Shreveport-Bossier City Retail Market Survey
Stirling Properties is pleased to present the first semi-annual Shreveport-Bossier City Retail Survey. This report, compiled by Stacy Odom and Karen Hannigan, Broker Associates of our Shreveport office, is intended to give the reader a broad understanding of the market as well as specific information about the available square footage, occupancy and rental rates of each retail center greater than twenty thousand (20,000) square feet. It was created to be a resource for agents as well as tenants, landlords, developers, lenders, fellow brokers and anyone else looking for information about the Shreveport-Bossier City retail market.
In compiling this mid-year 2015 retail survey, it was noted that vacancy rates on existing inventory are falling, lease rates are increasing and retail investment sales are in high demand. Overall market rates are increasing due to new product and lack of second generation space, as well as many new restaurant and service concepts entering the market to take advantage of co-tenancy opportunities. The majority of retail growth is still occurring in South Shreveport and North Bossier, adding to the market’s most heavily concentrated and demanded retail areas. Phase I of the three new Community Center developments will be predominantly pre-leased before opening. It will be interesting to see if the high demand for retail growth continues and if, as a result, the additional, future phases of these developments will come to fruition.
Please click here to view and download the PDF of the complete Shreveport-Bossier City Retail Survey.
Coastal Revenue Sharing: A Letter to the Editor
As chairman of the Coalition for Coastal Resilience and Economy (CCRE), which was formed last year under the umbrella of Greater New Orleans, Inc. (GNO Inc.), our primary mission is to use our business led coalition to ensure that the funds earmarked for coastal restoration are used for that intended purpose. While there are many other very critical needs of the state including infrastructure, none represents the existential threat of coastal restoration.
Please click here to read letter to the editor from our CCRE group.
New Orleans’ Office Market Taking Shape
Gaines Seaman, Sales and Leasing Executive for Stirling Properties, recently contributed an article for Southeast Real Estate Business magazine’s Market Highlight section. The insightful article, entitled “Following Massive Conversions, New Orleans’ Office Market Is Taking Shape,” profiles the bustling office market activity in downtown New Orleans. Check out the excerpt below and click here to read the full article.
“In the past 12 to 18 months, more than 1 million square feet of what used to be considered office space in downtown New Orleans has been converted to retail, hotel, residential or multifamily use. Projects such as 225 Baronne Street, the 1100 block of Tulane Avenue, 600 Carondelet Street, Factor’s Row redevelopment and approximately 130,000 square feet of space at 1250 Poydras Street (a 423,000-square-foot, Class A tower) are just a number of examples. More of this space was unoccupied than occupied at the time of the conversions. The most recent of these conversions, 600 Carondolet Street, resulted in the largest absorption of Class A office space in the market. Additionally, URS, now AECOM, leased approximately 70,000 square feet of space in 1515 Poydras, a 530,000-square-foot building located across from the Mercedes-Benz Superdome. In the central business district (CBD), Class A office occupancy is a healthy 90 percent and average rental rates have increased in the past 12 to 24 months to approximately $19 per square foot. Recently, notable longterm commitments to New Orleans include Shell Oil Co. and FM Services (Freeport McMoRan), both through 2026. Shell Oil anchors One Shell Square, the largest office tower in New Orleans, and committed to occupy half of the 1.3 million-square foot building in 2015. FM Services occupies 210,000 square feet of the 510,000-square-foot Freeport McMoRan Building, also on Poydras Street. Ochsner Health System recently finalized a deal to lease the entire Lord & Taylor Building, measuring 115,000 square feet. The building will be retrofitted, against the current trend in the CBD, from former retail space to office space for Ochsner’s occupancy. The term is estimated to commence in late 2016.”
New Orleans Named Among 2016 Markets to Watch
At the recent Urban Land Institute (ULI) Fall Meeting held in San Francisco, the keynote speaker Andy Warren of PwC presented the Emerging Trends in Real Estate® 2016. This year’s release marks the 37th edition of the Emerging Trends in Real Estate®, which is undertaken jointly by PwC and ULI based on insights from hundreds of industry leaders.
Mr. Warren included the below slide in his presentation on the Real Estate Markets to Watch in 2016. The New Orleans region was included on that list. I have attended these meetings for many years and this is the first time that New Orleans was included in such a list. This is yet another validation of the confidence that investors are showing in our region.
