Trends 2015 Publication

TRENDS ANNUAL SEMINAR
PREMIER SPONSOR
2
0
1
5
2015
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
P L AT I N U M S P O N S O R S
intro T r e n d s
For over 30 years, the
Staying Strong... Building Stronger!
Commercial Investment Division (CID)
has had a mission to bring the individuals and companies within

the commercial real estate industry in the Greater Baton Rouge area
closer together to share information and knowledge
so that all can prosper and better serve their clients and customers.
Welcome to Trends, 2015!
Premier Sponsor
H O T E L S H O S P I TA L I T Y
Although this is the first year that Hospitality and Hotels have been included in the TRENDS
Seminar, this is not the first year that others have tracked the local market. This report relies
heavily upon the research of Drew Whitaker with Cook, Moore and Associates, and data
collected by Smith Travel Research, the Louisiana Office of Tourism and Visit Baton Rouge.
The Baton Rouge area hospitality market has added 687 rooms since January 2012. Another
399 rooms are to be completed in the next few years, including two hotel facilities in the Baton
Rouge Central Business District (CBD), which will push Baton Rouges CBD over the 1,000 total
rooms mark.
RECENT & PENDING HOTEL CONSTRUCTION

Development
Location
Total Rooms
Completion Date
Features
Holiday Inn Express
400 North Blvd. (Old Baton Rouge Savings 88

& Loan building)
Early Summer 2016
Courtyard by Marriott
260 Third Street, Baton Rouge (Old

Istrouma Hotel location)
147
March 2016
2,000 sq ft meeting room

1,500 sq ft retail space
Hampton Inn & Suites
462 Lafayette St, Baton Rouge
137
April 2013
Funded by TIF*
Candlewood Suites
5353 Bankers Ave
81
Late 2015
Permit to Build Issued in 2014
Pinnacle Entertainment Co.
L'Auberge Casino
206
August 2012
Adjoins L'Auberge Casino
Marriott Renaissance Hotel
7000 Bluebonnet Blvd, Baton Rouge (old 256

dorms for Jimmy Swaggart)
October 2011
Funded by TIF*
Candlewood Suites
Cabela's Pkwy, Gonzales
83
October 2015
In Cabela's development
Springhill Suites by Marriott
2801 S Cabela's Pkwy, Gonzales
96
March 2015
LaQuinta Inn and Suites
2816 S Cabela's Pkwy, Gonzales
60
August 2013
Comfort Inn and Suites
2821 Cabela's Parkway, Gonzales
70
July 2013
Holiday Inn Express
2806 West Highway 30, Gonzales
118
2012
Just north of Cabela's
Baton Rouge CBD
East Baton Rouge Parish
Ascension Parish
* tax increment financing
Co n te n ts T rends
Office Trends
Branon Pesnell, CCIM, SIOR 4
Beau Box Commercial Real Estate
industrialTrends
Scot Guidry, CCIM 18

Platinum Sponsor
COMMERCIAL PROPERTIES REALTy TRUST
Mike Falgoust & Associates

Commercial Real Estate
Platinum Sponsor
MIE PROPERTIES, INC.
multifamily Trends
D. Wesley Moore, II, MAI, CCIM 32

Cook, Moore, & Associates
Platinum Sponsor
COOK, MOORE AND ASSOCIATES
Retail Trends
Jonathan Walker, CCIM 50

Maestri-Murrell, Inc.
Platinum Sponsor
MAESTRI-MURRELL, INC.
RESIDENTIALTrends
Richard Haase, President 66
Latter & Blum, Inc.

Platinum Sponsor
the preserve at harveston
finance Trends

Brian S. Andrews 86
The Real Estate Research Institute
at LSUs E.J. Ourso College of Business
Platinum Sponsor
gulf coast bank & trust company
CHAIRMAN Trends
Walter H. Ketchings, III 103
NAI Latter & Blum, Inc.
SPECIAL THANKS Trends
104
Copyrighted 2015Commercial 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 Vendor #8030
Premier Sponsor
3
problems confronting our coastlines. The Water Campus will be
20
15
developed along the Mississippi River with four buildings breaking

ground in 2015. When finished, it will comprise 1.5 million square
feet of space inhabited by about 4,000
commercial properties realty trust

Platinum Sponsor
people. Pre-leasing opportunities on
premiere office space are now available.
402 N. Fourth St. Baton Rouge, LA 70802 Tel: 225.924.7206 Fax: 225.924.1235 cprt.com
OFFICE Trends
CPRT-Ad-Feb2015_05ab.indd 1
3/2/15 4:49 PM
2015 OFFICE TRENDS COMMITTEE

Branon W. Pesnell
Jonann Stutzman
Gary Black
CCIM, SIOR
Beau Box Commercial
Trends Speaker
NAI Latter & Blum
Wampold Companies
EXECUTIVE summary
The Baton Rouge office market totals approximately 6.6 million square feet of Class A & B
space. The region was active throughout 2014 fueled by strong local and regional economic
conditions. The low supply and steady demand gave landlords an upper hand in negotiations
and has allowed most to increase quoted office rents or hold firm on lease concessions.
Space options have been difficult to locate. These conditions have created an environment
ripe for new development. However, barriers including land cost, construction cost, lack
of binding commitments from tenants, and delivery timelines have limited the amount of
new construction opportunities. For most of 2014, there was a steady flow of new tenants
entering the market along with several local expansions. Most brokers have reported that
activity has slowed a bit in 2015. However, all agree the overall health of the market is good
and will continue to improve.
Large block spaces of 10,000 square feet or more are still difficult to locate in the market.
Tenants continue to seek efficient, open space with large parking ratios. The tight market has
created some demand for some older properties that might have been rejected in the past
due to functional obsolescence or poor location. However, a few spaces and buildings have
come to market in recent months, and the availability of sublease space and upcoming lease
expirations, will provide tenants with options.
The office market has been considerably slower in the first quarter of 2015 than seen in the
previous four quarters. However, if oil prices stabilize and natural gas prices remain low,
activity in the industrial sector should continue to drive demand for office space, especially
in fields related to engineering and construction. Several new development projects are
underway or scheduled to start in 2015 and pre-leasing interest in these sites has been strong.
Premier Sponsor
o f f i c e Trends
baton rouge office market occupancy
Office Leasing Activity

