2013 trends in baton rouge real estate

7/23/2019 2013 TRENDS in Baton Rouge Real Estate

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2013

1

OfficeTrends Branon Pesnell, CCIM, SIOR 2 Beau Box Commercial Real Estate

industrial Trends Todd Pevey, MPA 14MIE Properties

Scot Guidry, CCIMMike Falgoust & Associates, LLC

Commercial Real Estate & Property Management

multifamilyTrends D. Wesley Moore, II, MIA, CCIM 26

Cook, Moore, & Associates

retailTrends Jonathan Walker, CCIM 40Maestri-Murrell Real Estate

financeTrends Brian S. Andrews 54Andrews Commercial Real Estate Services

residentialTrends Tom Cook, MAI 70Cook, Moore, & Associates

cHairmanTrends Branden Barker, CCIM, CPM 87NAI Latter & Blum, Inc.

sPecial tHanKsTrends 88

Staying Strong... Building Stronger!

Copyrighted 2013 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. LREC Vedor #134


2/88

2

2013

Office

Trends Th Bato roug oc makt cotiu to how low impovmt thoughout

2012. Lalo hav pot that mo Tat a wig ath tha

owizig o vacatig a th ha b a low tickl o w tat tig

th makt a om local xpaio. Whil th i mix actio o th ovall

halth o th makt, mot ag that it ha at lat tabiliz o lightly impov.

Taactio a movig at a tai pac with compai lig mo coc

i th coomy.

Tat till pciv it to b a avoabl makt a cotiu to k aggiv

tal at, lag cocio, t, xibl la tm, a abuat tat

impovmt allowac; pcially tho with a atioal o itatioal ach.

Howv, mot local lalo hav b abl to kp th cocio u

aoabl cotol. Tho who i gt aggiv to la vacat pac maily

cho to low tal at o ica TI allowac lightly to ig tat.

dma i bcomig tog o builig with cit pac. Mo ow a

tat a ocuig o gy cicy, g iitiativ, papl viomt,op/xibl oo pla, a cubicl to cat low occupacy cot. Ol

builig that a uctioally obolt a big ovlook by tat a may

qui om ovatio to attact tat.

sal activity i alo o th i a ow occupat taactio pick up

ubtatially i 2012. Th ivtmt makt i till low, pcially with pculativ

makt, but a occupacy cotiu to i it houl impov. nw cotuctio

ha b limit maily u to icult acig quimt a cotuctio

cot.

Ovall, activity ha cotiu to ica i aly 2013, a aly iicatio

a agai poitig towa a lowly impovig makt. Occupacy lvl hav

cotiuouly i o th pat th ya a w a ow back to taitioal lvl

pio to huica Katia.

eXecutiVe OVerVieW


3/88

3

87.29

85.4

96.2794.51

90.45

87.79

85.39

84.84

82.83

82.99

86.44

75

80

85

90

95

100

2004 2005 Post

Katrina

2006 2007 2008 2009 2010 2011 2012 2013

OCCUPANCY%

YEAR

Baton Rouge Office Market Occupancy

20132013

2013 OFFICE

TRENDS COMMITTEE

BRANON W. PESNELL

CCIM, SIOR

Speaker, Trends

Beau Box Commercial

Real Estate

JONANN Stut zmAN

JTS Management

Company

gARy BLAck

Wampold Companies

DREW PEARSON, CCIM

Waters & Pettit

Commercial Real Estate

JOE y cAN ELLA

Beau Box Commercial

Real Estate

OiCE LEasing aCtiVity

Th low makt activity ov th pat w ya till ha tat blivig it

i a Tat Makt. natioal tat ptativ a aggivly akig

lalo o multipl cocio, atically uc tal at, high

tat impovmt allowac, t, a xibl la tm that a

out o li with ou oc makt. rqut o Popoal (rPF) a Ltt

o Itt (LOI) cotiu to ty a p-gotiat la laguag i avo o

th tat. Th Bato roug oc makt ha v b vy cocio

la, with mot al big ci o t a tat impovmt

allowac. Local lalo hav b luctat to giv i to th pu a

hav maily gotiat al with light tal at uctio o th akig

at. Aitioally, with mot lalo big cah poo, tat impovmt

allowac mai a hitoical om.

Laig activity ha b mot pvalt i qut o pac o 10,000

qua t o l, with a w lag taactio. Th amout o ubla i

th Bato roug makt i gligibl a ha ot act at o ma

o lalo ict pac.

Occupacy at i Bato roug ica to 86.44% up om 82.99% i

2012 a 82.83% i 2011. Avag tal at o both Cla A a Cla B

popti baically mai at.



4/88

Lafayette Baton Rouge New Orleans

337.233.1488 225.237.3344 504.525.1410

200 W. Congress St., 8710 Jefferson Hwy 400 Poydras St.

Suite 1020 Baton Rouge, LA Suite 1900

Lafayette, LA 70809 New Orleans, LA

70501 70130

At Beau Box Real Estate,

success stems from partnerships

built on trust and value.

Clients from across the country rely

on our team for in-depth knowledge of

local, regional, and national markets.

Our top priority is a constant and

consistent commitment to you;

we always have your best interests in mind.

Office Retail Industrial Warehouse Land

Property Management


5/88

A w otabl taactio hav chag th oc lacap ov th pat

ya. It wa aouc i lat 2012 that th Commc Builig owtow

wa pucha to b vlop ito multi-amily. Th ajact om

Capital O builig i u cotact o th am pupo at Capital

O locat ito O Amica Plac i lat 2012. Aitioally, th al o

1771 Lobll Avu to a chuch/o-pot goup ha tak thi builig

out o u. All o th builig w lt om th uvy thi ya.

Th cut stat Fam Opatio Ct locat at Tow Ct will bvacat lat thi ya a stat Fam ha pla to locat. Thi will cat a

66,000 qua oot vacacy i th makt. Howv, th locatio, coitio

o th pac, a quality o th builig i u to pouc tog itt.

OiCE LEasing aCtiVity (continued)

20132013



6/88

26

sal activity i th oc cto cotiu to b low i 2012 a acig coc

lig. Howv, om ow occupat w abl to tak avatag o hitoically

low itt at a xcptioal al. Ga oc picig wa ow lightly

ov th high p qua oot picig i 2007-2008, a valu w iv ow

by low ma a low tal at. Buy a ll valu xpctatio hav

bcom mo i-li tha i ct ya, which ha allow mo al to taact

a iicatig that ll hav bgu to accpt that valu hav cli om thihigh lvl i 2007. It i aticipat that al activity o am lgth taactio

will cotiu to lowly impov thi ya.

Whil th w a w mo it al i 2012, bak ow popty al

m to b lvlig o a th makt a coomy impov. Th cotiu to b

a lack o aoabl o tabl ivtmt popti o th makt a ivto a

oly kig high tu o valu a al. Quality oc lat ivtmt al

cotiu to b ha to com by u to tough lig quimt a ma

o high cap at.

nw vlopmt ha b luggih ov th pat w ya with th iculty i

acig pculativ ivtmt pouct. Howv, thi t houl impov a th

laig makt cotiu to tgth a l xitig pac i availabl. sic th

majoity o compai p to la u to th xibility it o, vlop with

goo cit a cah will b abl to acig, pcially o tho with om

p-laig.

OiCE saLEs aCtiVity

Acadian/

CollegeDowntown

Sherwood

Forest

Essen/

Bluebonnet

2009 $22.71 $22.92 $19.58 $18.52

2010 $22.14 $22.58 $18.65 $21.58

2011 $21.06 $22.08 $18.50 $20.21

2012 $21.19 $21.67 $18.50 $20.04

2013 $21.83 $21.75 $18.65 $19.96

$-

$5.00

$10.00

$15.00

$20.00

$25.00

PRICE

PERS

F

Class A office average rental rate per

SF 2009-2013


7/88

Exceptional Office and Flex SpaceExceptional Office and Flex SpaceExceptional Office and Flex Space

SEALY & COMPANY, INC.150 James Drive East, Suite 140

St. Rose, Louisiana 70087BR: 225.767.4776 NO: 504.463.5600

FAX: 504.463.5650www.sealynet.com

Daniel P. Poulin,CCIM, SIOR

[email protected]

Jennifer A. Lee,CCIM, SIOR

[email protected]

Baton Rouge Industriplex Business Park

AVAILABLE PROPERTIES:

Baton Rouge 3-

Office/Warehouse11441 Industriplex Boulevard

3,200 s.f. & 4,410 s.fBaton Rouge 5 - Office/Warehouse

11200 Industriplex Boulevard6,045 s.f.


8/88

Acadian/

CollegeDowntown

Florida/

Airline

Sherwood

Forest

Essen/

Bluebonnet

2009 $15.50 $16.50 $12.33 $16.17 $14.50

2010 $15.00 $16.35 $12.57 $15.89 $14.502011 $14.00 $15.45 $12.42 $15.67 $14.25

2012 $14.00 $15.45 $12.42 $15.67 $14.25

2013 $14.50 $15.61 $12.58 $15.67 $14.75

$-

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

PRICE

PERS

F

Class B office average rental rate per SF

2009-2013

Th Bato roug oc makt i xpct to cotiu to lowly impov thoughout

2013. Activity i th t quat o th ya ha b tog. Poitiv pot

om th pto-chmical a cotuctio cto houl cotiu to ul ma.

Howv, th implmtatio o halth ca a tax lgilatio at th atioal

lvl will act ou city a tat. W xpct th majoity o activity to com om

xpaio a locatio om withi ou makt, but tat pivatizatio a

comptitio o pto-chmical lat wok may cotiu to big w compai

to Bato roug. A th pto-chmical iuty cotiu to tu aou, look o

gowth om giig a cotuctio m. A mtio lat ya, i illig

activity i th Tucalooa shal pov poitiv, w coul ovow om acillay

bui i th oc cto.

ORECast

28


9/88

39

Class A Class B

Twenty Nine (29) Buildings

82.13% Occupancy Thirty Three (33) Buildings

88.92% Occupancy

Avag tal at a occupacy at o th iiviual builig a ubmakt

uvy a how o th ollowig paht:

mh 2013

OiCE MaRKEt OCCUPanCy


10/88

Office

Trends Th 2010 to 2011 iutial al tat makt wa tially at but how

iicatio that th iuty i tgthig. Whil coi high, th 2011 ya

ivtoy vacacy at too at 14.36% a compa to 15.03% at ya

2010. A couagig iicato o impovig coitio wa th poitiv aboptio

o occupi ivtoy o 220,945 q. t. i 2011 a compa to gativ aboptio

o (62,748) q. t. i 2010. Aboptio i th t chag i occupi ivtoy.

