category. Inventory is fat with less than a 4% decrease. Months
inventory declined by nearly 15.67%.
AgridrepresentingchangesfromMarchof2004toFebruaryof2012inthe$300,000
to$400,000pricerangefollows:
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Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 53 $28,887,317 $542,385 $545,043 138 55 12.45
3/2005 to 2/2006 115 116.98% $68,086,016 135.70% $595,572 9.81% $592,052 8.62% 142 2.90% 84 52.73% 8.76 -29.64%
3/2006 to 2/2007 119 3.48% $70,765,574 3.94% $595,855 0.05% $594,668 0.44% 123 -13.38% 138 64.29% 13.91 58.79%
3/2007 to 2/2008 156 31.09% $92,870,730 31.24% $597,691 0.31% $595,325 0.11% 149 21.14% 286 107.25% 22 58.16%
3/2008 to 2/2009 213 36.54% $123,759,396 33.26% $590,107 -1.27% $581,030 -2.40% 170 14.09% 260 -9.09% 14.64 -33.45%
3/2009 to 2/2010 80 -62.44% $46,446,627 -62.47% $617,938 4.72% $580,582 -0.08% 222 30.59% 184 -29.23% 27.6 88.52%
3/2010 to 2/2011 48 -40.00% $30,261,118 -34.85% $654,063 5.85% $630,439 8.59% 217 -2.25% 91 -50.54% 22.75 -17.57%
3/2011 to 2/2012 45 -6.25% $27,737,662 -8.34% $636,949 -2.62% $616,392 -2.23% 128 -41.01% 62 -31.87% 16.53 -27.34%
MLS
New 400 and up
new HOMe SaLeS $400,000 anD aBOve GreaTer
BaTOn rOUGe
Theluxuryhomemarketconsistingofthosehomes$400,000andAbove,suferedmore
than most categories in 2009 and 2010. The total number of sales decreased in 2009 by
62.44%,andtotalsalesvolumedecreasedby62.47%in2009.In2010thetotalnumber
of sales fell by 40% and dollar volume fell by nearly 35% in 2010. The decrease had
slowed to 6.25% in 2011. The average days on market indicator decreased by 41.01%.
Current inventory dropped by over 50.54% in 2010, and months of inventory dropped
by17.57%.In2011,theinventorydroppedby31.87%.
AgridrepresentingchangesfromMarchof2004toFebruaryof2012inthe$400,000
and above price range follows:
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COnDOMiniUM / TOwnHOUSe MarKeT
Also studied was the condominium and townhouse market. These are defned by the
Greater Baton Rouge Multiple Listing Service as any residential structure with an
attachedwall.ThesetypehousingunitswerestudiedfromthesametimeperiodMarch
of2004toFebruary2012.ThestudyincludedonlythosesalesreportedtotheGreater
BatonRougeMultipleListingServiceandincludetheentiremarketarea.In2011,there
were 487 sales reported to MLS and it represents a signifcant sample. However, this
type housing is often sold by the developer directly and those sales are not reported
to MLS. Several things of interest are worthy of pointing out. In 2004, the average
sale price for an attached residence was $104,151, by 2008 that fgure had risen to
$196,421.Itfellin2011to$140,399.Theaveragepriceofanattachedresidencefellby
25.17% from 2008 to 2009. The average price remained stable from 2009 to 2010 rising
only1.51%.In2011,ithaddropped5.91%.Totalsalesdroppedby22.62%from2009
to 2011 from 650 to 503, after falling by 25.46% from 2008 to 2009 (872 to 650). Sales
fell only 3.18% from 2010 to 2011. The average days on market increased to 150 from
106 in 2010, or an increase in marketing time of about 41.51%. Current inventory was
reduced by 5.16% over 2011. The average total month inventory fell by 2.04% from
16.17 months to 15.84 months.
AgridrepresentingchangesfromMarchof2004toFebruaryof2012intheAttached
Residential housing market follows:
Total Number % Total Sales % Average % Average % Average % Current % Months %
Year Of Sales Change $ Volume Change List Price Change Sale Price Change DOM Change Inventory Change Inventory Change
3/2004 to 2/2005 685 $71,343,730 $105,657 $104,151 80 407 7.12
3/2005 to 2/2006 1,248 82.19% $149,391,417 109.40% $121,314 14.82% $119,704 14.93% 93 16.25% 625 53.56% 6 -15.73%
3/2006 to 2/2007 1,330 6.57% $187,447,775 25.47% $142,696 17.63% $140,938 17.74% 94 1.08% 832 33.12% 7.5 25.00%
3/2007 to 2/2008 1,245 -6.39% $191,185,387 1.99% $155,739 9.14% $153,562 8.96% 88 -6.38% 1,112 33.65% 10.71 42.80%
3/2008 to 2/2009 872 -29.96% $171,279,382 -10.41% $199,414 28.04% $196,421 27.91% 117 32.95% 964 -13.31% 13.26 23.81%
3/2009 to 2/2010 650 -25.46% $95,542,250 -44.22% $151,631 -23.96% $146,988 -25.17% 149 27.35% 770 -20.12% 14.21 7.16%
3/2010 to 2/2011 503 -22.62% $75,054,738 -21.44% $154,973 2.20% $149,214 1.51% 106 -28.86% 678 -11.95% 16.17 13.79%
3/2011 to 2/2012 487 -3.18% $68,374,521 -8.90% $146,888 -5.22% $140,399 -5.91% 150 41.51% 643 -5.16% 15.84 -2.04%
Attached
Residential Sales and Leasing
Ascension 225-673-4777
Livingston 225-791-1919
Perkins 225-769-1500
Sherwood 225-292-1000
COMMERCIAL PROPERTY
MANAGEMENT
RESIDENTIAL
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COnCLUSiOnS
The residential market appears to have stabilized in 2011. Volume is up and prices are
fat or increasing only slightly. Prices are not dropping signifcantly in any one category
butarenotincreasingdramaticallyeither.Inventoriesaredecreasingslightlyinsome
categories and increasing in others but no one category appears to be rebounding
better than another. Low interest rates have fueled the stabilization, and lenders appear
to have a greater appetite for new loans. Market conditions appear to be stabilizing
and should continue into 2012.