National brokers and tenants still perceive Baton Rouge to be a small market with tremendous potential
for negotiating aggressive deals and a variety of space options. However, they have quickly found
that our low vacancy rates and limited space options leave them with
little negotiating room for new deals or renewals. Leverage for these
tenants has been minimal and landlords have seized the opportunity
Landlords have been
to raise rental rates and lower concessions for recent deals. Landlords
have been more willing to grant concessions or breaks in exchange
more willing to grant
for longer lease terms, which offer investment stability.
With positive absorption throughout 2014 smaller suburban spaces
also become difficult to locate. High occupancy in the garden office
sector has yielded several new development projects in a sector
that was stagnant of growth for several years. Several new garden
office buildings were constructed in 2014 and there are a few new
developments underway in early 2015, most notably in the Jefferson
Highway/Towne Center area. Developers reported strong preliminary
interest in both projects.
concessions or breaks
in exchange for longer
lease terms, which
offer investment
stability.
The amount of sublease space in the Baton Rouge market did increase
slightly, but it has not affected rates or demand for landlord direct
space. Occupancy rates for the 1st Quarter of 2015 increased to 89.28%, up from 88.29% in 2014
and 86.42% in 2013. Average quoted rental rates for both Class A and Class B properties increased
slightly over the past twelve months, as landlords try to improve rent rolls in a tight market. With the
overall improved market, local landlords have also been able to keep tenant improvement allowances
around $1.00 - $2.00 per square foot per year.
OFFICE Trends

Platinum Sponsor
Class A & B office occupancy
Office Sales Activity

Sale activity for larger assets was slower in 2014, but it was hard to top the number of notable
transactions in 2013. With interest rates still low, investors were actively seeking good
opportunities. Buyers included local and regional investors as well as large national REITs,
which indicates a healthy investment market in the capital region. There has also been a
noticeable change in lender underwriting, which has enabled more office development and
local owner/occupant and investment transaction volume to rise.
Recent notable transactions included the following:
Cole Capital purchased the former State Farm building at 2370 Towne Center Boulevard for
$15.4 million in March of 2014. The 65,000 square foot building was 100% leased to CB&I at
the time of sale. The seller Alsation Land Company Baton Rouge, LLC had originally built and
leased the property to State Farm in 2006. State Farm relocated to Bon Carre in 2013.
A group of New Orleans investors lead by Latter & Blum executive, Robert Merrick, acquired
the 78,000 square foot 4000 Sherwood building from the California based TIC ownership. The
$8.15 million sale closed in January of 2015.
Songy Highroads continues to fine tune the former JTS portfolio it purchased in October
2013. As of the date of this report, Sherwood Oaks Office Park was under contract to an
investor for an undisclosed sum. The remaining buildings in the portfolio (Acadian Centre,
Citiplace I, Citiplace II, Corporate Atrium, and Latter Center West are all undergoing face lifts
and upgrades.
6
o f f i c e Trends
SETTING A NEW
STANDARD
Setting the Trend in Downtown Baton Rouge
CPRT is building the IBM tower, Baton Rouges first
riverfront office and residential development in over half
a century. The building will be completed in June 2015 and
has ground floor retail and 8th floor office space available.
Adjacent to IBM is 525 Lafayette,
a luxury 85-apartment complex
opening fall 2015.
Creating New Trends in Technology Centers

Bon Carr Business Center is a hub for technology,
research and business in greater Baton Rouge. It is the
only fully-redundant data center located between
Atlanta and Houston. Bon Carr offers a unique business
SETTING
STANDA
accelerator program that is designed to provide
affordable office space and infrastructure to growing

technology
companies.
Setting the Trend in Downtown Baton R
CPRT is building the IBM tower, Baton Rouges fir
riverfront office and residential development in ov
a century. The building will be completed in June 2
has ground floor retail and 8th floor office space a
A Trendsetting Global Research Campus
Adjacent to IBM is 525 Lafayette,

a luxury 85-apartment complex
opening fall 2015.
The Water Campus is a 33-acre campus where scientists,

engineers and companies will work collaboratively to study the
problems confronting our coastlines. The Water Campus will be
developed along the Mississippi River with four buildings breaking
ground in 2015. When finished, it will comprise 1.5 million square
feet of space inhabited by about 4,000
people. Pre-leasing opportunities on
premiere office space are now available.
402 N. Fourth St. Baton Rouge, LA 70802 Tel: 225.924.7206 Fax: 225.924.1235 cprt.com 402 N. Four
7
CPRT-Ad-Feb2015_05ab.indd 1
OFFICE Trends

Platinum Sponsor
Local Developer, Tommy Spinosa, sold Citiplace Centre III for a reported $7.8 million. The
43,000 square foot Class A building is three stories. It was 86% leased at the time of sale. The
property was acquired by Wolf Et Al, LLC.
Class A average office Rental Rate per sF

2011-2015
Development Activity
Several new garden offices went up in the Baton Rouge area throughout 2014, indicating
a return of new construction and stability in this segment of the market. The trend has
continued into the first quarter of 2015. Developers had been on the sidelines for years,
however, easing lender requirements and overall market growth allowed for numerous new
projects to get the green light.
Notable development activity included:

Two garden office projects are underway on Jefferson Highway near Towne Center. The
Offices at City Farm, which is being developed Dantin-Bruce and designed by Kenneth Brown
will have office buildings ranging from 3,200 to 20,000 square feet. Additionally, the 6700
Jefferson Office Park being developed by Joffrion Construction and designed by Trula Remson
will have several buildings ranging from 3,758 to 17,348 square feet that will be for sale or
lease.
Grow Smarter.
| Industrial | Retail | Investment | Office | Land | Property Management |
Lafayette
337.233.1488
Baton Rouge
225.237.3343
www.beaubox.com
New Orleans
504.525.1410
OFFICE Trends

Platinum Sponsor
It was announced in late 2014 that the IBM building under construction downtown would
include two floors of speculative office space measuring 22,900 square feet each. The
project, which is being developed by Commercial Properties Realty Trust, is advertising rates
in the $30-$32 per square foot range, representing the top of the market. Completion of the
building will result in IBM vacating approximately 30,000 square feet in Essen Centre.
Developer Mike Wampold purchased of the former state office building at 150 Third Street in
March 2014. The 12 story, 92,567 square foot building was purchased for $10.25 million. To
date no specific plans have been announced for the property. However, redevelopment as a
hotel is likely.
Construction was completed on the former the 114,000 square foot former Capital One
building downtown and Mathernes Grocery opened up on the first floor. There is currently
12,774 square feet of office space available on the 2nd floor. The landlord is quoting $20.00
per square foot, full service, which is comparable to rates in Class A buildings around the CBD.
State officials also announced the proposed development of the Water Campus on the site
of the old city dock. The property will cover over 30 acres and will initially include three
buildings at a cost of about $45 million. The facility will house office and research space
for groups working on coastal erosion. Construction on the first building housing the river
Class B average office Rental Rate per sF