Cotibutig acto o ica aboptio w occupacy o aitioal bulk

wahou itibutio a x pac that ha b vacat i th pat. Vacacy

o mall iutial builig (5,000 q. t. to 10,000 q. t.) ica. Havy iuty,

maig pto-chmical iuty, will cotiu to la thi aa out o a cioay

makt. Th pto-chmical iuty i back i a gowth mo, ai i pat by

stat coomic ictiv a low tabiliz atual ga pic - which hlpig

aa plat opat mo cot ctivly a tat hut ow uit. Howv, util

th i utai coomic gowth, bui will mai luctat to t ito

log tm la. Lalo ca xpct to cotiu pictig t cocio om

popctiv tat a o wal o xitig tat o th hot tm. La al

w tially o-xitt. still a icoct btw pciv makt valu

o popty valu by om ll vu actual makt ma. som ll till

holig o to pot Huica Katia popty valu pit igicat ica i

vacaci ic Huica Katia. eat Bato roug Paih pmit olla valu o

w cotuctio wa ow 22% but aitio a xpaio w up 60%. no

igicat chag i la o la at uig 2011. Oil a atual ga xploatio

ha b icaig aou th stat. Local pip a valv a wll a oth lat

vic iuti houl a ica bt om oil a ga xploatio.

2011 yEaR in REViEw

SUMMARY OF OFFICE MARKET BY AREA

For Class A Buildings

Sunday, March 03, 2013

ACADIAN/COLLEGE

BUILDING CLASSSQUARE

FEETOCCUPIED

OCCUPANCY

RATERATE SUBLEASE

6 MONTHS

PENDING

1 Acadian Centre A 75,000 69,935 93.25% $19.00 0 0

2 CitiPlace Centre I (Hancock Bank Building @ CitiPlace) A 82,000 77,374 94.36% $22.00 0 0

3 CitiPlace Centre II A 32,000 32,000 100.00% $20.00 0 0

4 CitiPlace Centre III (The Bancorp Bank Center @ CitiPlace) A 43,000 38,678 89.95% $23.00 0 0

5 Acadia Trace A 121,000 121,000 100.00% $20.00 0 0

6 Corporate Atrium A 76,400 57,331 75.04% $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

9 2370 Towne Centre A 66,000 66,000 100.00% $25.00 0 66,000

TOTAL 570,400 527,518 92.48% $21.83 0 66,000

DOWNTOWN


FEETOCCUPIED

OCCUPANCY

RATERATE SUBLEASE

6 MONTHS

PENDING

1 One American Place A 333,306 236,086 70.83% $20.00 5,870 02 Bank One Centre - North Tower A 207,572 181,131 87.26% $21.50 0 0

3 Bank One South Tower A 333,000 308,800 92.73% $18.00 0 0

4 City Plaza A 166,473 163,736 98.36% $21.50 2,872 0

5 II City Plaza A 256,126 230,288 89.91% $28.00 15,000 0

6 La Cap Building A 75,000 69,583 92.78% $21.50 0 0

TOTAL 1,371,477 1,189,624 86.74% $21.75 23,742 0

ESSEN/BLUEBONNET


FEETOCCUPIED

OCCUPANCY

RATERATE SUBLEASE

6 MONTHS

PENDING

1 Essen Center A 113,000 30,000 26.55% $20.00 0 0

2 United Plaza IV A 71,547 71,547 100.00% $20.00 0 0

3 Jefferson Brentwood A 63,625 63,625 100.00% $21.00 0 0

4 One United Plaza A 94,204 94,204 100.00% $20.00 0 0

5 Two United Plaza A 197,010 190,114 96.50% $20.00 0 3,500

6 United Plaza III A 60,389 40,389 66.88% $19.50 0 12,000

7 United Plaza IX A 97,000 97,000 100.00% $19.50 0 08 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 53,145 91.74% $18.00 0 0

11 United Plaza VII A 58,000 58,000 100.00% N/A 0 0

12 Bluebonnet Centre A 71,656 66,510 92.82% $19.50 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 126,328 107,453 85.06% $20.00 0 0

TOTAL 1,767,909 1,624,835 91.91% $19.96 0 15,500

SHERWOOD FOREST


FEETOCCUPIED

OCCUPANCY

RATERATE SUBLEASE

6 MONTHS

PENDING

1 4000 S. Sherwood Office Building A 75,482 70,382 93.24% $19.50 0 0

2 Court Plaza A 66,000 47,530 72.02% $17.95 0 1,406

3 CDI Center A 105,720 58,840 55.66% $18.50 0 0

TOTAL 247,202 176,752 71.50% $18.65 0 1,406

TOTAL

# of

BuildingsAREA CLASS

SQUARE

FEETOCCUPIED

OCCUPANCY

RATERATE SUBLEASE

6 MONTHS

PENDING

8 ACADIAN/COLLEGE A 570,400 527,518 92.48% $21.83 0 66,000

6 DOWNTOWN A 1,371,477 1,189,624 86.74% $21.75 23,742 0

16 ESSEN/BLUEBONNET A 1,767,909 1,624,835 91.91% $19.96 0 15,500

3 SHERWOOD FOREST A 247,202 176,752 71.50% $18.65 0 1,406

33 TOTAL 3,956,988 3,518,729 88.92% $20.55 23,742 82,906

210


11/88

_ _ _


12/88

212


For Class B Buildings


ACADIAN/COLLEGE

BUILDING CLASS

SQUARE

FEET OCCUPIED

OCCUPANCY

RATE RATESUBLEASE

6 MONTHS

PENDING

1 Corporate II B 56,400 47,300 83.87% $14.00 0 0

2 5420 Corporate B 30,663 26,437 86.22% $15.00 0 0

TOTAL 87,063 73,737 84.69% $14.50 0 0

DOWNTOWN

BUILDING CLASS

SQUARE

FEET OCCUPIED

OCCUPANCY

RATE RATESUBLEASE

6 MONTHS

PENDING

1 Renaissance East B 172,000 172,000 100.00% N/A 0 0

2 Renaissance West B 50,000 50,000 100.00% $13.00 0 0

3 Gras Town Plaza B 30,000 28,500 95.00% $15.00 0 0

4 Roumain Building B 32,997 32,997 100.00% $16.00 0 0

5 State National B 71,912 56,912 79.14% $11.00 0 0

6 Taylor Building B 30,000 30,000 100.00% $15.50 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 20,000 100.00% $20.00 0 010 500 Laurel Street B 28,000 17,000 60.71% $17.00 0 0

TOTAL 509,433 481,933 94.60% $15.61 0 0

FLORIDA/AIRLINE

BUILDING CLASS

SQUARE

FEET OCCUPIED

OCCUPANCY

RATE RATESUBLEASE

6 MONTHS

PENDING

1 Alpha Building (8281 Goodwood) B 30,209 28,841 95.47% $14.50 0 0

2 Dean Tower (5700 Florida) B 79,491 47,410 59.64% $10.00 0 0

3 Mid City Plaza (4962 Florida) B 31,975 0 0.00% $14.00 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 Bon Carre B 712,920 622,742 87.35% $16.50 0 0

TOTAL 998,493 716,207 71.73% $12.58 0 0

SHERWOOD FOREST

BUILDING CLASS

SQUARE

FEET OCCUPIED

OCCUPANCY

RATE RATESUBLEASE

6 MONTHS

PENDING1 IBM B 51,878 43,636 84.11% $18.50 0 0

2 CJ Brown Plaza B 36,000 31,857 100.00% $16.00 0 0

3 Sherwood II B 25,673 18,000 70.11% $15.00 0 3,000

4 Sherwood Oaks Office Park B 103,000 90,327 87.70% $15.00 0 0

5 Sherwood Plaza Business Park B 61,000 37,167 60.93% $14.00 0 17,000

6 10719 Airline B 37,500 37,500 100.00% $17.50 0 0

7 Bellsouth Building B 122,849 113,095 92.06% $15.00 0 0

8 Security National B 45,378 45,378 100.00% $14.50 0 0

9 Sherwood Tower B 77,702 59,632 76.74% $15.50 0 13,044

TOTAL 560,980 476,592 84.96% $15.67 0 33,044

ESSEN/BLUEBONNET

BUILDING CLASS

SQUARE

FEET OCCUPIED

OCCUPANCY

RATE RATESUBLEASE

6 MONTHS

PENDING

1 7414 Perkins Road B 72,145 72,145 100.00% $13.50 0 0

2 Essen Crossing B 52,669 52,669 100.00% $16.00 0 0

TOTAL 124,814 124,814 100.00% $14.75 0 0

TOTAL

# of Buildings AREACLASS

SQUARE

FEET OCCUPIED

OCCUPANCY

RATE RATESUBLEASE

6 MONTHS

PENDING

2 ACADIAN/COLLEGE B 87,063 73,737 84.69% $14.50 0 0

10 DOWNTOWN B 509,433 481,933 94.60% $15.61 0 0

6 FLORIDA/AIRLINE B 998,493 716,207 71.73% $12.58 0 0

9 SHERWOOD FOREST B 560,980 476,592 84.96% $15.67 0 33,044

2 ESSEN/BLUEBONNET B 124,814 124,814 100.00% $14.75 0 0

29 TOTAL 2,280,783 1,873,283 82.13% $14.62 0 33,044


13/88

13


For Class A & B Buildings


AREA CLASS SQUARE FEET OCCUPIEDOCCUPANCY

RATERATE SUBLEASE PENDING

ACADIAN/COLLEGE A & B 657,463 601,255 91.45% $18.17 0 66,000

DOWNTOWN A & B 1,880,910 1,671,557 88.87% $18.56 23,742 0

FLORIDA/AIRLINE A & B 998,493 716,207 71.73% $12.58 0 0

SHERWOOD FOREST A & B 808,182 653,344 80.84% $17.16 0 34,450

ESSEN/BLUEBONNET A & B 1,892,723 1,749,649 92.44% $17.35 0 15,500

6,237,771 5,392,012 86.44% $16.76 23,742 115,950

Occupancy Trend

AREA CLASSOCP. %

Spring 2007

OCP. %

Spring 2008

OCP.%

Spring 2009

OCP. %

Spring 2010

OCP. %

Spring 2011

OCP. %

Spring 2012

OCCUPANCY %

Spring 2013

ACADIAN/COLLEGE A & B 95.48% 98.80% 94.89% 93.42% 87.64% 87.33% 91.45%

DOWNTOWN A & B 86.71% 87.59% 80.10% 84.23% 81.55% 80.24% 88.87%

FLORIDA/AIRLINE A & B 75.39% 66.49% 71.99% 68.75% 72.33% 75.22% 71.73%

SHERWOOD FOREST A & B 88.72% 90.73% 91.25% 82.98% 80.97% 84.38% 80.84%

ESSEN/BLUEBONNET A & B 95.74% 96.12% 95.06% 93.69% 89.70% 88.70% 92.44%

88.41% 87.79% 85.56% 84.84% 82.83% 82.99% 86.44%


14/88

in

dustrial

Trends

214

Th ma o iutial al tat tgth thoughout 2012, a th t

houl cotiu ito 2013.