RESIDENTIAL Trends
RESIDENTIAL Trends
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2012 BaTOn rOUGe aParTMenT MarKeT
introduction & Summation
DatacollectedandanalyzedeachSpring&Fall(mostrecentlyinFall/Winter2011-12)
regarding apartment rentals and vacancies by Cook, Moore & Associates (CMA), the
LSURealEstateResearchInstitute,theCIDofGBRARandtheBatonRougeApartment
Association (BRAA) suggests that apartment vacancies in the Baton Rouge area have
returned to historical norms. Prior to Katrina, the Baton Rouge Apartment Association
wasreportingcity-widevacanciesat8%.Asimilarfgure(6%)wasreportedintheLSU/
CMASpring2005report.Forroughly3yearsfollowingthearrivalofHurricaneKatrina
(August 29, 2005), both survey sources were reporting less than 1% vacancy market-
wide. Vacancies have since risen. The fall/winter 2011-12 LSU/CMa report refects
6.84% vacancy market-wide (148 complexes surveyed). Our survey similarly
reported 6.9% vacancy in east Baton rouge Parish for January 2011.
We analyzed two sets of rental data (collected in the Spring and/or Fall of the last
several years), which difer by composition and number of properties included. The
larger matched dataset consists of 107 complexes, with a smallerb matched sample of
39 large (200+ unit) complexes also analyzed. rentals for the 107-complex matched
sample increased 1.7% from fall 2009 to fall 2011 (over a 24-month period),
though they were fat (0% increase) from fall 2010 to fall 2011. The reported
vacancy rate for the matched sample was 6.0% (up from 5.3% in fall 2009 and
2.5% in fall 2008; note that this fgure excludes consideration of the newly-built
& vacant units in the new complexes in lease-up). The matched sample of existing
units is a strong indicator of overall trends.
a bulleted summary of our key considerations & expectations is provided:
The diminished availability of mortgage fnancing for home purchases appears to
have substantially slowed the transition of renters to home ownership, resulting in
greater tenant retention. Tenants lacking a strong credit rating, income history and/
or assets for down payment now have much greater difculty in securing mortgage
fnancing and graduating to home ownership. This appears to have a been a catalyst
for absorption of the incoming units over the past 3+ years.
ThesupplyofrentalunitsintheBatonRougeMSAhasincreasedsubstantially(5,682
newapartmentunitshavebeencompletedsinceKatrinahitonAugust29,2005,610
units are under construction, and 714 units are proposed for construction by 2013
in the MSA; the total new rental supply for 2006-13 could hit 7,000 units). Market-
widevacancieshavereturnedtoalevelofroughly7%,thoughrentalincreaseshave
droppedwellbelowhistoricalnorms(averagerentalsremainedfatat$0.90/squarefoot,
refecting 0% growth, while 2% to 3% annually has been the historical norm). Economic
rents and occupancies (due to concessions, typically in the form of waived rentals, or
free appliances) have moderated in many market segments, as competitive pressures
to lease the remaining inventory of new/vacant units appear to still be having an efect.
Net absorptions for the new complexes, per discussions with owners and managers,
have predominantly hovered in the range of 10 to 30 units per month. The historical
norm for new complexes locally has been 15 to 20 units per month.
Considerationshouldalsobegiventothe1,954forsalecondounitsbuiltintheBaton
Rouge MSA during 2006-10.These have historically drawn primarily on the segment
of the market oriented toward owner-occupancy, but many have been acquired by
investors, or have been converted back to rental units by the original developers (who
have had difculty attracting purchasers capable of securing mortgage fnancing since
2008) and represent competition for traditional rental units. Absorption of these units
by investors has diminished greatly, as fnancing for these acquisitions has become
extremely difcult to secure.Virtually all proposed condo projects have been put on
hold(exceptforafew,small,student-orientedprojectsnearLSU).
The basic mechanics of housing demand are as follows: the national and local norm
has historically been roughly 2.75 people per household, so, for each 1,000 people that
have remained long-term in Baton Rouge as a direct result of Katrina, we should need to
have roughly 360 additional housing units to satisfy the incremental demand created
by such a population increase. As roughly 33% of the local units have historically been
renter-occupied, roughly 120 of these 360 units (per thousand residents) need to be
rental units. As the Baton Rouge areas long-term population has increased by roughly
30,000 due to Katrina (as well as the normal population growth we would normally
MULTI-FAMILY TRENDS
COMMITTEEE
D. Wesley Moore
Cook, Moore & Associates
Sean McDonald
Cook, Moore & Associates
Craig Davenport
(Speaker)
Cook, Moore & Associates
Abby McMasters
Cook, Moore & Associates
Alexis Martin
Cook, Moore & Associates
Elise Moore
Cook, Moore & Associates
Tim Kleinpeter
Cook, Moore & Associates
Ty Gose, CCIM
Latter & Blum Realtors
Gregg Cordaro
Cordaro Companies
David Treppendahl, CCIM
Cook, Moore
& Associates
MULTI-FAMILY Trends
MULTI-FAMILY Trends
64
have generated), the local market should have been able to absorb roughly 3,600
new rental apartment units to satisfy the incremental long-term demand stirred by
Katrina without producing materially adverse impact on the existing rental housing
stock. While the Post-Katrina additions to the supply of rental units has exceeded this
mark, the single-family residential mortgage market wild card appears to have come
into play (as the adverse impact on market occupancies such an oversupplied state
should produce has not yet fully surfaced).
Akeyimpetusforthesubstantialconstructionin2006-08wastheGOZoneAct,which
generated substantial short-term tax benefts for those investing in newly-built realty.
To take advantage of the GO Zone benefts, however, new apartments in the Baton
Rouge had to have a certifcate of occupancy in place prior to december 31, 2008.
These federal tax incentives prompted initiation of construction for certain apartment
units that might otherwise not have commenced. The 12/31/08 deadline (and the
associated rush to complete units by then) might have resulted in a ripple throughout
the local apartment market, but for the other considerations discussed above. The
absence of this incentive should have slowed the infux of new units, though there are
stillroughly610unitsunderconstruction,and714moreunitsproposed/planned.
In Spring 2008, we expected the local apartment market to become highly
concessionary by the end of 2008, particularly in the Class A submarket. While it took a
while longer for the ripple to surface, by latter 2009 we began to see free month and a
free TV (or other similarly structured) concessions ofered at a number of the upscale
properties.Asthevastmajorityoftheincomingsupplyofunitshasbeenupscale,the
Class A properties appear to have felt the brunt of the competitive pressures from
the incoming units. Their competitive adjustments appear to now be forcing rental
adjustments by the Class B properties, who then put pricing pressure on Class C
properties. Nobody is bullet-proof.
There appears to be a short-term oversupply of apartment units in the Livingston
Parish submarket resulting from the completion of 3 complexes with a combined
total of 512 units. BRAA reported 32% vacancy in this submarket in their 2011 survey.