2011-2015
10
Baton Rouge Industriplex Business Park
AVAILABLE PROPERTIES:
Baton Rouge 1 - Office/Warehouse
11301 Industriplex Boulevard
7,850 s.f. up to 38,396 s.f.
Baton Rouge 3 - Office/Warehouse

3,200 s.f., 3,390 s.f., 3,609 s.f. & 4,410 s.f
Daniel P. Poulin,
CCIM, SIOR
danP@sealynet.com
Baton Rouge 5 - Office

1,913 s.f. up to 42,355 s.f.
SEALY & COMPANY
150 James Drive East, Suite 140

St. Rose, Louisiana 70087
BR: 225.767.4776 NO: 504.463.5600
FAX: 504.463.5650
Jennifer A. Lee,
CCIM, SIOR
jenniferL@sealynet.com
OFFICE Trends

Platinum Sponsor
model is supposed to begin soon followed by office space in mid-2015 for completion in
mid to late 2016. The completion of the building for the Coastal Protection and Restoration
Agency (CPRA) will result in CPRA vacating approximately 45,000 square feet in the Riverside
North Tower downtown.
David Weinstein and Dyke Nelson have announced plans to renovate and lease the property
located at 500 Laurel Street in the CBD. Initial quoted rental rates are $24.00 but will likely
fluctuate depending on build out. The building is 6 floors and measures 29,800.
baton rouge office market - March 2015
Forecast
It is anticipated that the Baton Rouge office market will continue to improve throughout
2015, but at a slower pace than 2014. Leasing activity in the first quarter of 2015 has been
healthy but deal volume has fallen slightly and local brokers are reporting some deals being
placed on hold. Improvement in the petro-chemical and construction markets should help
demand for office space. We expect the majority of activity to come from expansions and
relocations from within our market, and expect to see some interest from new companies
coming to Baton Rouge.
Office Market Occupancy

The Baton Rouge office market totals approximately 6.6 million square feet of Class A & B
space. Surveys were conducted on thirty-seven class A buildings totaling approximately
4.3 million square feet and thirty class B buildings totaling approximately 2.3 million square
feet. Average rental rates and occupancy rates for the individual buildings and submarkets
surveyed are shown on the following spreadsheets.
12
commercial real estate solutions
a team effort
built around YOU.
Call TOday to see

how Waters & Pettit
can help you
Geordy Waters, ccim, cPm
Associate Broker
geordy@waterspettit.com
Robert Pettit
Broker
robert@waterspettit.com
drew Pearson, ccim

dpearson@waterspettit.com
ConnectedCollaborative
ProactiveResponsive
Specializing In:
Leasing / Sales Office Industrial Retail

Land Tenant Representation Investment
david diVincenti
david@waterspettit.com
Lance Ginn
lance@waterspettit.com
8054 summa ave., suite e Baton rouge, la 70809

t 225-769-0405 | F 225-769-1995 info@waterspettit.com
www.waterspettit.com
Waters & Pettit is a licensed real estate brokerage firm in louisiana & mississippi. 2015 all rights reserved.
SUMMARY OF OFFICE MARKET BY AREA
summary of
office market by area
CLASS A BUILDINGS
class A buildings - Acadian/ college
3/8/2015
3/8/2015
ACADIAN/COLLEGE
1
2
3
4
5
6
7
8
9
10
BUILDING
Acadian Centre
CitiPlace Centre I (Hancock Bank Building @ CitiPlace)
CitiPlace Centre II
CitiPlace Centre III (The Bancorp Bank Center @ CitiPlace)
Acadia Trace
Corporate Atrium
Corporate Center
Republic Finance
2370 Towne Centre
5551 Corporate
CLASS
A
A
A
A
A
A
A
A
A
A
SQUARE
FEET
74,589
82,023
31,516
42,659
121,000
76,447
48,000
27,000
66,000
52,142
OCCUPIED
74,589
72,806
31,516
38,296
121,000
58,157
48,000
18,000
66,000
52,142
OCCUPANCY
RATE
100.00%
88.76%
100.00%
89.77%
100.00%
76.07%
100.00%
66.67%
100.00%
100.00%
RATE
$21.00
$23.00
$22.00
$23.00
$20.00
$20.00
$22.00
$24.00
$24.00
$21.00
621,376
580,506
93.42%
0
0
0
0
0
0
6,326
0
0
4
6 MONTHS
PENDING
0
0
0
0
0
0
0
0
0
0
$22.00
6,330
RATE
SUBLEASE
$20.00
$21.50
$20.00
$21.50
$28.50
$21.50
$30.00
0
0
0
0
27,500
0
0
6 MONTHS
PENDING
0
0
0
0
0
0
0
$23.29
27,500
RATE
SUBLEASE
$24.00
$21.00
$24.00
$24.00
$24.00
$20.00
$22.00
N/A
$24.00
$19.50
$24.00
$22.00
N/A
N/A
N/A
$23.00
$20.00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25,622
6 MONTHS
PENDING
30,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
124,000
$22.42
25,622
154,000
RATE
SUBLEASE
$20.00
$18.95
$18.50
0
0
0
6 MONTHS
PENDING
0
0
0
$19.15
RATE
SUBLEASE
$22.00
$23.29
$22.42
$19.15
6,330
27,500
25,622
0
6 MONTHS
PENDING
0
0
154,000
0
$21.71
59,452
154,000
SUBLEASE
DOWNTOWN
1
2
3
4
5
6
7
BUILDING
CLASS
One American Place

Riverside North Tower
Chase South Tower
City Plaza
II City Plaza
La Cap Building
IBM
A
A
A
A
A
A
A
SQUARE
FEET
333,306
207,572
333,000
166,473
255,344
75,000
140,651
1,511,346
275,392
200,392
281,652
163,462
251,483
75,000
129,351
OCCUPANCY
RATE
82.62%
96.54%
84.58%
98.19%
98.49%
100.00%
91.97%
1,376,732
91.09%
OCCUPIED
ESSEN/BLUEBONNET
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
BUILDING
CLASS
Essen Center
Jefferson Brentwood
I United Plaza
II United Plaza
III United Plaza
IV United Plaza
V United Plaza
VII United Plaza
VIII United Plaza
IX United Plaza
XII United Plaza
Bluebonnet Centre
Louisiana School Employee Retirement
Jacobs Plaza
Shaw
Perkins Rowe
7290 Bluebonnet
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
SQUARE
FEET
110,000
63,625
94,204
197,010
60,389
71,547
58,365
58,000
57,932
97,000
154,000
71,656
112,253
192,600
240,000
126,328
152000
1,916,909
69,000
63,625
94,204
193,542
56,889
71,547
58,365
58,000
57,932
97,000
154,000
71,656
112,253
192,600
240,000
107,157
152000
OCCUPANCY
RATE
62.73%
100.00%
100.00%
98.24%
94.20%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
84.82%
100.00%
1,849,770
96.50%
OCCUPIED
SHERWOOD FOREST
1
2
3
BUILDING
CLASS
4000 S. Sherwood Office Building