By th o 2012, th ivtoy vacacy at too at appoximatly 11.60% a

compa to 14.36% at ya 2011. Thi i a impotat ot, a thi ct th

thi cocutiv ya that availabl iutial pac ha cli. Th lat co

vacacy at o 11% wa i 2004, a maktplac coi tabl a ot timulat

by th abomal impact o ma o pac ultig om Huica Katia (2005-

2006). By compaio, th atioal iutial vacacy at ya wa a 10% a

oppig ito 2013.

Aboptio, th t chag i occupi ivtoy om o ya to th xt, ou

out at 868,000 qua t, aly quauplig th t aboptio o 220,945 qua

t i 2011. Whil a tatitically igicat vt, thi umb houl b ot

with om g o cautio, a lag block o pac i bulk toag aciliti w

abob with lativly hot-tm la i plac.

Th laig acto o aboptio wa th al o la o bulk wahou itibutio

pac to logitic compai that acilitat th packagig a hipmt o platic a

chmical pouct mauactu om local chmical a ptolum pouc.

Aitioally, a th coomy tgth, o i mall bui which abob

mall iutial builig (5,000 to 10,000 qua t).

Th abuac o low cot atual ga u a a tock to th pto-chmical

mauactu ha b th umb o ao o a bou i th gat Bato

roug iutial al tat makt, a t cai ov om th pviou ya.

Thi i paticulaly vit i eat Bato roug, Acio, a Wt Bato roug

eXecutiVe summary

2013


15/88

15

2013

Staying Strong... Building Stronger

2013

2013 INDUSTRIAL

TRENDS COMMITTEE

tODD PEVE y, MPA

MIE Properties

Co-Chairman

ScOt guiDRy, CCIM

Speaker, Trends

Mike Falgoust

& Associates

Commercial Real EstateCo-Chairman

mARc BARkER

CCIM, SIOR

NAI Latter & Blum

BRENt gARREtt

CCIM, SIOR

Beau Box

Commercial

Real Estate

RyAN gREENE

Maestri Murrel

Real Estate

WALt kEtchi NgS

NAI Latter & Blum

mAthEW LABORDE

Beau Box Commercial

Real Estate

DAViD LAkVOLD, MAI

The Lakvold Group

Paih u to thi aa poximity to th plat, a btt/clo acc to th

ittat-highway ytm, kill labo a th availability o ail. exitig vic

compai opatig i thi l, uch a iutial claig, upply to, a

gi pouct vic ct a xpaig aciliti; a wcom a

tig th makt a opig gioal oc-wahou om out o tat.

Th mg o compai a th cooliatio o vic ct with multipl

locatio u th o oo cocpt i a cotiuig t.

dma o pac om compai opatig i th coum goo a

bui vic cto hav impov, but vay accoig to pouct. A th

havy iutial gmt o th iuty xpa a a job, a Us actoy

o go up, o will coum ma o houig, oc, a tail. Thi ictly

act th ma o oc-wahou pac o vy iz, but pcially th

pac l tha 20,000 qua t.

Th Tucalooa shal play o oil xploatio ha ot vlop a apily a

xpct; a tho i ot hav a impact o ma o iutial pac,

which woul hav bt eat Fliciaa, Wt Fliciaa, a st. Hla Paih.

La i agai bgiig to ta o both th lag pto-chmical opato,

ivto with buil to uit pojct a pculativ pucha, a compai

that a ith movig om a la itt to owhip o xpaig. Thi

itt ha occu mo qutly i Acio Paih a pat o eat Bato

roug Paih.



16/88


17/88

2013


2013

INDUSTRIAL INVENTORY HISTORY

MEMO % INVENTORYVACANT

NET ABSORPTION(NET CHANGE ININVENTORY)

2004 11.04% 496,335 S.F.

2005KATRINA IMPACT

6.48% 2,162,949 S.F.

2006KATRINA IMPACT

4.74% 1,381,015 S.F.

2007 8.66% 386,483 S.F.

2008ECON RECESSION

13.78% (100,616) S.F.

2009ECON RECESSION

14.13% 102,359 S.F.

2010ECON RECESSION

15.03% (62,748) S.F.

2011

ECON RECESSION

14.36% 220,945 S.F.

2012 11.60% 867,959 S.F.

inDUstRiaL inVEntORy histORy

G O O D D E S I G N I S G O O D B U S I N E S S

2252664564 ji l [email protected]

ADS

LOGOS

BROCHURES

SIGNS

SPECIALTY

ADVERTISINGBOSSs o l u t i o n s , l l c



18/88

18

(1,000,000)

(500,000)

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

8.10%

10.08%

11.04%

6.48%

4.74%

8.66%

13.78%14.13%

15.03%

14.36%

11.60%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

histORiCaL VaCanCy anD aBsORPtiOn

histORiCaL VaCanCy RatE


19/88

Real Estate StrategiesDeliveredShreveport | New Orleans | Dallas | Houston | San Antonio | Atlanta | Nashvil

Full-Service CommercialReal Estate

InvestmentDevelopment

LeasingManagementDaniel P. Poulin,

CCIM, [email protected]

Jennifer A. Lee,CCIM, SIOR

[email protected]

Sealy & Company150 James Drive East, Suite 140 St. Rose, LA 70087

504.463.5600 | www.SEALYNET.com

We leverage our experience and relationshipsto bring maximum benet to your

real estate transactions.

Sealy brokers, who hold signicant experience inindustrial, ofce, retail, and land,provide superior service and deliver results.


20/88

MEMO 2011 2012 % DIFF.

TOTALINVENTORY

25,230,219 S.F. 25,422,265 S.F. 0.76%

VACANT S.F. 3,624,175 S.F. 2,948,262 S.F. (18.65)%

OCCUPIED S.F. 21,606,044 S.F. 22,474,003 S.F. 4.02%

VACANT % 14.36% 11.60% (19.24)%

NET ABSORPTION 220,945 S.F. 867,959 S.F. 292.84%

UNDERCONSTRUCTION

184,246 S.F. 120,546 S.F. (34.57)%

INDUSTRIAL INVENTORY STATISTICSinDUstRia L inVEntORy statistiCs


21/88

21

2013


3.00%reductioninvacancyduring2012.14.36%Vacancyin2011compared

to 11.60% vacacy i 2012 o 5,000 qua t a lag builig. natioal

makt avag l at appoximatly 10% a oppig.

USFactoryordersgoupwhichimpactsthedemandfortherawproducts

Louiiaa pouc to mak th goo.

Increasingdemandingeneralwithintheindustrialmarket.

IncreasingdemandforlandsituatedalongtheMississippiRiverthatincludesacc to tock pipli o ay acc to tock om ighboig

plat, a/o ail.

Increaseddemandforbulkoilstorage.

Approximately325,000squarefeetofadditionalbulkwarehousespaceleasedin

2012 compa to 2011 at th Pot o Gat Bato roug, Bato roug Wt,

a Gaham Packagig i Wtpot.

Increasedrentalratesforsmalleroce-warehouses(15,000squarefeetandless)

i Acio Paih a pat o eat Bato roug Paih.

Ratesstagnantbutvacancyremainingsteadyinolderindustrialparksand

popti i noth Bato roug. Lalo cocio cotiuig o th

popti.

868,000squarefeetpositiveabsorptionin2012vs.221,000squarefeetin2011.

Naturalgaspriceslower/stabilizedandsuppliesabundant.

Improvinglendingenvironment,especiallyforowneroccupants.

Oilandgasinterestremainsvibrant.

Nosignicantchange

nOtiCEaBLE tREnDs



22/88

22

2012 INDUSTRIAL LEASE RATES

Sample Lease Data Table

Product Type Size (Sq. Ft.) Lease Rate($/Sq. Ft.)

LeaseType

Flex Space

1,000

15,000

$8 - $12 Net

OfficeWarehouse Older

5,00015,000

$3 - $4.50 Net

OfficeWarehouse

New

5,00015,000

$6 - $8 Net

BulkWarehouseOlder

20,000+ $2 - $2.50 ModifiedGross

BulkWarehouse

New

20,000+ $4- $5.00 Net

Lease rates and terms improving in areas nearest announced projects andplant expansions. No increases in older industrial and heavy commercialparks where concessions and short term leases continue.

2012 inDUstRiaL LEasE RatEs

EAST BATON ROUGE PARISH BUILDING PERMITS

YEAR 2010 2011 2012

EBR PERMITS(NUMBER)

22,565 21,759 21,698

EBR PERMIT ($)SEE NOTE 1

$710,536,043SEE NOTE 2

$729,876,485SEE NOTE 3

$603,507,068

EBR PERMITFEES ($)

$4,878,466 $4,878,466 $5,028,836

East Baton Rouge Building Permits includes all residential and commercial permitsincluding schools, churches, hospitals, office buildings, and industrial buildings.

East BatOn ROUgE PaRish BUiLDin g PERMits


23/88

industrial office retail land

Knowledge

TRUST

ReSUlTS

Lynn Daigle

Scot Guidry, CCIM

Randy Herring, CCIM

Chris Pike

Mike Falgoust, SIOR

Grey Hammett, Jr.

Managing Broker

Justin Langlois, CCIM

Gil Guidry

Grey Hammett, III

Rena Langlois

Property Manager

wh expric MattrsTurn to th Commrcial Ral estat exprts

10311 J Hwy., s. a-1 B rg, la 70809 225-778-5858 www.m.


24/88

24

2012 nOtEwORthy MaJOR PROJECtsEstimated/Rounded

CFIndustries,$2.1billionexpansionofitsammoniaandurea

Donaldsonvilleplantlargestprojectinparishhistory;

MethanexCorporationsrelocationofitsmethanolmanufacturingplant

fromChiletoGeismar,$550millioncreating130jobs,2ndplantpending;

AvalonRareMetals;$350millionstartupmanufacturingfacilitycreating

175jobs;

GenesisEnergyannouncementofa$125million18milecrudeoil

pipelineconnectingtoExxonMobilBatonRouge;

ExxonMobilexpandinglubricantplantsinBatonRouge&PortAllen,$215

millionandadding45jobs;

ShintechLouisianaexpandinghydroxyethylceolluloseplantin

Plaquemine,$120millionadding30jobs;

Petroplex,StJamesplansfora$600millionoilstorageterminal;

ExpansionatBASFvaluedover$138million;

ExpansionatWestlakeVinyls,$467millionadding60jobs;

ExpansionatAegisFlowTechnologies,Geismar,$2million;

The$10millionplusconsolidationandexpansionofEmersonProcessto

Edenbournedevelopment;

UnionPacicRailroadannouncedmajorrailupgradesinsouthLouisiana

andnewrailcarstorageyardinSt.JamesParish

NewmethanolplantannouncedSt.JamesParish;

NucorSteelplantsiteanddockconstructionwellunderway;

LouisianaScrapcompletednewfacilityonIntracoastalCanalinWest BatonRouge;

LouisDreyfuswellunderwayonnewdockandupgradedgrainfacilities

atPortofGreaterBatonRouge.