Absorptions in the 3 new complexes have, however, been strong (roughly 20 units per
month).
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MULTI-FAMILY Trends
ii. new aParTMenT COnSTrUCTiOn
Baton Rouge experienced a recovery period in apartment construction from 1995
to 2005. During this period, 36 apartment complexes containing a total of 6,800
rental units (excluding for sale condos) were built in Baton Rouge. Very few of those
new complexes ofered standard, mid-grade apartment units (i.e., virtually all were
oriented toward niche markets, such as students or lower-income households). The
vast majority of the new supply over the past 20 years has been oriented toward
either more afuent tenants, or lower-income households.
Roughly 5,682 units have been completed since Katrina hit in 2005, 610 units are
under construction, and 714 units have been announced/planned for construction
bytheendof2013intheMSA;thetotalfor2006-13couldhit7,000units.Muchof
the new construction in 2006-08 was driven by tax incentives (either via accelerated
depreciation granted via the GO Zone Act, or via low-income housing tax credits
administered by Federal and State agencies). The new apartment complexes built,
underway and planned in Baton Rouge are listed on the following pages.
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The critical factors that will ultimately drive the long-term demand for, and absorption
of,additionalhousingunitsintheBatonRougeareaarethenumberofjobsthatcan
beretainedlocally(wherethejobsgo,thepopulationwillfollow)andtheabilityofour
infrastructure (roads, schools, governing bodies) to accommodate
this growth and maintain the character and marketability of Baton Rouge as a place to
live. Baton Rouge appears to have dodged the brunt of the recession, and remains well
positioned to prosper.
Graphsillustratingtherecenttrendsinapartmentrentalsareprovidedinthefollowing
pages. These will be followed by synopses of new multifamily residential (apartment
andcondo)constructionprojects,andmoredetailedrental/vacancycharts.Formore
detailed discussions and information, please call us (we provide professional consulting
services) or go to www.cookmoore.com or www.batonrougetrends.com.
Not included in these lists may be additional properties (in the planning and/or fnancing
stages) for which the site has not been purchased, site plan approval has not been granted
and/or plans have not been publicly announced. As construction of new units cannot occur
without site plan approval and the process of acquiring such approval is highly political
and speculative (as can be the site acquisition process), inclusion of such properties in a
traditional pipeline analysis would be inappropriate.
II. New Apartment Construction
Baton Rouge experienced a recovery period in apartment construction from 1995 to 2005. During this period,
36 apartment complexes containing a total of 6,800 rental units (excluding for sale condos) were built in Baton
Rouge. Very few of those new complexes offered standard, mid-grade apartment units (i.e., virtually all were oriented
toward "niche" markets, such as students or lower-income households). The vast majority of the new supply over the
past 20 years has been oriented toward either more affluent tenants, or lower-income households.
Roughly 5,682 units have been completed since Katrina hit in 2005, 610 units are under construction, and
714 units have been announced/planned for construction by the end of 2013 in the MSA; the total for 2006-13 could
hit 7,000 units. Much of the new construction in 2006-08 was driven by tax incentives (either via accelerated
depreciation granted via the GO Zone Act, or via low-income housing tax credits administered by Federal and State
agencies). The new apartment complexes built, underway and planned in Baton Rouge are listed on the following pages.
Not included in these lists may be additional properties (in the planning and/or financing stages) for which the
site has not been purchased, site plan approval has not been granted and/or plans have not been publicly announced.
As construction of new units cannot occur without site plan approval and the process of acquiring such approval is
highly political and speculative (as can be the site acquisition process), inclusion of such properties in a traditional
pipeline analysis would be inappropriate.
Apartment Complexes Completed in 2011
in the Baton Rouge, Louisiana MSA
Project Name,
Developer & Location
# of
Units Completion Date Comments
Cottages of Baton Rouge 223 2011 Upscale/Luxury Student-Oriented units
(Capstone, Birmingham, AL) of financed conventionally;
Nicholson at Ben Hur 382 2
nd
Phase Completed mid-2011
Aspen Heights 125 2011 Upscale/Luxury Student-Oriented units
(Breckenridge Group, TX) financed conventionally;
River Road at Brightside Construction completed
The Parc at Denham 224 2010-11 Mid-scale Conventional units
31092 LA Highway 16 financed under HUD 221d4 program;
Denham Springs Construction completed
Suma Lake 144 2011-12 Mid-scale Conventional units
Satsuma Road at I-12 financed conventionally;
Satsuma Construction completed
Mt. Carmel Gardens 28 2011 Affordable Housing (Tax Credit) units
5357 Prescott Scattered-Site Single-Family Dwellings
Baton Rouge Construction completed
Scott Elementary 60 2011 Affordable Housing (Tax Credit) units
Gulf Coast Housing Partners for Single Room Occupancy (SRO)
900 North 19
th
Street Construction completed
GHCP - One Stop 36 2011-12 Affordable Housing (Tax Credit) units
Gulf Coast Housing Partners for Single Room Occupancy (SRO)
153 North 17
th
Street Construction completed
Total 2011 840
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Apartment Complexes Completed in 2010
in the Baton Rouge, Louisiana MSA
Project Name,
Developer & Location
# of
Units Completion Date Comments
Cottages of Baton Rouge 159 2010 Upscale/Luxury Student-Oriented units
(Capstone, Birmingham, AL) of financed conventionally;
Nicholson at Ben Hur 382 159 of 382 Units Completed
Villages at Juban Lakes 144 2010 Mid-scale Conventional units
(Tom Delahaye, Plaquemine) financed under HUD 221d4 program;
Buddy Ellis Road in Denham Springs Construction completed
Oakwood Terrace 60 2010 Affordable Housing (Tax Credit) units
(Bowen Arnold) Single-family, Scattered-site Rental Grouping
Off Micken Rd Construction completed
Fullerton Estates 22 2010 Affordable Housing (Tax Credit) units
(Jeff Beaver) Single-family, Scattered-site Rental Grouping
J.H. Cooney Dr off Plank Rd Construction completed
