Take 5: ULI Louisiana & NOLA Business Alliance Real Estate Breakfast Series
Date: December 14, 2023
Location: NOLA Business Alliance
Stirling Properties’ Justin Landry, Senior VP of Development & Finance at Stirling Properties shared a holistic outlook of various real estate markets in the Gulf South, primarily commercial/office space, multi-family residential, and retail.
Availability of retail space for lease is at its lowest in Greater New Orleans due to high construction and financing costs. This equates to a high demand for space! Largest “buy-sell gap” in decades.
Birmingham and NOLA are the largest markets in the Gulf South. Almost identical in size, by retail square footage.
Baton Rouge and Lafayette are “king” on overall highest occupied markets in the Gulf South! Both registered some of the highest 12-month rent growth across the Gulf South.
Jackson has the highest amount of retail SF per person (80 SF/person). Birmingham and Mobile are close second (73 SF/person).
Huntsville has the lowest amount of retail SF per person (54 SF/person). Huntsville is the epicenter of new retail development, with 24 projects under construction, totaling approx. 1M SF. Nearly 45% of retail under development/construction across the Gulf South is in Huntsville. This is due to high paying jobs and strong net new population growth.
Take 5 is a five-minute recap of key takeaways from ULI Louisiana’s latest events. In the spirit of member connectivity and continuous conversations, we invite you to pop in and catch-up on the topics you may have missed! Take 5 is contributed by 30|90 Marketing.