25/88

25

2013


Th iutial makt houl cotiu to how impov aboptio at a cliig

vacaci. expct vacacy at to b btw 9% a 10% by ya 2013. Th lag-

cal iutial pojct tat, ot icluig th aouc pojct uway, a

ivtmt wll ito th billio o olla. som pculativ mall cal builig i

bgiig a will cotiu to occu to atiy th pt-up ma that i ow movig

owa at ya o libatio, pcially i th outhat aa o eat Bato roug

Paih a Acio Paih. suitabl la, zoig a th aociat vlopmt cot

will tmp thi omwhat. Th aoucmt o Kato nati cotuctio o 2,000,000

qua t bulk wahou i Bato roug (t pha 600,000 qua t) may hav

a ct o xitig umou mall wahou vicig th platic a chmical

iuti wh hot tm laig a i plac. Lalo holig th popti may

to ouc oth log tm iuti quiig toag a itibutio. Tho,

th committ cautio agait lag cal vlopmt o bulk toag a itibutio

aciliti. natioal vic compai, both iutial a havy commcial, will cotiu

to k locatio o cooliatio o multipl aciliti. rt houl impov motly

i th gowth aa; howv, ol aciliti will mai lock i at th am at o

poibly v ca.

2013 ORECast



26/88

26

multi-family

Trends

data collct a aalyz ach spig & Fall (mot ctly i Fall/Wit 2012-

13) gaig apatmt tal a vacaci by Cook, Moo & Aociat (CMA),

th LsU ral etat rach Ititut, th CId o GBrAr a th Bato roug

Apatmt Aociatio (BrAA) uggt that apatmt vacaci i th Bato

roug aa hav cli to a lvl lightly low tha hitoical om. Pio to

Katia, th Bato roug Apatmt Aociatio wa potig city-wi vacaci

at 8%. A imila gu (6%) wa pot i th LsU/CMA spig 2005 pot (P-

Katia). Fo oughly 3 ya ollowig th aival o Huica Katia (Augut

29, 2005), both uvy ouc w potig l tha 1% vacacy makt-wi.

Vacaci o i 2008-10 (a a ult o a pot-Katia cotuctio boom), but

cli i 2012. Th Fall/Wit 2012-13 LsU/CMA pot ct 5.57% vacacy

makt-wi (154 complx uvy), ow om 6.84% vacacy pot i eat

Bato roug Paih o Jauay 2012.

W aalyz two t o tal ata (collct i th spig a/o Fall ach

ya), which i by compoitio a umb o popti iclu. Th lag

match atat coit o 136 complx, with a mall match ampl o 49

lag (200+ uit) complx alo aalyz. rtal o th 136-complx match

ampl ica 2.1% om Jauay 2012 to Jauay 2013 (ov a 12-moth

pio). Th pot vacacy at o th match ampl wa 5.56% (ow om

6.0% i Fall 2011; ot that thi gu xclu coiatio o th wly-built &

vacat uit i th w complx i la-up). Th match ampl o uit i a

tog iicato o ovall t.

BatOn rOuge aPartment marKet

intrOductiO n & summatiOn

2013


27/88

27

2013

Staying Strong... Building StrongerStaying Strong... Building Stronger!

2013 MULTI-FAMILY

TRENDS COMMITTEE

D. WESLEy mOORE, ii

MIA, CCIM

Speaker, Trends

Cook, Moore & Associates

SEAN mcDONALD, MAI


cRAig DAVENPORt

Cook, Moore& Associates

ABBy mcmAStERS

Cook, Moore

& Associates

ALEXiS mARtiN


ELiSE mOORE


LAuRA WhitE

Latter & Blum Property

ty gOSE, CCIM

Latter & Blum Property

gREg cORDARO

Cordaro Companies

DAViD tREPPENDAhL, CCIM


Abulletedsummaryofourkeyconsiderations&expectationsisprovided:

Th imiih availability o motgag acig o hom pucha

appa to hav ubtatially low th taitio o t to hom

owhip, ultig i gat tat ttio. Tat lackig a tog cit

atig, icom hitoy a/o at o ow paymt ow hav much gat

iculty i cuig motgag acig a gauatig to hom owhip.

Thi appa to hav a b a catalyt o aboptio o th icomig uit ov

th pat 5+ ya.

Th upply o tal uit i th Bato roug MsA ha ica ubtatially

(5,682 w apatmt uit w complt om wh Katia hit o Augut

29, 2005 though th o 2011, 632 uit w built i 2012, 781 uit a

u cotuctio, a 1,281 uit a popo o cotuctio i 2013-

14). Th total w tal upply o 2006-14 coul xc 8,300 uit, which

woul quat to oughly 930 uit p ya ov a 9-ya pa (i all o th

pla uit a complt by th o 2014). Makt-wi vacaci hav

tu to a lvl o oughly 5.5%, with tal ica i 2012 coitt

with hitoical om (avag tal o to $0.93/qua oot, ctig 2%

gowth). ecoomic t a occupaci (t o cocio, typically i th

om o waiv tal, o appliac) hav moat i may makt

gmt, a comptitiv pu to la th maiig ivtoy o w/

vacat uit appa to till b havig a ct.

nt aboptio o th w complx, p icuio with ow a

maag, hav pomiatly hov i th ag o 10 to 30 uit p

moth. Th hitoical om o w complx locally ha b 12 to 20 uit

p moth.


28/88

228

Coiatio houl alo b giv to th 1,954 o al coo uit built i

th Bato roug MsA uig 2006-10. Th hav hitoically aw pimaily o

th gmt o th makt oit towa ow-occupacy, but may hav b

acqui by ivto, o hav b covt back to tal uit by th oigial

vlop (who hav ha iculty attactig pucha capabl o cuig

motgag acig ic 2008) a pt comptitio o taitioal tal

uit. Aboptio o th uit by ivto ha imiih gatly, a acig o

th acquiitio ha bcom xtmly icult to cu. Vitually all popo

coo pojct hav b put o hol (xcpt o a w, mall, tut-oit

pojct a LsU).

Th baic mchaic o houig ma a a ollow: th atioal a local

om ha hitoically b oughly 2.75 popl p houhol, o, o ach 1,000

popl that hav mai log-tm i Bato roug a a ict ult o Katia, w

houl to hav oughly 360 aitioal houig uit to atiy th icmtal

ma cat by uch a populatio ica. A oughly 33% o th local uit

hav hitoically b t-occupi, oughly 120 o th 360 uit (p thoua

it) to b tal uit. A th Bato roug aa log-tm populatio

ica by oughly 30,000 ictly u to Katia (a wll a th omal populatio

gowth w woul omally hav gat), th local makt houl hav b abl

to abob oughly 3,600 w tal apatmt uit to atiy th icmtal log-

tm ma ti by Katia without poucig matially av impact o th

xitig tal houig tock. Whil th Pot-Katia aitio to th upply o tal

uit ha xc thi mak, th igl-amily itial motgag makt wil

ca appa to hav com ito play (a th av impact o makt occupaci

uch a ovuppli tat houl pouc ha ot b ot).


29/88

2013


A ky imptu o th ubtatial cotuctio i 2006-08 wa th GO Zo Act,

which gat ubtatial hot-tm tax bt o tho ivtig i wly-built

alty. To tak avatag o th GO Zo bt, howv, w apatmt i th

Bato roug aa ha to hav a cticat o occupacy i plac pio to dcmb

31, 2008. Th al tax ictiv pompt iitiatio o cotuctio o ctai

apatmt uit that might othwi ot hav commc. Th 12/31/08 ali

(a th aociat uh to complt uit by th) might hav ult i a ippl

thoughout th local apatmt makt, but o th oth coiatio pviouly

mtio. Th abc o thi ictiv houl hav low th iux o w uit,

though th a till 781 uit u cotuctio, a 1,281 mo uit popo/

pla.



30/88

30

I spig 2008, w xpct th local apatmt makt to bcom highly

cocioay by th o 2008, paticulaly i th Cla A ubmakt. Whil it

took a whil log o th ippl to uac, by latt 2009 w bga to

moth a a TV (o oth imilaly tuctu) cocio o at a umb

o th upcal popti. A th vat majoity o th icomig upply o uit ha

b upcal, th Cla A popti appa to hav lt th but o th comptitiv

pu om th icomig uit. Thi comptitiv ajutmt i 2009-10 appa

to hav vtually oc tal ajutmt by th Cla B popti, who th put

picig pu o Cla C popti. noboy i bullt-poo. With th aitioal

upply abob i 2012, comptitiv pu appa to b ubiig, a tal

ica hav pov mo aily attaiabl.

Th wa a hot-tm ovupply o apatmt uit i th Livigto Paih

ubmakt that ult om th compltio o 3 complx with a combi total

o 512 uit. BrAA pot 32% vacacy i thi ubmakt i thi 2011 uvy.

Aboptio i th 3 w complx hav, howv, b tog (oughly 20 uit

p moth), a th w complx a ow potig occupaci o ov 90%.

Th citical acto that will ultimatly iv th log-tm ma o, a

aboptio o, aitioal houig uit i th Bato roug aa a th umb o

job that ca b tai locally (wh th job go, th populatio will ollow) a

th ability o ou iatuctu (oa, chool, govig boi) to accommoat

thi gowth a maitai th chaact a maktability o Bato roug a a

plac to liv. Bato roug appa to hav og th but o th cio, a

mai wll poitio to pop. With umou ct aoucmt o majo

iutial xpaio a pla cotuctio o multi-billio olla aciliti i th

Bato roug MsA, w xpct uth populatio xpaio (a copoigly

poitiv aboptio o w a xitig apatmt uit).


31/88

31

2013

Staying Strong... Building StrongerStaying Strong... Building Stronger!