Court Plaza
2900 Westfork
A
A
A
SQUARE
FEET
78,183
57,486
105,720
241,389
74,587
54,439
76,440
OCCUPANCY
RATE
95.40%
94.70%
72.30%
205,466
85.12%
OCCUPIED
TOTALS
# of
Buildings
10
7
17
3
37
AREA
CLASS
ACADIAN/COLLEGE
DOWNTOWN
ESSEN/BLUEBONNET
SHERWOOD FOREST
A
A
A
A
SQUARE
FEET
621,376
1,511,346
1,916,909
241,389
4,291,020

Platinum Sponsor
14
580,506
1,376,732
1,849,770
205,466
OCCUPANCY
RATE
93.42%
91.09%
96.50%
85.12%
4,012,474
93.51%
OCCUPIED
SUMMARY OF OFFICE MARKET BY AREA
summary of
office
market by area
CLASS
B BUILDINGS
class b buildings - Acadian/ college
3/8/2015
3/8/2015
ACADIAN/COLLEGE
1
2
BUILDING
Corporate II
5420 Corporate
CLASS
B
B
SQUARE
FEET
56,887
30,663
OCCUPIED
34,716
29,987
OCCUPANCY
RATE
61.03%
97.80%
RATE
$15.00
$15.00
87,550
64,703
73.90%
$15.00
SQUARE
FEET
172,000
50,000
30,000
32,997
30,000
44,524
30,000
20,000
28,000
OCCUPIED
172,000
50,000
28,500
32,997
28,150
44,524
30,000
20,000
11,300
OCCUPANCY
RATE
100.00%
100.00%
95.00%
100.00%
93.83%
100.00%
100.00%
100.00%
40.36%
RATE
N/A
$13.00
$16.75
$16.00
$16.00
$16.00
$17.00
$23.50
$24.00
437,521
417,471
95.42%
$17.78
SQUARE
FEET
30,209
79,491
31,975
90,898
53,000
712,970
140,000
OCCUPIED
30,209
52,465
31,975
0
53,000
570,376
70,000
OCCUPANCY
RATE
100.00%
66.00%
100.00%
0.00%
100.00%
80.00%
50.00%
RATE
$14.00
$15.00
$10.00
$10.00
$10.50
$17.50
$16.00
1,138,543
808,025
70.97%
$13.29
0
0
6 MONTHS
PENDING
0
0
SUBLEASE
DOWNTOWN
1
2
3
4
5
6
7
8
9
BUILDING
Renaissance East
Renaissance West
Gras Town Plaza
Roumain Building
Taylor Building
339 Florida
525 Florida St. (Kinko's Building)
Cordova Square
500 Laurel Street
CLASS
B
B
B
B
B
B
B
B
B
0
0
0
0
0
0
0
0
0
6 MONTHS
PENDING
0
0
0
0
0
0
0
0
0
SUBLEASE
FLORIDA/AIRLINE
1
2
3
4
5
6
7
BUILDING
Alpha Building (8281 Goodwood)
Dean Tower (5700 Florida)
Mid City Plaza (4962 Florida)
10255 Florida
1900 Lobdell
Bon Carre
Direct General - 15151 Florida
CLASS
B
B
B
B
B
B
B
0
0
0
0
0
76,077
0
6 MONTHS
PENDING
0
0
0
0
0
0
0
76,077
SUBLEASE
SHERWOOD FOREST
1
2
3
4
5
6
7
8
9
BUILDING
11110 Mead
CJ Brown Plaza
Sherwood II
Sherwood Oaks Office Park
Sherwood Plaza Business Park
10719 Airline
Bellsouth Building
Security National
Sherwood Tower
CLASS
B
B
B
B
B
B
B
B
B
SQUARE
FEET
51,878
36,000
25,673
101,157
61,000
37,500
124,037
45,378
77,702
OCCUPIED
51,878
36,000
20,673
84,553
43,244
37,500
124,037
45,378
59,248
OCCUPANCY
RATE
100.00%
100.00%
80.52%
83.59%
70.89%
100.00%
100.00%
100.00%
76.25%
RATE
$18.50
$17.00
$16.00
$15.00
$15.00
$17.50
$18.50
$19.50
$16.00
560,325
502,511
89.68%
$17.00
SUBLEASE
0
0
0
0
0
0
0
0
0
0
6 MONTHS
PENDING
0
0
0
0
0
0
124,037
0
124,037
ESSEN/BLUEBONNET
1
2
BUILDING
7414 Perkins Road
Essen Crossing
CLASS
B
B
SQUARE
FEET
72,145
52,669
OCCUPIED
70,209
52,669
OCCUPANCY
RATE
97.32%
100.00%
RATE
$14.50
$16.50
124,814
122,878
98.45%
$15.50
SQUARE
FEET
87,550
437,521
1,138,543
560,325
124,814
OCCUPIED
64,703
417,471
808,025
502,511
122,878
OCCUPANCY
RATE
73.90%
95.42%
70.97%
89.68%
98.45%
RATE
$15.00
$17.78
$13.29
$17.00
$15.50
2,348,753
1,915,588
81.56%
$15.71
0
0
6 MONTHS
PENDING
0
0
SUBLEASE
TOTALS
# of
Buildings
2
10
7
9
2
30
AREA
ACADIAN/COLLEGE
DOWNTOWN
FLORIDA/AIRLINE
SHERWOOD FOREST
ESSEN/BLUEBONNET
CLASS
B
B
B
B
B