Total 2010 385
Apartment Complexes Under Construction in 2012
in the Baton Rouge, Louisiana MSA
Project Name,
Developer & Location
# of Expected
Units Completion Date Comments
The Woodlands 291 August 2012 Upscale/Luxury Student-Oriented units
(David Mulkey/Tom Scott, Dovetail Cos) financed conventionally;
Ben Hur off Nicholson Under construction
Bellhaven Trace 31 2012 Affordable Housing (Tax Credit) units
(Trilateral Development, LLC) financed under subsidy programs;
Wooddale Blvd Cconstruction near completion
Hooper Springs 48 2011 Affordable Housing (Tax Credit) units
(CDI, Idaho) Construction Underway
Hooper Road
Woodcrest 48 2012 Affordable Housing (Tax Credit) units
(LDG Development) Construction Underway
1900 Lobdell Blvd
Mallard Crossing 192 2012 Affordable Housing (Tax Credit) units
(LDG Development) Construction Underway
Greenwell Springs Road
Total 2012 610
Apartment Complexes Completed in 2010
in the Baton Rouge, Louisiana MSA
Project Name,
Developer & Location
# of
Units Completion Date Comments
Cottages of Baton Rouge 159 2010 Upscale/Luxury Student-Oriented units
(Capstone, Birmingham, AL) of financed conventionally;
Nicholson at Ben Hur 382 159 of 382 Units Completed
Villages at Juban Lakes 144 2010 Mid-scale Conventional units
(Tom Delahaye, Plaquemine) financed under HUD 221d4 program;
Buddy Ellis Road in Denham Springs Construction completed
Oakwood Terrace 60 2010 Affordable Housing (Tax Credit) units
(Bowen Arnold) Single-family, Scattered-site Rental Grouping
Off Micken Rd Construction completed
Fullerton Estates 22 2010 Affordable Housing (Tax Credit) units
(Jeff Beaver) Single-family, Scattered-site Rental Grouping
J.H. Cooney Dr off Plank Rd Construction completed
Total 2010 385
Apartment Complexes Under Construction in 2012
in the Baton Rouge, Louisiana MSA
Project Name,
Developer & Location
# of Expected
Units Completion Date Comments
The Woodlands 291 August 2012 Upscale/Luxury Student-Oriented units
(David Mulkey/Tom Scott, Dovetail Cos) financed conventionally;
Ben Hur off Nicholson Under construction
Bellhaven Trace 31 2012 Affordable Housing (Tax Credit) units
(Trilateral Development, LLC) financed under subsidy programs;
Wooddale Blvd Cconstruction near completion
Hooper Springs 48 2011 Affordable Housing (Tax Credit) units
(CDI, Idaho) Construction Underway
Hooper Road
Woodcrest 48 2012 Affordable Housing (Tax Credit) units
(LDG Development) Construction Underway
1900 Lobdell Blvd
Mallard Crossing 192 2012 Affordable Housing (Tax Credit) units
(LDG Development) Construction Underway
Greenwell Springs Road
Total 2012 610
Apartment Complexes Proposed for 2012-2013
(Not Yet Under Construction) in the Baton Rouge, Louisiana MSA
Project Name,
Developer & Location
# of Expected
Units Completion Date Comments
Cypress Springs Elderly 144 2012-13 Affordable Housing (Tax Credit) units
(CDI) financed under subsidy programs;
Hooper Road east of Plank Road Site being cleared for construction
GCHP- Mid-City - Olinde Building 32 2012-13 Affordable Housing (Tax Credit) units
(Gulf Coast Housing Partners) to be financed under subsidy programs;
Construction has not started
1854 North Street 38 2012-13 Affordable Housing (Tax Credit) units
(Gulf Coast Housing Partners) to be financed under subsidy programs;
Construction has not started
Gardens of Baton Rouge 50 2012-13 Affordable Housing (Tax Credit) units
(Gary Hinton) to be financed under subsidy programs;
Construction has not started
The Elysian 100 2012-13 Affordable Housing (Tax Credit) units
(Gulf Coast Housing Partners) to be financed under subsidy programs;
Spanish Town Road east of I-110 Construction has not started
University Edge 158 2013 Upscale/Luxury Student-Oriented units
(Hallmark Campus Properties) to be financed conventionally;
West McKinley at Iowa Site acquired; construction has not started
High Grove 192 2013 Upscale/Luxury Student-Oriented units
(Domain Companies) to be financed via HUD 221d4;
Picardy Blvd off I-10 Construction has not started
Total Units Planned 714
III. Condominium Construction
A source of housing sometimes overlooked is for sale (investor and/or owner-occupant oriented) condo
construction. Numerous condo developments have been built over the past several years and most attracted reasonably
rapid absorption through early 2007 (typically 5 to 10 units selling per month, depending more on construction schedules
and availability than market demand). Absorptions since mid-2007 have been notably slower, as the reduced availability
of mortgage financing for condo purchasers has adversely impacted demand for condos. Only 2 small, student-oriented
developments and 3 suburban projects (totaling less than 100 units), however, have been built since 2008.
Additional developments are known to be in the works. With the weak recent absorptions noted, it is likely the
influx of units will slow materially. Until mortgage financing becomes more readily available for condos, absorptions
will likely remain slow.
IV. Apartment Rent & Vacancy Statistics
On the following pages are presented tables summarizing the figures compiled in the LSU/CMA apartment
surveys performed in Fall/Winter 2011-12:
iii. COnDOMiniUM COnSTrUCTiOn
A source of housing sometimes overlooked is for sale (investor and/or owner-
occupant oriented) condo construction. Numerous condo developments have been
built over the past several years and most attracted reasonably rapid absorption
through early 2007 (typically 5 to 10 units selling per month, depending more on
construction schedules and availability than market demand). Absorptions since mid-
2007 have been notably slower, as the reduced availability of mortgage fnancing for
condo purchasers has adversely impacted demand for condos. Only 2 small, student-
oriented developments and 3 suburban projects (totaling less than 100 units),
however, have been built since 2008.
Additional developments are known to be in the works. With the weak recent
absorptions noted, it is likely the infux of units will slow materially. Until mortgage
fnancing becomes more readily available for condos, absorptions will likely remain
slow.
MULTI-FAMILY Trends
MULTI-FAMILY Trends
MULTI-FAMILY Trends
MULTI-FAMILY Trends
iv. aParTMenT renT & vaCanCy STaTiSTiCS
On the following pages are presented tables summarizing the fgures compiled in the
LSU/CMAapartmentsurveysperformedinFall/Winter2011-12:
70
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Building communities
one family at a time.