Gaph illutatig th ct t i apatmt tal a povi i th ollowig

pag. Th will b ollow by yop o w multiamily itial (apatmt

a coo) cotuctio pojct, a mo tail tal/vacacy chat. Fo mo

tail icuio a iomatio, pla call u (w povi poioal coultig

vic) o go to .cookmoore.como .borouered.com.

ii. nEw aPaRtMEnt COnstRUCtiOn

Bato roug xpic a covy pio i apatmt cotuctio om 1995 to

2005. duig thi pio, 36 apatmt complx cotaiig a total o 6,800 tal

uit (xcluig o al coo) w built i Bato roug. Vy w o tho w

complx o taa, mi-ga apatmt uit (i.., vitually all w oit

towa ich makt, uch a tut o low-icom houhol). Th vat

majoity o th w upply ov th pat 20 ya ha b oit towa ith

mo afut tat, o low-icom houhol.

roughly 5,682 w apatmt uit w complt om wh Katia hit o Augut

29, 2005 though th o 2011, th 632 uit w built i 2012, ow 781 uit

a u cotuctio, a 1,281 uit a popo o cotuctio i 2013-14). Th

total w tal upply o 2006-14 coul xc 8,300 uit, which woul quat to

oughly 930 uit p ya ov a 9-ya pa (i all o th pla uit a complt

by th o 2014). Th w apatmt complx built, uway a/o pla i

Bato roug aa a lit o th ollowig pag.


32/88

32

Apartment Complexes Completed in 2012

in the Baton Rouge MSA

Project Name,

Developer & Location

# of

Units Completion Date Comments

The Woodlands 291 2012 Upscale/Luxury Student-Oriented units

(David Mulkey/Tom Scott, Dovetail Cos) financed conventionally

Ben Hur off Nicholson

Bellhaven Trace 31 2012 Affordable Housing (Tax Credit) units

(Trilateral Development, LLC) Scattered-Site Development

Wooddale Blvd

438 Main Street 22 2012 Affordable Housing (Tax Credit) units

(Helena Cunningham/Norman Chenevert)

438 Main Street

Hooper Springs 48 2012 Affordable Housing (Tax Credit) units

(CDI, Idaho)

Hooper Road

Woodcrest 48 2012 Affordable Housing (Tax Credit) units

(LDG Development)

1900 Lobdell Blvd

Mallard Crossing 192 2012 Affordable Housing (Tax Credit) units

(LDG Development)

Greenwell Springs Road

Total for 2012 632

Apartment Complexes Under Construction in 2013

in the Baton Rouge MSA

Project Name,Developer & Location

# of Expected


GCHP- Mid-City - Olinde Building 32 2013 Affordable Housing (Tax Credit) units

(Gulf Coast Housing Partners) financed under subsidy programs;

Construction Underway

The Elysian 100 2013 Affordable Housing (Tax Credit) units


Spanish Town Road east of I-110 Construction Underway

University Edge 158 2013 Upscale/Luxury Student-Oriented units

(Hallmark Campus Properties) financed conventionally;

West McKinley at Iowa Construction Underway

High Grove 192 2013 Upscale/Luxury Conventional units

(Domain Companies) financed via HUD 221d4;

Picardy Blvd off I-10 Construction Underway

Fairfield at Baton Rouge 299 2013 Upscale Luxury Student-Oriented Units

(Fairfield) Construction Underway

Burbank at Ben Hur Road

Total for 2013 781

Not included in the following list 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.


33/88

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34/88

34

Apartment Complexes Proposed for 2013-2014

(Not Yet Under Construction) in the Baton Rouge MSA

Project Name,

Developer & Location

# of Expected


Cypress Springs Elderly 144 2013-14 Affordable Housing (Tax Credit) units

(CDI) financed under subsidy programs;

Hooper Road east of Plank Road Site cleared for construction

Gardens of Baton Rouge 50 2013-14 Affordable Housing (Tax Credit) units

(Gary Hinton) financed under subsidy programs;

Plank Road south of Hooper Road Construction has not started

Burberry Estates 32 2013-14 Affordable Housing (Tax Credit) units

(Burberry Estates Partners) financed under subsidy programs;

Construction has not started

Renaissance Gateway 208 2013-14 Affordable Housing (Tax Credit) units

(CDI) Rehab of abandoned complex

650 North Ardenwood Construction has not started

1854 North Street 37 2013-14 Affordable Housing (Tax Credit) units


Construction has not started

Commerce Building 92 2013-14 Upscale/Luxury Market-Rate units

(TJ Iarocci, New Orleans) to be financed via HUD 221d4;

333 Laurel Street Building acquired; conversion has not started

The District 312 2013-14 Upscale/Luxury Market-Rate units

(Creekstone Development) to be financed conventionally;

Perkins Road near Pollard Site acquired; construction has not started

River House 224 2013-14 Upscale/Luxury Market-Rate units

(Marc Blumberg) to be financed conventionally;

West McKinley at Iowa Site acquired; construction has not started

Audubon Apartment Homes 182 2013-14 Upscale/Luxury Market-Rate units

(Heritage Construction) to be financed via HUD 221d4;

LA 64 west of LA 964, Zachary Site acquired; construction has not started

Total Units Planned 1,281

iii. COnDOMiniUM COnstRUCtiOnA ouc o houig omtim ovlook i o al coo cotuctio. numou

coo vlopmt w built a attact aoably api aboptio though

aly 2007 (typically 5 to 10 uit llig p moth). Aboptio ic mi-2007

hav b otably low, a th uc availability o motgag acig o


35/88

2013

3


35


coo pucha ha avly impact ma o coo. Fw tha 100 coo

uit hav b built ic 2008.

Aitioal vlopmt a kow to b i th wok. With th wak ct aboptio

ot, it i ulikly a iux o uit will occu. Util motgag acig bcom mo

aily availabl o coo, aboptio will likly mai lativly low.


36/88

36

iV. aPaRtMEnt REnt & VaCanCy statistiCs

O th ollowig pag a pt tabl ummaizig th gu compil i

th LsU/CMA apatmt uvy pom i Fall/Wit 2012-13.

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 154 $601 $717 $860 $995 $1,546 $1.287 $1.009 $0.849 $0.810 $1.152 $0.901 6.27% 5.43% 5.50% 5.99% 6.87% 5.57%

1 42 $726 $758 $926 $1,214 $1,812 $1.484 $1.102 $0.982 $1.035 $1.369 $1.060 5.62% 4.63% 5.26% 7.87% 7.90% 5.51%

2 35 $596 $837 $992 $1,217 $937 $1.428 $1.131 $0.919 $0.910 $0.728 $0.980 5.71% 4.27% 4.21% 5.83% 0.00% 4.41%

3 41 $556 $721 $838 $906 $819 $1.140 $0.988 $0.809 $0.701 $0.518 $0.844 4.88% 4.98% 4.66% 4.35% 8.33% 4.78%

4 15 $510 $484 $578 $679 - $1.020 $0.743 $0.617 $0.570 - $0.646 0.00% 9.59% 9.81% 5.50% - 9.28%

5 21 $442 $521 $596 $681 $756 $0.967 $0.772 $0.648 $0.633 $0.604 $0.685 8.00% 8.28% 8.69% 6.58% 1.72% 8.01%

Table 1

Average Rent Average Rent per Sq. Ft. Vacancy Rate

Apartment Data by Area(Fall 2012 Full Data Set)

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 54 $715 $777 $927 $1,068 $1,597 $1.148 $1.061 $0.889 $0.824 $1.096 $0.941 6.98% 4.63% 5.00% 5.67% 8.86% 5.00%

1 15 $958 $831 $1,022 $1,254 $1,861 $1.810 $1.149 $1.010 $0.993 $1.315 $1.076 3.85% 4.61% 4.99% 6.76% 9.04% 5.18%

2 12 $645 $927 $1,129 $1,356 - $1.421 $1.225 $1.030 $0.981 - $1.089 8.16% 4.04% 4.77% 8.40% - 4.92%

3 22 - $720 $853 $888 $819 - $0.988 $0.818 $0.682 $0.518 $0.852 - 4.79% 5.10% 4.57% 8.33% 4.95%

4 2 $510 $536 $635 $750 - $1.020 $0.754 $0.615 $0.592 - $0.644 0.00% 5.44% 6.00% 3.17% - 5.42%

5 3 $367 $438 $520 $649 - $0.711 $0.614 $0.521 $0.571 - $0.559 11.36% 5.57% 4.44% 0.77% - 4.61%

Average Rent Average Rent per Sq. Ft. Vacancy Rate

Table 2

Apartment Data by Area for Large Complexes(Fall 2012 Full Data Set)

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 22 136 147 96 21 148 415 10,030 12,837 3,241 553 27,076

Large Complexes 8 53 54 37 8 51 172 6,458 7,462 1,675 237 16,004

Number of Units by Data SetNumber of Complexes

Table 4

Fall 2012 Data Set Statistics

(Fall 2012 Full Data Set)


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3

2013


VacancyZip

Code

Number of

Complexes

Number

of Units per Unit per Sq. Ft. Total

70802 4 617 $824 $1.153 6.97%

70805 5 718 $529 $0.728 9.47%

70806 23 2,987 $679 $0.746 6.73%

70807 2 168 $575 $0.654 4.17%

70808 15 2,691 $890 $1.053 4.24%

70809 22 4,462 $985 $0.988 4.82%

70810 9 1,654 $1,008 $0.988 5.32%

70814 3 437 $658 $0.746 1.37%

70815 16 2,444 $610 $0.661 7.77%

70816 31 7,394 $810 $0.864 5.09%

70817 4 605 $886 $0.819 2.81%

70820 16 2,283 $1,045 $1.133 6.79%

Average Rent

Table 3

Apartment Data by Zip Code(Fall 2012 Full Data Set)

(Zip Codes with More Than 1 Complex)

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39



40/88

40

retail

Trends

Thi pot wa ppa om ata collct om -mail a tlpho uvy o

hoppig ct maag, laig agt, a ow couct by mmb o

th Bato roug Trends i ral etat rtail Committ. suvy w couct

i Fbuay a Mach 2013. extiv ipt vicatio wa ot povi,

howv quot t a/o vacaci that appa aomalou w chck.

DEsCRiPtiOn O thE anaLysis

Oc agai ou uvy iclu bakig ow ata o acho a o-

acho pac. W bliv thi i th bt iicato o what mall hop pac i

actually laig o. Pviou uvy ct tal at collct o a high-low

bai, with a avag tal at o ach popty calculat ba o th high-

low iicato. Thi cau acho ct (with typically low tal o th

lag pac) to igicatly kw th tal gu. Thi i ow th thi ya o

bakig out th acho pac i th tal uvy a w ow l w a abl to

tack a accuat t i th tal at.