Platinum Sponsor
16
0
0
76,077
0
0
6 MONTHS
PENDING
0
0
0
124,037
0
76,077
124,037
SUBLEASE
SUMMARY
OF
OFFICE
summary
of
officeMARKET
market BY
by AREA
area
FORclass
CLASS a&
A &bBbuildings
BUILDINGS
3/8/2015
3/8/2015
CURRENT
AREA
ACADIAN/COLLEGE
DOWNTOWN
FLORIDA/AIRLINE
SHERWOOD FOREST
ESSEN/BLUEBONNET
CLASS
A&B
A&B
A&B
A&B
A&B
SQUARE FEET
708,926
1,948,867
1,138,543
801,714
2,041,723
OCCUPIED
645,209
1,794,203
808,025
707,977
1,972,648
OCCUPANCY
RATE
91.01%
92.06%
70.97%
88.31%
96.62%
RATE
$18.50
$19.64
$13.29
$18.08
$18.96
SUBLEASE
6,330
27,500
76,077
0
25,622
PENDING
0
0
0
124,037
154,000
6,639,773
5,928,062
89.28%
$17.69
135,529
278,037
HISTORICAL
AREA
CLASS
OCCUPANCY
% Spring 2010
OCCUPANCY
% Spring 2011
OCCUPANCY
% Spring 2012
OCCUPANCY
% Spring 2013
OCCUPANCY
% Spring 2014
OCCU PAN CY
% Spring
2014
ACADIAN/COLLEGE
DOWNTOWN
FLORIDA/AIRLINE
SHERWOOD FOREST
ESSEN/BLUEBONNET
A&B
A&B
A&B
A&B
A&B
93.42%
84.23%
68.75%
82.98%
93.69%
87.64%
81.55%
72.33%
80.97%
89.70%
87.33%
80.24%
75.22%
84.38%
88.70%
91.45%
88.79%
71.73%
80.84%
92.44%
91.50%
89.30%
76.62%
83.97%
94.15%
91.01%
92.06%
70.97%
88.31%
96.62%
84.84%
82.83%
82.99%
86.42%
88.29%
89.28%
trends ad.ai 1 2/24/2015 1:30:58 PM
o f f i c e Trends
17
industrial Trends
20
15

Platinum Sponsor
2015 iNDUSTRIAL TRENDS COMMITTEE

Scot Guidry, CCIM
Mike Falgoust & Associates, LLC
Co-Chairman
Trends Speaker
Mathew Laborde, CCIM
Brent Garrett, CCIM, SIOR

Ryan Greene, CCIM
NAI Latter & Blum
Beau Box Commercial Real Estate,

Co-Chairman
Walter H. Ketchings, III
Todd Pevey, MPA

MIE Properties
David Lakvold, MAI, SRA
The Lakvold Group
Branden Barker, CCIM, CPM
Mike Mooring, MAI
NAI Latter & Blum
NAI Latter & Blum
The Lakvold Group
EXECUTIVE SUMMARY
Industrial in Mid-Race
The 2014 industrial market did not disappoint as the vacancy rate dropped for the fourth
consecutive year from a yearend rate of 9.30% (2013) to 7.67% (2014), beating last years
forecast by nearly a full percentage point.
The net change in occupied inventory from one year to the next, known as Net Absorption,
rounded out at 1,244,000 square feet for 2014, a year-over-year increase of 85%.
Both the vacancy rate and the net absorption numbers noted abovebest performing since
2006indicate a continuation or trending of a stable regional industrial economy which is
growing and attracting investment at manageable levels.
By comparison, according to Reis Reports, the national industrial sector vacancy rate
decreased during 4Q14 to 8.80%.
Premier Sponsor
18
the vacancy rate and the net absorption numbers noted abovebest performing since 2006in
inuation or trending of a stable regional industrial economy which is growing and attracting inves
i n d u s t r i a l Trends
ageable levels.
omparison, according to Reis Reports, the national industrial sector vacancy rate decreased during
%.
INDUSTRIAL
INDUSTRIAL INVENTORY
INVENTORY STATISTICS
STATISTICS
MEMO
TOTAL INVENTORY
YE 2013
25,517,103 SF
YE 2014
26,415,419 SF
VACANT SPACE
OCCUPIED SPACE
VACANCY RATE
NET ABSORPTION
SPACE UNDER CONSTRUCTION
AT YEAR END
2,371,973 SF
23,145,130 SF
9.30%
671,127 SF
2,026,697 SF
24,388,722 SF
7.67%
1,243,592 SF
456,905 SF
128,849 SF
19
INDUSTRIAL Trends

Platinum Sponsor
HISTORICAL VACANCY AND NET ABSORPTION
TRENDING
It should be noted that the figures indicated in this report represent office-warehouse,
distribution and manufacturing properties measuring 5,000 square feet plus, and land sales
for the same use. While large scale heavy industrial projects are referenced in this report, that
data is not inclusive of any transactions represented in these
statistics.
It should be noted
that the figures
The race toward the Mississippi River and the announcement of

large scale industrial projects quietly began to take shape back
indicated in this
in 2010 with the ever increasing supply of natural gas produced
report represent
from the Haynesville Shale formation in north Louisiana. Natural
office-warehouse,
gas is the feedstock used by the petro-chemical industry to
distribution and
generate electricity and thermal energy; and a base product used
manufacturing
to make end products such as fertilizers, fuel, paint, and plastics.
The marketplace was learning of new companies entering the
properties measuring
market such as Nucor Corporation (Steel) and other existing
5,000 square feet plus,
plants with ambitious expansion plans. Then, the price of natural
and land sales for the
gas plummeted. By 2013 and into 2014 it was a full sprint with
same use.
over $60 billion in announced projects within Louisiana alone.
Perhaps overzealous, some of these announcements have not
become reality as in the case of Avalon Rare Metals nixing its plans for a new $300 million
20
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INDUSTRIAL Trends

Platinum Sponsor
facility in Ascension Parish. False starts aside, industry experts and industrial contractors
expect the construction of major projects to continue over the next four to five years. This
seems to indicate that we are at mid-race in the current industrial
boom cycle.
False starts aside,
The dependence on rail continues to be a contributing factor to

industrial growth not just for the petro-chemical industry but
also at the port facilities. Union Pacific, the Louisiana Department
of Agriculture, and the Port of Greater Baton Rouge approved a
$19.6 million expansion of the Ports rail facilities. Additionally,
USA Rail Terminals will construct a rail terminal and industrial
park in Port Allen located off La. Hwy.1 near the old Mississippi
River Bridge.
industry experts
and industrial
contractors expect
the construction
of major projects
to continue over
the next four to five
years.
22
WHERE ARE THE DEALS HAPPENING?
2014 transaction heat map
NEW CONSTRUCTION
2014 produced a slight uptick in new construction of speculative office-warehouse space, mostly in
Ascension Parish, but the majority was for owner occupied or preleased build-to-suit space. Permits
issued for new construction began the first half of 2014 strong, but sharply declined in the last 6
months of the year. All told there were permits issued to construct approximately 570,259 square
feet of new industrial space in the Greater Baton Rouge market which is about 168,000 square feet
less than the 738,460 square feet issued in 2013.
*Permit data from East Baton Rouge and Ascension Parishes only.
23
INDUSTRIAL Trends

Platinum Sponsor
WHERE is the new construction?
new construction heat map
*Weighted by SF (East Baton Rouge and Ascension only)
or Bending, Oil and Gas