Donna Shaheen
Account Service Representative
Gonzales, LA
(225) 382-4815
dshahee@entergy.com
Dennis Smith
Account Service Representative
Baton Rouge, LA
(225) 763-5257
dsmit15@entergy.com
MULTI-FAMILY Trends
MULTI-FAMILY Trends
72
Area
Number of
Complexes 0 BR 1 BR 2 BR 3 BR 4 BR 0 BR 1 BR 2 BR 3 BR 4 BR Total 0 BR 1 BR 2 BR 3 BR 4 BR Total
ALL 148 $568 $703 $843 $1,009 $1,400 $1.217 $0.990 $0.832 $0.820 $1.048 $0.885 9.52% 6.21% 7.14% 7.68% 4.57% 6.84%
1 41 $671 $751 $969 $1,385 $1,612 $1.371 $1.093 $0.986 $1.202 $1.228 $1.069 15.73% 7.31% 7.98% 7.35% 3.15% 7.61%
2 35 $582 $821 $955 $1,175 $895 $1.394 $1.103 $0.887 $0.880 $0.695 $0.951 4.29% 4.27% 4.86% 4.67% 3.33% 4.59%
3 37 $510 $707 $819 $893 $889 $1.036 $0.969 $0.791 $0.691 $0.562 $0.825 8.00% 6.27% 7.46% 8.70% 11.67% 7.18%
4 15 $450 $476 $571 $671 - $0.900 $0.730 $0.609 $0.563 - $0.637 0.00% 7.40% 6.54% 4.00% - 6.60%
5 20 $427 $504 $580 $675 $757 $0.935 $0.747 $0.628 $0.625 $0.600 $0.668 4.00% 6.86% 9.65% 11.47% 7.41% 8.68%
Table 1
Average Rent Average Rent per Sq. Ft. Vacancy Rate
Apartment Data by Area
(Fall 2011 Full Data Set)
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Area
Number of
Complexes 0 BR 1 BR 2 BR 3 BR 4 BR 0 BR 1 BR 2 BR 3 BR 4 BR Total 0 BR 1 BR 2 BR 3 BR 4 BR Total
ALL 51 $655 $761 $904 $1,089 $1,266 $1.299 $1.038 $0.868 $0.840 $0.873 $0.921 5.23% 5.77% 6.89% 7.85% 7.04% 6.51%
1 14 $842 $819 $1,026 $1,493 $1,415 $1.592 $1.133 $1.013 $1.192 $1.010 $1.077 6.41% 6.33% 7.49% 7.72% 5.23% 6.94%
2 12 $625 $889 $1,087 $1,325 - $1.377 $1.170 $0.993 $0.959 - $1.053 4.08% 3.71% 3.59% 4.20% - 3.73%
3 20 - $705 $828 $870 $889 - $0.968 $0.795 $0.669 $0.562 $0.829 - 6.35% 7.57% 9.44% 11.67% 7.29%
4 2 $450 $523 $623 $742 - $0.900 $0.736 $0.603 $0.585 - $0.632 0.00% 8.84% 7.20% 3.17% - 7.16%
5 3 $362 $423 $506 $660 - $0.701 $0.592 $0.507 $0.581 - $0.548 4.55% 6.27% 9.58% 13.08% - 8.77%
Average Rent Average Rent per Sq. Ft. Vacancy Rate
Table 2
Apartment Data by Area for Large Complexes
(Fall 2011 Full Data Set)
MULTI-FAMILY Trends
MULTI-FAMILY Trends
74
20
12
75
Staying Strong... Building Stronger!
Vacancy
Zip
Code
Number of
Complexes
Number
of Units per Unit per Sq. Ft. Total
70802 4 627 $819 $1.147 7.81%
70805 5 712 $517 $0.715 7.44%
70806 22 2,897 $675 $0.735 7.97%
70807 2 168 $575 $0.654 11.90%
70808 17 2,800 $874 $1.029 6.79%
70809 21 4,025 $963 $0.982 4.62%
70810 9 1,654 $1,000 $0.981 5.74%
70814 3 437 $642 $0.727 2.52%
70815 16 2,444 $897 $0.647 6.63%
70816 27 6,684 $795 $0.843 7.81%
70817 4 605 $878 $0.811 4.13%
70820 15 2,075 $1,038 $1.118 9.40%
Average Rent
Table 3
Apartment Data by Zip Code
(Fall 2011 Full Data Set)
(Zip Codes with More Than 1 Complex)
Data Set
With 0 BR
Units
With 1 BR
Units
With 2 BR
Units
With 3 BR
Units
With 4 BR
Units
Total # of
Complexes
0 BR
Units
1 BR
Units
2 BR
Units
3 BR
Units
4 BR
Units
Total
Units
All Complexes 21 131 140 93 19 160 399 9,585 12,114 3,073 525 25,696
Large Complexes 8 50 50 36 7 54 172 6,140 6,869 1,555 213 14,949
Number of Units by Data Set Number of Complexes
Table 4
Fall 2011 Data Set Statistics
(Fall 2011 Full Data Set)
Area
Number of
Complexes Period 0 BR 1 BR 2 BR 3 BR 4 BR 0 BR 1 BR 2 BR 3 BR 4 BR Total 0 BR 1 BR 2 BR 3 BR 4 BR Total
F 2011 $571 $692 $861 $1,087 $1,503 $1.238 $0.978 $0.852 $0.872 $1.147 $0.906 6.39% 5.79% 6.45% 5.54% 3.17% 6.02%
S 2011 $561 $685 $881 $1,083 $1,713 $1.215 $0.968 $0.872 $0.869 $1.308 $0.918 8.61% 5.75% 5.77% 5.13% 12.24% 5.91%
F 2010 $576 $688 $856 $1,078 $1,711 $1.248 $0.972 $0.847 $0.865 $1.307 $0.906 4.72% 6.15% 6.53% 5.83% 1.59% 6.16%