The shopping center survey analysis is structured as follows:

Suitesover15,000squarefeetareconsideredtobeanchorspaces.

Rentalratesfornon-anchorspacesarecollectedonahigh-lowbasis,with

a avag tal at o ach popty calculat ba o th high-low

iicato.

Therentalsindicatedarereectiveofvaryingleaseterms,withsome

hoppig ct quiig xp imbumt om tat

i aitio to ba tal a om hoppig ct quiig o

aitioal imbumt. To aiv at coitt tal, ay aitioal

imbumt pai by tat (gally o commo aa maitac

a surVey Of sHO PPing cent ers in BatOn

rOuge: sPring 2013

2013


41/88

2013

3


41


(CAM), tax a iuac) a a to ach hoppig ct calculat

avag tal to aiv at a total avag tal.

Attemptstosurveyeachshoppingcenteraremadeeachyear,however,

u to tuov i maagmt a/o owhip, ult o ach

hoppig ct a ot availabl vy ya. Compaio o th total

uvy laabl pac a umb o hoppig ct iicat i ach

tim pio houl ot b tak a a iicatio o w cotuctio a/

o molitio, but a a iicatio o popti o which ata

wa povi.

TheVacancyRategurespresentedshouldnotbeviewedasamatched

ampl, a th gu o ach tim pio ct th ult o ach

iiviual uvy. Thy a, howv, coi to b iicativ o gal

makt coitio.

Onlyshoppingcentersofover15,000squarefeetofleasablespaceare

iclu i th uvy. numou mall tip ct thoughout th Batoroug aa a xclu om th aalyi u to th miimal iz

quimt o th uvy.

BatonRougestwoenclosedshoppingmalls,theMallofLouisianaand

Cotaa Mall, a xclu om th uvy. du to th lag iz o

th ct a igicatly high tal collct o mall pac

compa to taa multi-tat tail pac, th popti hav

hitoically cau igicat kwig o th vacacy a avag tal

ult wh iclu i pat pot. Thy w limiat om th

uvy i 2007, with ult om ali uvy vi to xclu th

ct.

2013 RETAIL

TRENDS COMMITTEE

Jonaan Waler, CCIM

Speaker, Trends

Maestri-Murrell

carle colvn, CCIM

Beau Box

Wade greene

Maestri-Murrell

Asn Earar

Beau Box

Jsn Lanlos, CCIM

Mike Falgoust

& Associates

Sean mDonald, MIA

Cook, Moore

& Associates

Evan Sros

Latter & Blum

coln S

Kurz and Hebert

Doe tarleon, CCIM

Stirling Properties


42/88

242

BatonRougesthreecompletedlifestylecentersPerkinsRowe,The

BoulevardattheMallofLouisianaandTowneCenterweresurveyedfor

th t tim i 2008. A with th hoppig mall, th ct collct

igicatly high tal, icluio o which woul likly igicatly

kw th ata. Th th ct a gally xclu om th

gu pt, a pcic iomatio will b giv o th ct

uig th actual ptatio.

AnalysesareperformedbyVacancyRate(Table1),Size/Type(Table2),Age

(Tabl 3), Locatio (Tabl 4) a both Locatio a Typ (Tabl 5).

sUMMaRy O sP Ring 2013 REtaiL sURVEy

Attemptsweremadetocontact133shoppingcentersinEastBatonRouge,

Acio a Livigto Paih, with po obtai om 124

hoppig ct.

AcadianVillagewasdemolishedin2008butisnowunderredevelopment.

Th popty i big p-la, a ha b iclu i thi ya uvy.

Excludingthelifestylecenters,atotalof8,616,676squarefeetofleasable

pac wa uvy, with 849,429 qua t (9.86%) pot to b vacat.

Thi vacacy at i oly lightly high tha th 9.23% pot i th 2012

uvy, a low 10.33% vacacy at pot i th 2011 uvy, a

much low tha th 12.55% vacacy at i th 2010 uvy.

AverageTotalCollections(rentandexpensereimbursements)fornon-anchor

pac w $16.21/qua oot, which ct a 3% op i tal at om

th 2012 uvy.


43/88

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Commercial Sales & Leasing Residential Sales & Leasing Property Management

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Benjamin Stalter Linda Jackson George Murrell Lawrence Maestri


44/88

244

Table 1

Shopping Centers by Vacancy Rate(Excluding Lifestyle Centers)

Facility VacancyRate Period

Number ofResponding

Centers

Percent ofTotal

Responding

Changefrom

PreviousPeriod

Total SurveyedLeasable Space

Percent ofTotal

Responding

Changefrom

PreviousPeriod

TotalVacant Space

Percent ofTotal

Responding

Changefrom

PreviousPeriod

PercentAnchor Space

10% or Less

Spring 2013 79 64% -1 6,153,817 71% -21,903 108,461 13% -30,692 40.46%

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% 4,444,038 58% 75,398 8%

10.01% to 25%

Spring 2013 21 17% 1 897,066 10% -197,252 131,570 15% -42,797 23.02%

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% 1,678,505 22% 263,888 29%

25.01% to 50%

Spring 2013 20 16% 1 1,257,715 15% 114,429 418,968 49% 32,658 29.91%

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% 1,328,080 17% 468,019 51%

Over 50%

Spring 2013 5 4% 1 310,078 4% 170,243 191,630 23% 101,898 71.18%

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% 174,527 2% 111,392 12%

Total

Spring 2013 124 1 8,616,676 63,517 849,429 59,867 37.35%

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 7,625,150 918,697

Tabl 1 cotai th aalyi by vacacy at. Th ovall vacacy at ha ica

lightly to 9.86% om 9.23% i spig 2012, but i low tha th 10.33% i spig

2011, 12.55% i spig 2010 a 12.05% i spig 2009. Oly 48% o uvy

ct i spig 2009 pot vacacy at o 10% o l, 56% o uvy ct

i spig 2010, 58% o uvy ct i spig 2011, 65% o uvy ct i

spig 2012, a 64% o uvy ct i spig 2013 pot vacacy at

o 10% o l. Oly 4% o ct pot vacaci ov 50% i spig 2013 (up

om 3% i spig 2012). 17% o th uvy ct pot vacaci o 10.01%

to 25% (up om 16% i spig 2012, (25% i spig 2011, 21% i spig 2010 a

33% i spig 2009), whil 16% pot vacaci o 25.01% to 50% (up om 15%

i spig 2012 a up om 13% i spig 2011). Vacacy at o th pat two ya

a th lowt thy hav b ic 2007.

anaLysis By VaCanCy RatE


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45

Tabl 2 cotai th aalyi by hoppig ct iz/typ. Th uvy hoppig

ct a catgoiz ba o icuio with local laig agt i coopatio

with CId a th Gat Bato roug Aociatio o reALTOrs a itio u by

th Uba La Ititut a Itatioal Coucil o shoppig Ct. The shopping

center types are as follows:

ConvenienceCenters(under30,000squarefeet)typicallyprovideforthe al o covic goo a poal vic without havig a taa

acho pac.

NeighborhoodCenters(30,001to100,000squarefeet)typicallyprovide

o th al o covic goo a poal vic with a gocy

acho pac.

CommunityCenters(100,001to250,000squarefeet)typicallyprovide

clothig, hawa, a appliac, i aitio to covic goo a

poal vic. Typically, th a built aou a mall patmt,

vaity, o icout to.

RegionalCenters(over250,000squarefeet)typicallyprovidegeneral

mchai, uitu a hom uihig, a wll a vic a

catioal aciliti. Th lag ct a ot built aou o o two

ull-li patmt to that a gally lag tha 100,000 qua t.

40% o th uvy ct a coi to b Covic Ct, though oly

11% (980,321 qua t) o th uvy laabl pac i locat i th ct.

40% o th uvy ct a coi to b nighbohoo Ct, which

cotai 32% (2,771,455 qua t) o th uvy laabl pac. 17% o th uvy

ct a 35% o th uvy laabl pac (2,990,007 qua t) a coi

to b Commuity Ct, whil 3% o th uvy ct a 22% o th uvy

laabl pac (1,874,893 qua t) a coi to b rgioal Ct.

anaLysis By siZ E/tyPE



46/88

246

sic th spig 2012 uvy, vacacy at hav ica i vy hoppig cttyp xcpt o Covic ct, which ot oly a light ca (12.90% to

11.27%). Th hight vacaci a ot i th uacho Commuity Ct

(12.98%), whil rgioal Ct cotiu to hav a low vacacy at (1.15%).

Covic Ct hav a vacacy at o 11.27%, whil nighbohoo Ct

hav a vacacy at o 11.89%.

46% o th pot vacat pac i locat i Commuity Ct, whil oly 3%

i locat i rgioal Ct. 13% i locat i Covic Ct a 39% ilocat i nighbohoo Ct.

Th hight collctio o o-acho pac w ot i rgioal Ct

($20.59/qua oot). Th lowt avag collctio w ot i nighbohoo

Ct ($13.77/qua oot).

Table 2

Shopping Centers by Size/Type(Excluding Lifestyle Centers)

ShoppingCenterType Period

Number ofResponding

Centers

Percent ofTotal

Responding

Changefrom

PreviousPeriod


Percent ofTotal

Responding

Changefrom

PreviousPeriod

TotalVacant Space

Percent ofTotal

Responding

Changefrom

PreviousPeriod

VacancyRate

Changefrom

PreviousPeriod

AverageCenter

Size

Changefrom

PreviousPeriod

PercentAnchor Space

Non-AnchorCollections

(Rent + Reimb.)in $/SF

ConvenienceCenter

(30,000 SF& Under)

Spring 2013 50 40% -1 980,321 11% -42,962 110,517 13% -21,510 11.27% -1.63% 19,606 -458 0.00% $17.59

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% 619,379 8% 81,810 9% 13.21% 18,769

NeighborhoodCenter

(30,001 to100,000 SF)

Spring 2013 49 40% 2 2,771,455 32% 106,479 329,393 39% 38,903 11.89% 0.99% 56,560 -142 26.21% $13.77

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% 2,390,861 3 1% 320,650 35% 13.41% 59,772

CommunityCenter

(100,001 to250,000 SF)

Spring 2013 21 17% 0 2,990,007 35% 0 388,036 46% 48,281 12.98% 1.62% 142,381 0 38.86% $16.12

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% 2,679,675 35% 480,579 52% 17.93% 141,036

RegionalCenter

(Over250,000 SF)

Spring 2013 4 3% 0 1,874,893 22% 0 21,483 3% -5,807 1.15% -0.31% 468,723 0 70.91% $20.59

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% 1,873,036 25% 23,580 3% 1.26% 468,259

Total(ExcludingLifestyleCenters)

Spring 2013 124 1 8,616,676 63,517 8 49,429 59,867 9.86% 0.63% 69,489 -49 37.35% $15.95

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 7,625,150 918,697 12.05% 76,252

LifestyleCenters

Spring 2013 3 1 975,555 68,041 65,041 6.97% 6.48% 325,185 20,185 4.72% $42.31

Spring 2012 2 0 610,000 3,000 -7,343 0.49% -1.21% 305,000 0 7.54% $37.74

Spring 2011 2 -1 610,000 10,343 1.70% 305,000 7.83% $36.19

Spring 2010 1 -2 440,000 7,500 1.70% 440,000

Spring 2009 3 1,010,000 67,000 6.63% 336,667


47/88

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248

anaLysis By agE

Tabl 3 cotai th aalyi by ag, with th hoppig ct catgoiz ba o

th ya o thi cotuctio.