Stirling Properties Announces Promotions in Property Management Department
Stirling Properties is excited to announce two promotions in its growing Property Management Department. Patrick Malik has been appointed Vice President of Property and Risk Management after 14 years as Operations Manager. Lindsey Palmer, Property Manager, has been promoted to Director of Property Services.
Patrick Malik‘s role has evolved from Operations Manager to overseeing all aspects of the Property Management Department including supporting Asset Management, Development and Acquisitions, new business development and integration and ongoing property operations of over $1.2 billion in real estate assets. In addition, he handles risk management and insurance for Stirling Properties and its clients, including sourcing coverage options, negotiating policy terms, insurance claims, management of Captive Insurance Program, disaster preparedness and emergency response. Mr. Malik has over 25 years of Property Management experience across commercial real estate sectors in a variety of roles. He graduated from the University of West Florida with a Bachelor’s Degree in Management. As Director of Property Services, Lindsey Palmer will oversee all aspects of Property Services and its staff, providing support for Property and Asset Management of over 17 million square feet commercial real estate. Ms. Palmer will continue her responsibilities as Property Manager of 2.3 million square feet of properties, including Fremaux Town Center in Slidell and Hammond Square and in Hammond. Ms. Palmer joined Stirling Properties 9 years ago after graduating from Southeastern Louisiana University with a Bachelor of Science in Finance and a Master in Business Administration.
Stirling Properties and CBL & Associates Properties, Inc. Celebrate Grand Opening of Fremaux Town Center Phase II
Today, Stirling Properties and CBL & Associates Properties, Inc. (NYSE: CBL) celebrated the Grand Opening of Phase II of Fremaux Town Center in Slidell, Louisiana. This second phase of construction adds 283,000 square feet to the existing shopping center and is anchored by Dillard’s. The rest of Phase II expansion is already 86% leased.
“We are thrilled to celebrate the opening of this second phase of Fremaux Town Center. Phase II complements the existing tenants in the first phase and is another big part of growing the overall development,” stated Stirling Properties’ Senior Vice President of Development Townsend Underhill. “Fremaux Town Center offers a one-of-a-kind retail experience in the City of Slidell and Eastern St. Tammany Parish, with many of the retailers and restaurants to date that are new to the Northshore.”
“We’re excited to join Stirling Properties to celebrate the opening of phase two of Fremaux Town Center,” said Michael Lebovitz, Executive Vice President, Development and Administration of CBL & Associates Properties, Inc. “The expansion of this thriving retail complex has allowed us to add even more great retail and restaurant options that will further solidify Fremaux Town Center as the premier regional shopping destination.”
Today’s festivities included a ceremonial ribbon cutting, the Marine Corps Band of New Orleans and special guests Mayor Freddy Drennan, St. Tammany Parish President Pat Brister, and City of Slidell Council Members. “We are thrilled to have such a beautiful development in our City,” said Slidell Mayor Freddy Drennan. “I know our citizens are excited about the opening of Fremaux Town Center. I would like to thank Stirling Properties and CBL & Associates for all their efforts in bringing this development to Slidell and we look forward to developing the remaining 400 acres.”
Fremaux Town Center is located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, LA. Slidell is the largest municipality in St. Tammany Parish on the northern shore of Lake Pontchartrain near the city of New Orleans. The first phase of construction for Fremaux Town Center included 350,000 square feet of retail and is currently 98% leased and thriving. With its interstate location and high-visibility, Fremaux Town Center is expected to become a regional destination. “The expansion of this Town Center, represents many economic opportunities for the citizens of Slidell, and the whole of St. Tammany Parish,” Pat Brister, St. Tammany Parish President said. “Just as the first phase offered job opportunities and retail options to the consumer, not just in St. Tammany, but in the surrounding region, this phase will build upon that momentum.”
Tenants Opening in October
Dillard’s
Off Broadway Shoes
Forever21
Victoria’s Secret
Buckle
Charlotte Russe
LOFT
Red Robin
Bath & Body Works
Torrid
Journey’s
Zales
Luxe 83
Which Wich
Claire’s
Francesca’s
Tenants Opening Soon
Pier 1 Imports
Capital One
Chico’s
Aveda
Goodyear
Tesla Motors – Charging Stations
AND MORE TO COME!
For leasing information, contact Ryan Pecot at 337.572.0246 or rpecot@stirlingprop.com; Rodney Gordon at 423.553.8704 or Rodney.Gordon@cblproperties.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on land surrounding Fremaux Town Center, please contact Dan Tate at 504.620.8132 or dtate@stirlingprop.com.
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