F 2009 $540 $665 $841 $1,065 $1,646 $1.171 $0.940 $0.833 $0.855 $1.257 $0.885 4.72% 5.07% 5.77% 6.54% 1.36% 5.46%
S 2009 $550 $667 $839 $1,056 $1,626 $1.191 $0.942 $0.830 $0.848 $1.241 $0.883 1.94% 3.28% 3.87% 3.77% 10.88% 3.76%
F 2011 $699 $757 $987 $1,455 $1,621 $1.446 $1.118 $1.009 $1.297 $1.238 $1.106 10.10% 6.53% 7.01% 6.20% 3.20% 6.57%
S 2011 $696 $735 $1,065 $1,435 $1,870 $1.440 $1.085 $1.090 $1.280 $1.428 $1.155 14.90% 8.86% 6.88% 4.75% 13.87% 8.12%
F 2010 $718 $746 $996 $1,431 $1,867 $1.484 $1.102 $1.020 $1.277 $1.426 $1.125 3.37% 4.66% 4.28% 3.93% 1.33% 4.13%
F 2009 $672 $722 $964 $1,392 $1,793 $1.389 $1.066 $0.987 $1.242 $1.370 $1.087 6.08% 4.84% 5.31% 4.95% 1.33% 4.84%
S 2009 $682 $714 $968 $1,395 $1,769 $1.409 $1.054 $0.991 $1.245 $1.351 $1.085 0.68% 3.55% 4.42% 4.34% 12.80% 4.63%
F 2011 $584 $803 $950 $1,147 $895 $1.417 $1.059 $0.894 $0.864 $0.695 $0.933 2.94% 3.99% 4.53% 4.26% 3.33% 4.28%
S 2011 $548 $805 $950 $1,155 $879 $1.330 $1.061 $0.894 $0.870 $0.682 $0.933 2.94% 4.99% 5.65% 6.60% 6.66% 5.51%
F 2010 $583 $800 $937 $1,156 $879 $1.415 $1.055 $0.882 $0.871 $0.682 $0.926 2.94% 3.91% 4.58% 5.53% 6.66% 4.47%
F 2009 $525 $778 $935 $1,144 $867 $1.275 $1.025 $0.880 $0.862 $0.673 $0.914 2.94% 3.91% 5.86% 7.02% 3.33% 5.29%
S 2009 $561 $765 $924 $1,139 $866 $1.363 $1.009 $0.869 $0.858 $0.673 $0.904 1.47% 1.91% 4.00% 4.04% 0.00% 3.24%
F 2011 $510 $701 $836 $966 $883 $1.036 $0.970 $0.808 $0.752 $0.564 $0.853 8.00% 6.31% 7.48% 7.54% 8.33% 7.00%
S 2011 $506 $670 $835 $965 $884 $1.026 $0.966 $0.808 $0.751 $0.564 $0.851 4.00% 5.29% 5.87% 5.92% 0.00% 5.62%
F 2010 $506 $704 $827 $957 $883 $1.026 $0.974 $0.799 $0.745 $0.564 $0.849 4.00% 7.53% 8.70% 7.99% 0.00% 8.11%
F 2009 $510 $674 $816 $960 $870 $1.036 $0.933 $0.790 $0.747 $0.555 $0.830 4.00% 6.34% 7.03% 8.43% 0.00% 6.86%
S 2009 $491 $697 $814 $927 $867 $0.997 $0.959 $0.788 $0.721 $0.553 $0.834 0.00% 2.96% 3.62% 2.07% 0.00% 3.17%
F 2011 $450 $508 $601 $694 - $0.900 $0.762 $0.641 $0.583 - $0.667 0.00% 4.70% 5.00% 1.34% - 4.48%
S 2011 $450 $510 $603 $697 - $0.900 $0.766 $0.644 $0.586 - $0.670 0.00% 4.71% 4.83% 2.01% - 4.48%
F 2010 $450 $499 $587 $676 - $0.900 $0.749 $0.626 $0.568 - $0.652 0.00% 5.10% 5.80% 4.70% - 5.42%
F 2009 $550 $502 $578 $665 - $1.100 $0.753 $0.616 $0.558 - $0.647 0.00% 3.92% 2.76% 0.67% - 2.96%
S 2009 $500 $484 $572 $668 - $1.000 $0.726 $0.610 $0.561 - $0.636 0.00% 3.33% 4.69% 6.71% - 4.41%
F 2011 $417 $492 $585 $767 $730 $0.917 $0.731 $0.628 $0.604 $0.599 $0.673 3.39% 5.82% 64.61% 3.37% 0.00% 5.55%
S 2011 $411 $488 $567 $762 $730 $0.903 $0.725 $0.629 $0.600 $0.599 $0.670 5.08% 2.91% 2.92% 2.40% 0.00% 2.96%
F 2010 $410 $483 $583 $762 $730 $0.902 $0.718 $0.626 $0.600 $0.599 $0.666 7.63% 8.17% 9.85% 4.81% 0.00% 8.24%
F 2009 $390 $469 $563 $755 $715 $0.858 $0.696 $0.604 $0.595 $0.587 $0.646 4.24% 3.70% 4.00% 7.21% 0.00% 4.17%
S 2009 $389 $465 $567 $779 $715 $0.856 $0.691 $0.609 $0.614 $0.587 $0.649 4.24% 5.60% 2.00% 5.29% 0.00% 4.17%
1 30
Table 5
Average Rent Average Rent per Sq. Ft. Vacancy Rate
Apartment Data by Area
(Spring 2009 - Fall 2011 Matched Sample Data Set)
ALL
12 5
23
32 3
10 4
2
107
Data Set
With 0 BR
Units
With 1 BR
Units
With 2 BR
Units
With 3 BR
Units
With 4 BR
Units
Total # of
Complexes
0 BR
Units
1 BR
Units
2 BR
Units
3 BR
Units
4 BR
Units
Total
Units
All Complexes 21 131 140 93 19 160 399 9,585 12,114 3,073 525 25,696
Large Complexes 8 50 50 36 7 54 172 6,140 6,869 1,555 213 14,949
Number of Units by Data Set Number of Complexes
Table 4
Fall 2011 Data Set Statistics
(Fall 2011 Full Data Set)
MULTI-FAMILY Trends
MULTI-FAMILY Trends
MULTI-FAMILY Trends
MULTI-FAMILY Trends
76
20
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77