Thi ya w bga lookig at w ct that w built i 2006 o lat. Coitig

o 886,546 qua t, thy ot oly ha th lowt vacacy at at 4.13%, but ha

th hight tal at at $22.44/ qua oot.

Th co t o hoppig ct coit o 44 popti that hav bcotuct om 2000 - 2005. Th w 11 mo ctly-built ct iclu

i spig 2010 tha i spig 2009, pimaily u to th uvyig o Livigto

a Acio Paih (which hav xpic ubtatial tail gowth i th

pat ca) o th co tim. Two o th v aitioal ct iclu i

spig 2011 a ct i Ctal, LA that pviouly ha ot b uvy (o

complt i 2006 a th oth i aly 2011). Th w ct pot a spig

2013 vacacy at o 4.23%, compa to th spig 2012 vacacy at o 5.41%

a th spig 2011 vacacy at o 5.15%. 39.19% o th pac i acho pac a

avag total collctio o o-acho pac a $20.84/qua oot.

Th xt t o hoppig ct coit o 11 ct cotuct btw 1995

a 1999. Th ct pot a spig 2013 vacacy at o 3.39%, which i lightly

btt tha th spig 2012 vacacy at o 4.08% a spig 2011 vacacy o 4.21%.

64.27% o th pac i acho pac a avag total collctio o o-acho

pac a $20.27/qua oot.

20 uvy hoppig ct w cotuct btw 1985 a 1995. Th

ct pot a spig 2013 vacacy o 4.70%, which i ow om th spig 2012

vacacy at o 8.05% a th spig 2011 vacacy at o 8.38%. 34.20% o th

pac i acho pac a avag total collctio o o-acho pac a $16.53

p qua oot.


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2013


49

Table 3

Shopping Centers by Age(Excluding Lifestyle Centers)

Year ofConstruction or

Rehab Period

Number ofResponding

Centers

Percent ofTotal

Responding

Changefrom

PreviousPeriod


Percent ofTotal

Responding

Changefrom

PreviousPeriod

TotalVacant Space

Percent ofTotal

Responding

Changefrom

PreviousPeriod

VacancyRate

Changefrom

PreviousPeriod

AverageCenter

Size

Changefrom

PreviousPeriod

PercentAnchor Space



2006 or Later

Spring 2013 17 14% 886,546 10% 36,623 4% 4.13% 52,150 37.79% $22.44

2000-2005

Spring 2013 27 22% 1,381,173 16% 59,218 7% 4.29% 51,155 40.08% $19.77

2000 or Later

Spring 2013 44 35% 1 2,267,719 26% 57,548 95,844 11% -23,689 4.23% -1.18% 51,539 140 39.19% $20.84

Spring 2012 43 35% 2 2,210,171 26% 49,800 119,533 14% 8,355 5.41% 0.26% 51,399 -1,293 40.86% $20.66

Spring 2011 41 33% 5 2,160,371 25% 434,284 111,178 14% -18,226 5.15% -2.35% 52,692 4,745 43.50% $21.07

Spring 2010 36 32% 11 1,726,087 21% 191,368 129,404 16% 55,504 7.50% 2.68% 47,947 -13,442

Spring 2009 25 23% 1,534,719 20% 73,900 8% 4.82% 61,389

1995-1999

Spring 2013 11 9% -1 1,029,585 12% -15,000 34,889 4% -7,726 3.39% -0.69% 93,599 6,550 64.27% $20.27

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 9% -1 979,671 11% 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 12% 21,320 30,414 4% 7,953 3.17% 0.78% 80,043 -5,338

Spring 2009 11 10% 939,192 12% 22,461 2% 2.39% 85,381

1985-1994

Spring 2013 20 16% 1 1,483,179 17% -5,000 69,774 8% -50,013 4.70% -3.35% 74,159 -4,166 34.20% $16.53

Spring 2012 19 15% 1 1,488,179 17% 7,857 119,787 14% -4,198 8.05% -0.33% 78,325 -3,915 41.51% $15.78

Spring 2011 18 15% -1 1,480,322 17% -55,500 123,985 16% -31,658 8.38% -1.75% 82,240 1,407 41.54% $17.04

Spring 2010 19 17% 2 1,535,822 19% 130,714 155,643 19% 28,695 10.13% 1.10% 80,833 -1,820

Spring 2009 17 16% 1,405,108 1 9% 126,948 13% 9.03% 82,653

1980-1984

Spring 2013 15 12% 2 1,089,854 13% 39,576 275,842 32% 113,364 25.31% 9.84% 72,657 -8,134 42.06% $12.04

Spring 2012 13 10% -1 1,050,278 12% 4,382 162,478 19% -72,724 15.47% -7.02% 80,791 6,084 36.17% $11.68

Spring 2011 14 11% 1 1,045,896 12% 85,532 235,202 30% 40,749 22.49% 2.24% 74,707 833 43.09% $12.39

Spring 2010 13 12% -2 960,364 12% -165,308 194,453 23% -39,684 20.25% -0.55% 73,874 -1,171

Spring 2009 15 14% 1,125,672 15% 234,137 25% 20.80% 75,045

Before 1980

Spring 2013 34 27% -2 2,746,339 32% -13,607 373,080 44% 27,931 13.58% 1.07% 80,775 4,110 25.56% $12.80

Spring 2012 36 29% 8 2,759,946 32% 387,826 345,149 41% 26,257 12.51% -0.93% 76,665 -8,054 27.18% $12.95

Spring 2011 28 23% 0 2,372,120 28% 27,247 318,892 40% -116,081 13.44% -5.11% 84,719 974 28.81% $12.24

Spring 2010 28 25% -4 2,344,873 29% -275,586 434,973 52% -26,278 18.55% 0.95% 83,745 1,856

Spring 2009 32 30% 2,620,459 3 5% 461,251 49% 17.60% 81,889

Total

Spring 2013 124 1 8,616,676 63,517 849,429 59,867 9.86% 0.63% 69,489 -49 37.35% $15.95

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 1 2.55% 0 .50% 69,701 -6,551

Spring 2009 100 7,625,150 918,697 12.05% 76,252

15 uvy hoppig ct w cotuct btw 1980 a 1984. Th ct

pot a spig 2013 vacacy at o 25.31% which i up om th spig 2012 vacacy

at o 15.47% a th spig 2011 vacacy at o 22.49% 42.06% o th pac i acho

pac a avag total collctio o o- acho pac a $12.04/qua oot.

34 uvy hoppig ct (ptig 32% o th uvy laabl pac a

44% o th vacat pac) w cotuct bo 1980. Th ct pot a spig

2013 vacacy at o 13.58%, up om th spig 2012 vacacy at o 12.51% a th

spig 2011 vacacy at o 13.44%. 25.56% o th pac i acho pac a avag

total collctio o o-acho pac a $12.80/qua oot.

Th lowt tal a hight vacacy a ot i th hoppig ct built bo

1985. Th ct pt 39% o th uvy hoppig ct, 45% o th

uvy laabl pac a 76% o th total vacat pac.



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anaLysis By gEOgR aPhiC agETabl 4 cotai th Aalyi by Gogaphic Aa. Th Gogaphic Aa u i thi

uvy o hoppig ct i Bato roug a log-taig a a a

ollow:

Area1SouthofInterstates10and12andwestofAirlineHighway

Area2NorthofInterstates10and12andsouthandwestofAirlineHighway

alsoincludesshoppingcentersalongPlankRoadbetweenAirlineHighway

a Hoop roa.

Area3NorthofChoctawDriveandAirlineHighway,excludingZacharyand

Plak roa hoppig ct btw Aili Highway a Hoop roa

Area4SouthofChoctawDriveandeastofAirlineHighwayalsoincludes

hoppig ct alog Aili Highway btw Ittat 12 a

Floia Boulva

Area5Zachary(surveyedbeginningin2008)

Area6AscensionParish(surveyedbeginningin2010)

Area7LivingstonParish(surveyedbeginningin2010)

Th hight avag o-acho collctio ($21.08/qua oot) a ot i

Aa 1 a th lowt vacacy at (2.49%) i ot i Aa 1, whil Aa 3 pot

th lowt total o-acho collctio ($10.64/qua oot) a Aa 5 pot

th hight vacacy at (22.76%). Aa 7 i Livigto Paih a iclu oly 2

poig ct (both o-acho), whil Aa 1 cotai may o th wtail coio i Bato roug (alog Blubot Boulva, sig La, a

Pki roa).