What a difference a year makes. In late 2013 and into 3Q14 the Tuscaloosa Marine Shale
(TMS) play saw a steady stream of major investments pour in from independents such as
Halcon Resources and Goodrich Petroleum. As oil plummeted below $50 per barrel so did
the profitability and viability of drilling for oil in expensive plays like the TMS. The drop in
the price of oil is farther reaching than the TMS. It does adversely affect gas-to-liquids (GTL)
and liquefied natural gas (LNG) facilities as they look at the differential between the cost of
natural gas versus the cost of oil as it relates to processing and exporting on a global scale.
The pressure to reduce pricing from drilling contractors, oil and gas suppliers and service
companies, both on and offshore, to the end user will occur. This may weaken profitability
for some companies that participate in the oil patch as well as the petro-chemical markets,
or attract new competitors to the petro-chemical market which may temporarily lower
profit margins for some in the local service industry sector. Labor was top heavy in the oil
industry and jobs are being eliminated. This may have a positive effect on the demand for the
construction workforce/contract labor required in the Baton Rouge area. Lower oil pricing
when added with low natural gas pricing is generally good for the refinery and chemical
industry. The ripple effect of sustained low oil prices would ultimately be detrimental for the
Capital region. The discovery and abundance of shale gas and shale oil is a modern revolution
and will allow the US to be energy independent for the foreseeable future.
24
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INDUSTRIAL Trends

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WHERE is the vacancy?
vacancy heat map
*Weighted by SF
WHERE is the persistent vacancy?
Persistent vacancy heat map (over 1 year)
*Weighted by SF
26
Industrial Lease Rates
Industrial lease rates (see chart) remained mostly unchanged YOY with the exception of an increase in
Industrial Lease Rates
lease rates for new construction due to rising construction and land costs. Speculative construction
waslease
again
limited
in 2014remained
which helped
higher
lease
rates.
Absorptionofofanproduct
Industrial
rates
(see chart)
mostlysupport
unchanged
YOY
with
the exception
increaseininthe
lease rates
to 15,000
square
footconstruction
was the mostand
active
2014.Speculative
Bulk space and
office-warehouse
in limited
excess in 2014
for new5,000
construction
due
to rising
landincosts.
construction
was again
of 25,000
square
feet was
non-existent.
It is possible
relatedfoot
material
which helped
support
higher
leasebasically
rates. Absorption
of product
in the that
5,000construction
to 15,000 square
was the most
active incosts
2014.
Bulk
space
and
office-warehouse
in
excess
of
25,000
square
feet
was
basically
non-existent.
It
will decrease in 2015 if the price of oil remains low.
is possible that construction related material costs will decrease in 2015 if the price of oil remains low.
Sample Building Lease Data1
SAMPLE BUILDING LEASE DATA 1
Product Type
Size (SF)
Lease Rate Range (/SF)
Lease Type
Flex Space2
5,000 -15,000
$8.00 - $12.00
Net
Office Warehouse Older
5,000-15,000
$3.50 - $4.50
Net
Office Warehouse New
5,000-15,000
$8.50 - $9.50
Net
Bulk Warehouse Older
20,000+
$3.00 - $4.50
Net
Bulk Warehouse New
20,000+
$5.50 - $7.00
Net
Excludes laydown yard area

Multi-tenant, tilt wall construction with a minimum office/warehouse ratio of 20/80
1
Office-Warehouse Sale Prices

The demand for buying user-occupant space, remains greater than leasing due to low interest rates/
terms by lenders. The available inventory for existing office-warehouse space, in the growth areas
remained limited and pricing rose. Transactions for existing light industrial and heavy commercial
warehousing space rose. Product size ranging from 5,000 to 20,000 square feet sold on average
between $77 to $83 per square foot in the southern portion of East Baton Rouge Parish, Ascension
Parish, West Baton Rouge Parish and east side of the Mississippi River in Iberville Parish. Older,
mature areas, such as the S. Choctaw corridor remained unchanged from prior years, ranging from
$25 to$30/square foot. 20,000 square feet and larger pricing for properties in fair condition on
average $18 to $20 per square foot. These average square foot prices reflect properties that contain
a 20/80% office to warehouse ratio, are in fair to good condition with no functional obsolescence,
and have adequate parking.
27
INDUSTRIAL Trends
River in Iberville Parish. Older, mature areas, such as the S. Choctaw corridor remained unchanged from prior
years, ranging from $25 to$30/square foot. 20,000 square feet and larger pricing for properties in fair condition
on average $18 to $20 per square foot. These average square foot prices reflect properties that contain a 20/80%
office to warehouse ratio, are in fair to good condition with no functional obsolescence, and have adequate
parking.

Platinum Sponsor
Land Sales
Land Sales
Also trending was the increased sales price per square foot or acre of transactions of industrial
Also trending
wassales.
the increased
price true
per square
or acre
of transactions
of industrial
land sales. This
land
This was sales
especially
for thefoot
limited
available
land in south
Baton Rouge
was especially true for the limited available land in south Baton Rouge industrial parks located off of Airline
industrial parks located off of Airline Highway (i.e. Cloverland, Industriplex, Stonehenge, and
Highway (i.e. Cloverland, Industriplex, Stonehenge, and Castille Place) and Iberville and Ascension Parishes
Castille
Place) and
Iberville
andsmall
Ascension
Parishes
the Hwy.
30 corridor
where
lot and within the
along the Hwy.
30 corridor
where
lot and
acreage
tractsalong
increased
as much
as 30 to
40 percent
small acreage tracts increased as much as 30 to 40 percent within the last two years.
last two years.
Sample Land Sale Data1
SAMPLE LAND SALE DATA 1
East Baton Rouge (/SF)
West Baton Rouge (/SF)
Ascension (/SF)
PRIME
$7.00 - $8.50
$2.00 - $3.00
$4.00 - $5.00
NON-PRIME
$3.00 - $4.00
$0.75 - $2.00
$2.00 - $3.00
Based on land tracts consisting of 2 10 Acres
2014 NOTICEABLE TRENDS

The Vacancy Rate is trending down for the 4th consecutive year. Market is healthy.
Lowest seen since 2006.
Major concern and watch for oil pricing and how it will affect the overall industrial
economy and employment.
Tuscaloosa Marine Shale (TMS) is likely mothballed until oil prices rise to $80/barrel or
more.
The discovery of an abundance of shale gas and shale oil will allow the US to be energy
independent.
High uncertainty as to the future price of oil.
Some of the multi-million dollar announcements were delayed, scaled back, or
scrapped altogether.
Rental rates for expanding areas stabilize at higher pricing due to lack of speculative
construction and inventory.
Increased demand for office-warehousing with stabilized material storage yards.
The demand will remain high for the sale of office warehousing which meet industry
needs and have no functional obsolescence.
Regional industrial service centers continue to consolidate facilities under one roof.
US manufacturing sector continues to grow.
Interest in and dependence on rail continues to grow.
Continued use of US natural resources and less dependence on imports.
Natural gas prices remain low.
Port of Greater Baton Rouge expected to increase exports.
28
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INDUSTRIAL Trends
30