MULTI-FAMILY Trends
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Area
Number of
Complexes Period 0 BR 1 BR 2 BR 3 BR 4 BR 0 BR 1 BR 2 BR 3 BR 4 BR Total 0 BR 1 BR 2 BR 3 BR 4 BR Total
F 2011 $652 $729 $896 $1,155 $1,376 $1.309 $1.007 $0.870 $0.903 $0.974 $0.925 4.79% 6.05% 6.77% 6.31% 5.45% 6.38%
S 2011 $638 $722 $899 $1,158 $1,955 $1.279 $0.997 $0.873 $0.905 $1.384 $0.933 11.98% 6.44% 6.37% 6.31% 4.24% 6.45%
F 2010 $676 $731 $905 $1,159 $1,959 $1.356 $1.009 $0.879 $0.906 $1.387 $0.941 5.39% 6.40% 6.93% 5.59% 1.82% 6.49%
F 2009 $606 $704 $885 $1,148 $1,931 $1.216 $0.971 $0.859 $0.897 $1.367 $0.915 3.59% 5.63% 5.75% 6.52% 0.61% 5.66%
S 2009 $631 $708 $880 $1,148 $1,931 $1.265 $0.978 $0.855 $0.898 $1.367 $0.915 1.20% 3.17% 4.62% 3.42% 24.24% 4.15%
F 2011 $849 $800 $994 $1,468 $1,415 $1.639 $1.138 $1.010 $1.211 $1.010 $1.078 5.48% 6.61% 7.74% 8.21% 5.23% 7.17%
S 2011 $849 $774 $1,001 $1,460 $2,039 $1.639 $1.102 $1.017 $1.205 $1.456 $1.102 23.29% 9.37% 8.13% 7.09% 4.58% 8.69%
F 2010 $903 $793 $1,020 $1,462 $2,044 $1.744 $1.128 $1.036 $1.207 $1.459 $1.121 4.11% 4.07% 4.54% 2.24% 1.96% 4.05%
F 2009 $821 $764 $983 $1,441 $2,014 $1.587 $1.087 $0.998 $1.189 $1.438 $1.084 5.48% 4.76% 5.82% 4.10% 0.65% 5.03%
S 2009 $844 $755 $988 $1,500 $2,015 $1.630 $1.074 $1.004 $1.238 $1.439 $1.089 1.37% 3.61% 5.50% 4.48% 26.14% 5.54%
F 2011 $625 $882 $1,061 $1,253 - $1.377 $1.117 $0.992 $0.919 - $1.020 4.08% 3.50% 2.78% 2.92% - 3.10%
S 2011 $575 $888 $1,065 $1,274 - $1.267 $1.124 $0.996 $0.934 - $1.026 4.08% 6.08% 6.30% 7.50% - 6.32%
F 2010 $625 $891 $1,083 $1,280 - $1.377 $1.128 $1.012 $0.939 - $1.037 2.04% 3.19% 2.78% 2.92% - 2.93%
F 2009 $545 $876 $1,061 $1,269 - $1.200 $1.109 $0.991 $0.931 - $1.017 0.00% 3.65% 4.48% 6.67% - 4.34%
S 2009 $595 $854 $1,041 $1,264 - $1.311 $1.080 $0.973 $0.927 - $1.000 2.04% 2.13% 4.72% 3.75% - 3.55%
F 2011 - $693 $842 $977 $883 - $0.964 $0.810 $0.752 $0.564 $0.859 - 6.40% 7.65% 7.71% 8.33% 7.08%
S 2011 - $691 $843 $975 $884 - $0.962 $0.810 $0.751 $0.564 $0.858 - 5.45% 5.80% 5.79% 0.00% 5.62%
F 2010 - $700 $838 $973 $883 - $0.973 $0.805 $0.749 $0.564 $0.859 - 7.83% 9.11% 8.82% 0.00% 8.47%
F 2009 - $667 $826 $971 $870 - $0.927 $0.794 $0.747 $0.555 $0.837 - 7.26% 6.92% 9.64% 0.00% 7.26%
S 2009 - $688 $821 $935 $867 - $0.957 $0.789 $0.720 $0.553 $0.842 - 3.24% 4.56% 3.03% 0.00% 3.91%
F 2011 $450 $523 $623 $742 - $0.900 $0.736 $0.603 $0.585 - $0.632 0.00% 8.84% 7.20% 3.17% - 7.16%
S 2011 $450 $525 $620 $749 - $0.900 $0.739 $0.600 $0.590 - $0.632 0.00% 6.12% 5.60% 3.17% - 5.42%
F 2010 $450 $519 $614 $737 - $0.900 $0.730 $0.595 $0.581 - $0.625 0.00% 9.52% 10.00% 9.52% - 9.76%
F 2009 $550 $525 $620 $730 - $1.100 $0.739 $0.600 $0.576 - $0.629 0.00% 4.08% 2.80% 1.59% - 3.04%
S 2009 $500 $519 $609 $714 - $1.000 $0.729 $0.589 $0.563 - $0.618 0.00% 2.72% 2.40% 0.00% - 2.17%
F 2011 $362 $419 $484 $645 - $0.701 $0.582 $0.448 $0.643 - $0.523 4.55% 5.10% 5.22% 6.25% - 5.17%
S 2011 $362 $417 $483 $645 - $0.701 $0.579 $0.447 $0.643 - $0.522 2.27% 1.57% 1.30% 3.13% - 1.60%
F 2010 $362 $409 $484 $645 - $0.701 $0.568 $0.448 $0.643 - $0.518 11.36% 11.76% 12.61% 9.38% - 11.94%
F 2009 $319 $390 $459 $615 - $0.618 $0.542 $0.452 $0.613 - $0.491 4.55% 1.18% 1.30% 0.00% - 1.46%
S 2009 $319 $390 $459 $615 - $0.618 $0.542 $0.452 $0.613 - $0.491 0.00% 1.57% 1.30% 3.13% - 1.43%
Vacancy Rate
Table 6
Apartment Data by Area for Large Complexes
(Spring 2009 - Fall 2011 Matched Sample Data Set)
Average Rent Average Rent per Sq. Ft.
ALL 39
17 3
12 1
2 5
4 2
2 6
MULTI-FAMILY Trends
MULTI-FAMILY Trends
78
20
12
79
Staying Strong... Building Stronger!