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Table 4

Shopping Centers by Geographic Area(Excluding Lifestyle Centers)

Geo grap hi c A rea Perio d

Number of

RespondingCenters

Percent of

TotalResponding

Changefrom

PreviousPeriod


Percent of

TotalResponding

Changefrom

PreviousPeriod

TotalVacant Space

Percent of

TotalResponding

Changefrom

PreviousPeriod

VacancyRate

Changefrom

PreviousPeriod

Average

CenterSize

Changefrom

PreviousPeriod

PercentAnchor Space



Area 1(South of I-10 &West of Airline)

Spring 2013 34 27% 1 3,025,885 35% 39,948 75,276 9% 1,113 2.49% 0.01% 88,997 -1,486 52.25% $21.08 $39.92

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 26% 5 2,860,041 33% 523,086 96,020 12% 10,254 3.36% -0.31% 89,376 2,832 57.07% $20.94

Spring 2010 27 24% -3 2,336,955 29% -238,656 85,766 10% 5,965 3.67% 0.57% 86,544 690

Spring 2009 30 28% 30 2,575,611 34% 2,575,611 79,801 8% 79,801 3.10% 3.10% 85,854 85,854

Area 2(North of I-10 &South/West of

Airline)

Spring 2013 22 18% 0 1,290,684 15% 0 167,752 20% -27,047 14.73% -0.36% 58,667 0 14.73% $14.49 $99.45

Spring 2012 22 18% 4 1,290,684 15% 101,726 194,799 23% 28,037 15.09% 1.06% 58,667 -7,386 14.57% $14.71 $79.47

Spring 2011 18 15% 0 1,188,958 14% 83,320 166,762 21% -12,978 14.03% -2.23% 66,053 4,629 18.51% $13.54

Spring 2010 18 16% -1 1,105,638 14% -109,913 179,740 22% -10,440 16.26% 0.61% 61,424 -2,552

Spring 2009 19 18% 19 1,215,551 16% 1,215,551 190,180 20% 190,180 15.65% 15.65% 63,976 63,976

Area 3(North of Choctaw

& North/East ofAirline)

Spring 2013 13 10% 0 870,764 10% 82,576 185,130 22% 92,169 21.26% 9.47% 66,982 6,352 31.26% $10.64

Spring 2012 13 10% 2 788,188 9% 85,000 92,961 11% -19,439 11.79% -4.19% 60,630 -3,296 31.34% $11.16

Spring 2011 11 9% 2 703,188 8% 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 7% -70,793 9.71% -5.51% 68,564 -2,926

Spring 2009 12 11% 12 857,880 11% 857,880 130,609 14% 130,609 15.22% 15.22% 71,490 71,490

Area 4(South of Choctaw& East of Airline)

Spring 2013 30 24% 0 2,432,246 28% -59,007 319,928 38% -3,658 13.15% 0.16% 81,075 -1,967 40.39% $14.27

Spring 2012 30 24% 3 2,491,253 29% 183,857 323,586 38% -4,329 12.99% -1.22% 83,042 -2,417 43.92% $13.59

Spring 2011 27 22% -2 2,307,396 27% -163,500 327,915 42% -142,126 14.21% -4.81% 85,459 256 46.51% $14.63

Spring 2010 29 26% -2 2,470,896 31% -209,800 470,041 57% 47,807 19.02% 3.27% 85,203 -1,271

Spring 2009 31 29% 31 2,680,696 36% 2,680,696 422,234 45% 422,234 15.75% 15.75% 86,474 86,474

Area 5(Zachary)

Spring 2013 8 6% 0 296,236 3% 0 67,431 8% 913 22.76% 0.31% 37,030 0 27.01% $14.01

Spring 2012 8 6% 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 7% -11,407 21.89% -2.50% 39,705 2,675 17.99% $13.43

Spring 2010 8 7% 0 296,236 3% 824 72,257 9% -23,616 24.39% -8.06% 37,030 103

Spring 2009 8 7% 8 295,412 4% 295,412 95,873 12% 95,873 32.45% 32.45% 36,927 36,927

Area 6(Ascension Parish)

Spring 2013 15 12% 0 626,330 7% 0 30,762 4% -4,044 4.91% -0.65% 41,755 0 17.91% $15.64Spring 2 012 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 7% -711 10.13% -0.11% 41,755 0 17.91% $15.59

Spring 2010 15 12% 626,330 7% 64,143 8% 10.24% 41,755

Area 7(Livingston

Parish)

Spring 2013 2 2% 0 74,531 1% 0 3,150 0% 421 4.23% 0.57% 37,266 0 0.00% $20.78

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 2013 124 1 8,616,676 63,517 849,429 59,867 9.86% 0.63% 69,489 -49 37.35% $15.95

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 100 100 7,625,150 7,625,150 918,697 918,697 12.05% 12.05% 76,252 76,252

Note: Airline Hwy - ,: S ho pp in g C en te rs b - ,: e tw een I -1 2 and F ,: - l or id a B lv d I nt er c ,: - h ang e a re in cl ,: - luded in Area 4, P: - , lank Rd Shopping: - , Centers sout: - , h of Hooper Rd ar: - , re included in Are: - , a 2



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Table 5

Shopping Centers by Geographic Area and Type(Spring 2012 - Excluding Lifestyle Centers)

Geographic AreaProperty

Type

Number ofResponding

Centers

Percent ofTotal

Responding(In Area)


Percent ofTotal

Responding(In Area)

TotalVacant Space

Percent ofTotal

Responding(In Area)

VacancyRate

AverageCenter

SizePercent

Anchor Space



Area 1(South of I-10 &West of Airline)

Anchored 12 35% 2,252,905 74% 16,948 23% 0.75% 187,742 70.18% $18.45

Unanchored 22 65% 772,980 26% 58,328 77% 7.55% 35,135 0.00% $23.37 $44.73

Total 34 3,025,885 75,276 2.49% 88,997 52.25% $21.08

Area 2(North of I-10 &South/West of

Airline)

Anchored 7 32% 649,137 50% 119,716 71% 18.44% 92,734 29.28% $16.84

Unanchored 15 68% 641,547 50% 48,036 29% 10.35% 42,770 0.00% $12.81 $86.97

Total 22 1,290,684 167,752 14.73% 58,667 14.73% $14.49

Area 3(North of Choctaw

& North/East ofAirline)

Anchored 6 46% 595,330 68% 150,741 81% 25.32% 99,222 45.72% $10.16

Unanchored 7 54% 275,434 32% 34,389 19% 12.49% 39,348 0.00% $11.20

Total 13 870,764 185,130 21.26% 66,982 31.26% $10.64

Area 4(South of Choctaw& East of Airline)

Anchored 14 47% 1,923,967 79% 251,074 78% 13.05% 137,426 51.06% $15.70

Unanchored 16 53% 508,279 21% 68,854 22% 13.55% 31,767 0.00% $11.64

Total 30 2,432,246 319,928 13.15% 81,075 40.39% $14.27

Area 5(Zachary)

Anchored 2 25% 178,750 60% 50,000 74% 27.97% 89,375 44.76% $9.07

Unanchored 6 75% 117,486 40% 17,431 26% 14.84% 19,581 0.00% $18.16

Total 8 296,236 67,431 22.76% 37,030 27.01% $14.01

Area 6(Ascension Parish)

Anchored 2 13% 200,147 32% 3,200 10% 1.60% 100,074 56.06% $15.52

Unanchored 13 87% 426,183 68% 27,562 90% 6.47% 32,783 0.00% $15.67

Total 15 626,330 30,762 4.91% 41,755 17.91% $15.64

TotalAnchored 43 35% 5,800,236 67% 591,679 70% 10.20% 134,889 55.48% $15.66

Unanchored 81 65% 2,816,440 33% 257,750 30% 9.15% 34,771 0.00% $16.21

Total 124 8,616,676 849,429 9.86% 69,489 37.35% $15.95

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 2Both Livingston Parish responding centers are un-anchored

anaLysis By gEOgRaP hiC aREa anD tyPE

Tabl 5 pt a bakow o po om acho a uacho ct

i ach o th gogaphic aa. Th lowt vacaci i acho ct a ot

i Aa 1 (.75%) a Aa 6 (1.60%), whil th hight i ot i Aa 5 (27.97%,

which i ba o a igl acho vacacy). Th hight collctio o acho

ct a ot i Aa 1 ($18.45/qua oot) a th lowt collctio a ot

i Aa 5 ($9.07/qua oot).

Th lowt vacaci i uacho ct a ot i Aa 6 (6.47%), whil th

hight vacaci a ot i Aa 4 (13.55%). Th hight collctio o uacho

ct a ot i Aa 1 ($23.37/ qua oot) a th lowt collctio a ot

i Aa 3 ($11.20/qua oot).th hight vacacy at (22.76%). Aa 7 i Livigto

Paih a iclu oly 2 poig ct (both o-acho), whil Aa 1

cotai may o th w tail coio i Bato roug (alog Blubot

Boulva, sig La, a Pki roa).


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2013


sUMMaRy

O th 8.616 millio qua t o laabl pac pt i ou ampl (ot

icluig lityl ct), 9.86% i pot a vacat. Thi pt oly a .63%

ica i vacacy om th spig 2012 uvy. It houl b ot that th gu

o ot pt a match ampl o hoppig ct, but oly ct th ult o

ach uvy. rgioal ct, tho ov 250,000 q/t, cotiu to hav low vacacy

at a ma high tal at. At pakig at it hight i th pat 5 ya i

spig 2010, th ovall vacacy at ha tabiliz th pat two ya, a i mo i

li with th vacacy thi aa joy i 2007, which wa 9.53%.

JOIN TODAY!



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254

finance

Trends Fiacig i bcomig mo aily availabl o commcial a itial al

tat pojct i th Gat Bato roug aa om a gowig umb o ouc

i 2013. Bak, cit uio a thit a maiig icat to th cotuctio

makt a a llig i wh a wh o tm loa o up to v ya.

Cit poblm hav b lagly alt with a capital lvl hav b to,

allowig th hot tm a cotuctio l to ica bugt i 2013.

Wha i th ct pat th hav ot b ucit ouc o log tm

loa, paticulaly o popty typ oth tha multiamily, iuac compai

hav ica thi allocatio a th couit makt i makig a comback.

A to thi availability i a hitoically low itt at viomt that ha

b xt a byo th xpctatio o mot coomit who hav b

ocatig ica at o ya, oly to hav th Fal rv xt it

accommoatig motay polici.

Whil ot covig at th p that may woul wih, th coomy i covig

othl, allowig amili to pucha hom a al tat pactitio to

vlop w pojct. Th acial commuity appa abl to uppot thi covy.

OUtstanDing COMMERCiaL REaL EstatE DEBt

Bak a thit cotiu to hol th majoity o commcial al tat bt i th

Uit stat a o th thi quat o 2012. scuitiz l hol th co

lagt pic, though gula picipal uctio a payo hav outpac w

oigiatio. Agcy a Gse-back motgag pool hol th thi poitio,

ollow by li iuac compai, govmt a oth l.

OVerVieW Of cOmmercial real estate financ e

2013


55/88

2013

3


55


2013 FINANCE

TRENDS

COMMITTEE

Bran S. Andrews

Speaker, Trends

Assistant Director

o the Real Estate

Research Institute

at LSUs E.J. Ourso

College o Business

and principal o

Andrews

Commercial

Real Estate

Services

to keoe

Speaker, Trends

Executive Vice

President and Chie

Operating Ofcer o

Eustis Commercial

Mortgage

Students rom LSUs

E.J. Ourso College o

Business - Finance

Department

C

mmercial

By Inv

CMBS,CD

otherABS

23.6

LifeInsuranc

Companies,1

Multifa

estor Group

State

Gover

and

issues,

e

3.5

Others,9.8

ily Mortga

2013 trends in baton rouge real estate

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