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2014 NOTEWORTHY MAJOR PROJECTS ANNOUNCED
Estimated/Rounded
USA Rail Terminal - $11.3 million rail terminal in Port Allen
Port of Greater Baton Rouge/ Union Pacific - $19.6 million rail facility expansion
Yuhuang Chemical - $1.2 billion methanol complex, St. James Parish
Glaz-Tech Industries - $4 million for a new glass plant in Baton Rouge
ClearEdge Wholesale Glass $2.65 million relocation of glass manufacturing plant to
Baton Rouge
Waller Marine- Tenaska NG Fuels, LLC LNG and fueling facility, Baton Rouge Barge
Canal, no value given.
Huntsman Corp $78 million - MDI production facility, Geismar
Renewable Energy Group - $15 million diesel form animal fat, Geismar
Genesis Energy, LP - $150 million oil storage import/export at the Port of Greater Baton
Rouge
Community Coffee 108,000 sf distribution facility, Port Allen, no value given
Cortec CMS - $6 million manufacturing and distribution for valves, Port Allen
ABB Group & Eaton Corporation $5.1 million separate tenants in a build to suit,
100,000 square feet Baton Rouge.
Crescent Crown Distributor - $9,657,000 New beer distribution facility, Baton Rouge
(Tom Drive)
2015 FORECAST
Rental rates on average have stabilized at the current rates. Vacancy will likely remain flat at around
7.5%. Expect continued interest from service companies entering the market and existing companies
expanding to larger facilities, however, some companies that planned to enter the market or those
that planned expansions locally may take a temporary wait and see approach in anticipation of oil
pricing and its effect on the industry. Look for new announcements of 25,000+ square foot build to
suits as a result.
Except for a catastrophic world event, oil prices are expected to remain low 2Q15. Labor will remain
in high demand as well as affordable rental housing in the short term. Contract labor pricing has
caused the costs of large scale projects to go well beyond the estimated budget and may cause
some of the announced projects to scale back in size or not happen.
The industrial boom, aside from some recent setbacks, is in mid-race and the scope of the existing
projects will keep contractors busy for the next 3 to 5 years. US manufacturing will continue to grow
creating a continued demand for the raw chemical products produced in Louisiana.
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GCB_Trendshalfpg_BatonRouge.indd 1
2/24/15 2:18 PM
31
MULTI-FAMILY Trends
20
15

Platinum Sponsor
2015 MULTI-FAMILY TRENDS COMMITTEE

D. Wesley Moore, II, MAI, CCIM
Cook, Moore & Associates
Trends Speaker
Craig Davenport, MAI
Deane Bryson, CCIM

Latter & Blum Realtors
Ty Gose, CCIM
Latter & Blum Realtors
Sean McDonald, MAI

Abby McMasters
Megan Richard
Laura White
Latter & Blum Property Mgmt
I. 2015 Baton Rouge Apartment Market

Introduction & Summation
The Baton Rouge area apartment market remains quite strong, with rentals rising and
vacancies near historic lows, but market conditions are likely to change over the next 12
to 24 months, as a substantial number of units under construction (and planned) will be
gradually delivered to the market. Apartment owners and managers in certain submarkets
should brace for substantial increases in competitive pressures (and concessionary
measures) as these new units fight to capture market share.
Data collected and analyzed each year (most recently in Fall 2014/Winter 2015) regarding
apartment rentals and vacancies by Cook, Moore & Associates (CMA) and Latter & Blum
Realtors, in conjunction with the LSU Real Estate Research Institute, the CID of GBRAR and
the Baton Rouge Apartment Association (BRAA), suggests that apartment vacancies in
the Baton Rouge area over the past 12 months have remained consistent with historical
norms.
Prior to Katrina, the Baton Rouge Apartment Association was reporting city-wide
vacancies at 8%. A similar figure (6%) was reported in the LSU/CMA Spring 2005 report
(Pre-Katrina). For roughly 3 years following the arrival of Hurricane Katrina (August 29,
2005), both survey sources were reporting less than 1% vacancy market-wide.
Premier Sponsor
32
M U LT I - F A M I LY Trends
Vacancies rose in 2008-10 (as a result of a post-Katrina construction boom), but began to decline
in 2012. The Fall/Winter 2014-15 survey reflects 5.94% vacancy market-wide (153 complexes
surveyed), down from a peak of 6.84% vacancy reported in East Baton Rouge Parish for Fall 201112.
We analyzed two sets of rental data which differ by composition and number of properties
included. The matched dataset consists of 112 complexes, with a smaller matched sample of
44 larger (200+ unit) complexes also analyzed. Rentals for the 112-complex matched sample
increased 2% from Fall 2013 to Fall 2014 (over a 12- month period). The reported vacancy
rate for the matched sample was 5.48% (note that this figure excludes consideration of the
newly-built & vacant units in the new complexes in lease-up). The figures for the matched sample
of units provide strong indicators of overall trends.
A bulleted summary of our key observations & expectations is provided:
The supply of rental units in the Baton Rouge MSA has grown substantially since 2005. Relevant
stats include:
q 6,937 new apartment units were completed from when Katrina hit on August 29, 2005 through
the end of 2014 (with only 50 of those units actually built in 2014). The average number of units
absorbed each year (through 2013) was 867.
q 2,156 units are under construction for (or have been delivered thus far in) 2015
q 3,746 units are proposed for construction by the end of 2016
q The total new rental supply for 2014-16 could hit 6,000 units, which would equate to 2,000
units per year over a 3-year span (if all of the planned units are completed by the end of 2016).
q It is notable that construction costs for apartments locally are reported to have materially risen
in recent years (as the availability of skilled construction workers has diminished due to the l a r g e
industrial projects underway), and the availability of construction financing has diminished. It
remains probable that certain of the announced projects (those listed on the following pages, as
well as others still on the drawing board) will not be built in the short-term (some will likely be tabled
until such time that conditions are more strongly supportive of construction feasibility).
q Consideration should also be given to the 2,000 for sale condo units built in the Baton Rouge
MSA during 2006-14. 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 difficulty attracting purchasers capable
of securing mortgage financing since 2008) and represent competition for traditional rental units.
Absorption of these units by investors has diminished greatly, as financing for these acquisitions has
become extremely difficult to secure. Virtually all proposed condo projects have been put on hold
(except for a few, small, niche projects).
33
MULTI-FAMILY Trends