Vacancy
Zip Code
Number of
Complexes
Number
of Units Period per Unit per Sq. Ft. Total
F 2011 $819 $1.147 7.81%
S 2011 $794 $1.111 6.54%
F 2010 $803 $1.124 5.58%
F 2009 $783 $1.095 3.83%
S 2009 $765 $1.070 3.03%
F 2011 $517 $0.715 7.44%
S 2011 $512 $0.709 3.65%
F 2010 $506 $0.699 6.46%
F 2009 $496 $0.687 4.78%
S 2009 $491 $0.679 7.02%
F 2011 $743 $0.794 4.07%
S 2011 $741 $0.792 2.75%
F 2010 $738 $0.788 6.82%
F 2009 $725 $0.774 5.18%
S 2009 $730 $0.779 3.80%
F 2011 $914 $1.068 6.81%
S 2011 $903 $1.056 6.95%
F 2010 $910 $1.064 2.72%
F 2009 $877 $1.025 6.31%
S 2009 $879 $1.028 3.95%
F 2011 $930 $0.936 4.56%
S 2011 $1,005 $1.012 5.89%
F 2010 $927 $0.933 3.90%
F 2009 $912 $0.917 4.64%
S 2009 $899 $0.905 2.34%
F 2011 $961 $0.937 5.96%
S 2011 $923 $0.900 9.47%
F 2010 $950 $0.926 9.79%
F 2009 $931 $0.908 5.32%
S 2009 $909 $0.887 7.13%
F 2011 $642 $0.727 2.52%
S 2011 $661 $0.749 4.58%
F 2010 $606 $0.687 8.47%
F 2009 $622 $0.705 1.37%
S 2009 $588 $0.666 0.46%
F 2011 $611 $0.664 6.38%
S 2011 $605 $0.658 5.28%
F 2010 $605 $0.658 5.77%
F 2009 $595 $0.646 4.68%
S 2009 $581 $0.632 4.07%
F 2011 $798 $0.874 7.41%
S 2011 $797 $0.872 5.80%
F 2010 $794 $0.870 8.73%
F 2009 $775 $0.848 6.97%
S 2009 $783 $0.857 3.45%
F 2011 $878 $0.811 4.13%
S 2011 $886 $0.819 4.13%
F 2010 $869 $0.803 5.12%
F 2009 $855 $0.790 6.12%
S 2009 $858 $0.793 2.98%
F 2011 $1,152 $1.203 5.40%
S 2011 $1,217 $1.272 9.13%
F 2010 $1,220 $1.274 2.80%
F 2009 $1,180 $1.233 2.93%
S 2009 $1,188 $1.241 5.00%
70806
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12
(Spring 2009 - Fall 2011 Matched Sample Data Set)
Table 7
Apartment Data by Zip Code
(Zip Codes with More Than 1 Complex)
70808 12 2203
70809
627
712 5 70805
14
70802
2564
Average Rent
605 4
1525
11
5427 23
70817
70810 6 940
437 3 70814
1647 70815
70816
70820 10 1501
CHAIRMAN Trends MULTI-FAMILY Trends
MULTI-FAMILY Trends
CiD: yOUr exPerTS in COMMerCiaL reaL eSTaTe
We are proudtobe celebrating the 30thanniversaryof the CommercialInvestmentDivision(CID). The
CID wasestablishedbyasmallgroup of REALTORSandappraisersinaneforttobring the individualsand
companies within the commercial real estate industry in Baton Rouge closer together to share information
and knowledge so that all can prosper and better serve their clients and customers. We are grateful for the
foundersof the CID andtheirlegacy.
Today, the CID is the pre-eminent commercial real estate group in the area. CID members are top
producers in their respective market sectors who meet regularly to share ideas and stay abreast of current
issues and developments in commercial real estate. The major goals of CID include the dissemination
of information to its members and the education and encouragement of our members in achieving
professional certifcations such as CCIM, SIOR, CRE, and CPM. We also have fun with great social events
eachyear. Ourmembership presentlytotalsapproximately500 membersandincludesmostof the major
commercial REALTORS, appraisers, bankers, builders, title companies, etc., in Baton Rouge. The CID
has monthly luncheon meetings with prominent area speakers on topics of interest to the commercial
real estate community. CID also sponsors educational seminars from time to time concerning timely
commercial and investment real estate topics and ofers professional development and awards several
thousand dollars annually in education scholarships to its members.
Manyof ourmembershave achievedprofessionalcertifcationsthroughtheirongoingexperience and
education, and TRENdS is an opportunity to ofer the community the wealth of knowledge represented by
our combined expertise.
Inthe late 1980s, the CID workedwithLSUsRealEstate ResearchInstitute tooriginate the TRENDSin
RealEstate Seminar. Itnowhostsover500 participantseachyear, making itthe mostsuccessfulrealestate
seminar in Baton Rouge.
DeveLOPinG TrenDS
The goal of the TRENDS program is to educate CID members and their clients as well as other real
estate practitioners in the greater Baton Rouge area about the current trends in the market, and to ofer our
opinion of expected future market trends. Six distinct market sectors of commercial real estate are covered
at TRENdS: fnance, industrial, ofce, multifamily, residential, and retail. These presentations represent
the combined eforts of volunteer committee members who pool their resources, data and expertise in
analyzing each sector. Each TRENdS presentation is the product of hard work and extensive evaluation by
market experts. The TRENdS Committee is a dedicated group of volunteers that works diligently all year
long inpreparationforthe TRENDSSeminar. Mysincere thanksgoestoeachof the committee members,
presenters, sponsors, advertisersandGBRARstafaswellastothe LSU RealEstate Departmentformaking
thisyearsprogramanothersuccess. The currentCIDPresident, Mr. BrandenBarkerwillbe the Chairmanof
theTrendsinRealEstate Seminarin2013. We are lookingforwardtoanothergreatyear!Iwanttopersonally
thankyouforyourcontinuedsupportof the CID andthe TrendsSeminarandIlookforwardtoseeing you
at next years seminar.
Sincerely,
Gary Black, Jr.
Chairman
2012 Trends
CHAIRMAN Trends
Gary Black, Jr.
80
sPecIal tHanKs:

The Baton Rouge Commercial Investment Division would like to thank the following
peoplefortheirhelpwithpreparationsforthisMagazineandalltheinformationthat
went in it.

Trends Leadership, Gary Black, Chairman, Brian andrews, Branden Barker, Tom
Cook, Ken Damann, Herb Gomez, Ben Graham, D. wesley Moore, Branon Pesnell,
Kelley Pace, Todd Pevey, Carlos Slawson, Dottie Tarleton, Jonathan walker and
Brad way.

We also want to thank our flm stars for their contribution to the frst ever Trends
video. We really appreciate their willingness to help and eforts to make the video a
success. Appearances by: Tom Cook, D. wesley Moore, Mike falgoust, Lawrence
Maestri, Hardy Swyers, David Treppendahl, George Kurz, and Dottie Tarleton.

Thanks to Caleb Michaelson with Dobie Media Productions, LLC who created the
Trends 2012 video.

xact Business Solutions & Boss Solutions, LLC, along with the Greater Baton rouge
associations of reaLTOrS (Everyone at the ofce) and wren aerial Photography.

Thank you to Julio MelaraoftheBusinessReportfortakingtimetobeourMasterof
Ceremonies.

Special thanks go to all the individuals that worked on the executive reports.

A very special thanks to Mrs. Jill Sylvest, who worked very hard to get all our sponsors
and advertisers.

We would like to thank Britton & Koontz Bank for cofee, JTS Management Company
for breakfast and goodies, and Baton rouge Coca-Cola for soft drinks and water. A
special thanks to Mansurs on the Boulevard for one of our door prizes for this years
event.

Finally,wewanttothankallofourSponsors and advertisers. Without your support,
this event would not be possible.
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