Platinum Sponsor
q 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 increased by roughly 30,000 directly due to Katrina (as
well as the normal population growth we would normally 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 far exceeded this mark (almost 7,000 units have been built since Katrina), the
single-family residential mortgage market wild card appears to have come into play (as the
adverse impact on market occupancies normally expected from such an influx of supply has
not resulted).
q 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 offered at a number of the upscale properties. As the vast majority
of the new units were upscale, the Class A properties appear to have felt the brunt of the
competitive pressures from the incoming supply. Their competitive adjustments in 2009-10
appear to have eventually forced rental adjustments by the Class B properties, who then put
pricing pressure on Class C properties. Nobody is bullet-proof. These competitive conditions
appear to have subsided in 2012- 13, but could return in 2015-16 with the potential delivery
of almost 6,000 new units. It may be a good time to stock up on TV sets (there might be a few
apartment developers and managers looking to buy in bulk).
q The critical factors that will ultimately drive the long-term demand for, and absorption of,
additional housing units in the Baton Rouge area are the number of jobs that can be retained
locally (where the jobs go, the population will follow) and the ability of our infrastructure
(roads, schools, governing bodies) to accommodate this growth and maintain the character
and marketability of the Baton Rouge region as a place to live. Baton Rouge has very positive
dynamics, with reasonably strong job growth expected over the next few years (if impending
cuts in government-related jobs dont offset the growth in the chemical-related industries).
The area remains well positioned to prosper. With numerous recent announcements of
major industrial expansions and planned construction of multi-billion dollar facilities in the
Baton Rouge MSA, we expect further population expansion (and correspondingly positive
absorptions of new and existing apartment units). The depth of this incremental demand
might soon be tested.
34
MULTI-FAMILY Trends

Platinum Sponsor
Graphs illustrating the recent trends in apartment rentals are provided in the following
pages. These will be followed by synopses of new multifamily residential (apartment and
condo) construction projects, and more detailed rental/vacancy charts. For more detailed
discussions and information, please call us (we provide professional consulting services) or
go to www.cookmoore.com or www.jenningsrall.com.
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
II.
New Apartment Construction
over the past 20 years has been oriented toward either more affluent tenants (either
Baton Rougeresidents
experienced
recovery
period in
construction
from 1995 to 2005. During this period,
conventional
or aLSU
students),
orapartment
lower-income
households.
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"new
markets,
such as students
or lower-income
households).
The Katrina
vast majority
of the
new supply
6,937
apartment
units were
completed
from when
hit on
August
29, over
2005the
past through
20 years has
been
oriented
toward
either
more
affluent
tenants
(either
conventional
residents
or
LSU
students),
the end of 2014 (with only 50 of those units actually built in 2014). The average
or lower-income households.
number of units absorbed each year (through 2013) was 867.
6,937 new apartment units were completed from when Katrina hit on August 29, 2005 through the end of 2014
(with only 50 of those units actually built in 2014). The average number of units absorbed each year (through 2013) was
included
these
counts
(or on theand
lists
proposed
complexes
that follow)
are apartments
867.Not
Now,
2,156in
units
are under
construction
anof
additional
3,746
units are proposed
for construction
by 2016.
The total
rental
supply
for 2006-15
could exceedmixed-use
9,400 units,developments
which would equate
roughly
940
units per
year
thatnew
have
been
outlined
for numerous
in to
the
Baton
Rouge
area,
over a 10-year span (if all of the planned units are completed by the end of 2016).
including the River District along Nicholson Drive (as many as 1,800 units planned), the
Edenborne
andinConway
Plantation
in Gonzales
plannedthat
inhave
each),
Not included
these counts
(or on the developments
lists of proposed complexes
that (200+
follow) units
are apartments
been
outlined
for
numerous
mixed-use
developments
in
the
Baton
Rouge
area,
including
the
River
District
along
Nicholson
Rouzan on Perkins Road (several hundred units planned), River Park (Pete Clement has plans
Drive (as many as 1,800 units planned), the Edenborne and Conway Plantation developments in Gonzales (200+ units
for in
apartments
in his
masterRoad
design)
andhundred
others.
Weplanned),
are alsoRiver
aware
of(Pete
at least
2 expansions
planned
each), Rouzan
on Perkins
(several
units
Park
Clement
has plans for
apartments
in his master
design)
and others.
Weare
are too
also aware
leastprocess
2 expansions
(of existing facilities)
planned
(of existing
facilities)
planned
that
early ofinatthe
for inclusion.
Until specific
that are too early in the process for inclusion. Until specific plans are announced for these (site plan approval requests
plans are
for these and,
(sitethus,
planhave
approval
these analyses.
units remain
submitted),
theseannounced
units remain speculative
not beenrequests
included insubmitted),
our pipeline supply
speculative and, thus, have not been included in our pipeline supply analyses.
pages.
The new apartment complexes built, underway and/or planned in Baton Rouge area are listed on the following
The new apartment complexes built, underway and/or planned in Baton Rouge area are listed
below and or on the following pages:
Apartment Complexes Completed in 2014
in the Baton Rouge MSA
Apartment Complexes Completed in 2014
in the baton rouge msa
Complex Name
Location
# Units
Expected CompletionComments
Completed 2014
Gardens of Baton Rouge
Total Completed in 2014
36
Plank Road south of Hooper
50
50
10/14
Affordable (LIHTC) housing units
Apartment Complexes Under Construction in 2015-16
Apartment Complexes under construction in 2015-16
in the baton rouge msa
Complex Name
Location
# Units
The Addison
The Grove Parkway
139
2016
Upscale/Luxury Units
The District
Perkins Road near Pollard
312
2015
Terraces at Perkins Rowe
Perkins Rowe Development, Building E
88
2015
Completion of Shell Units
Bayonne at Southshore
Stanford Avenue
240
2016
Upscale - Replacing 122 Demolished Units
The Exchange at Baton Rouge
449 Ben Hur Rd at Burbank
304
2015
Upscale - Student Units
Sterling University
4194 Burbank at W. Parker
235
2015
The Standard
West Chimes St at Alaska
247
2015
IBM Towers
River Road at Main Street (CBD)
85
2015
The Onyx
100 Third Street (CBD)
28
2015
440 on Third (Cap One)
440 Third Street (CBD)
65
2015
Commerce Building
333 Laurel St (CBD)
93
2016
Upscale/Luxury Tower Units
One Maritime
101 France St (CBD)
18
2016
Windsor Court
LA Hwy 74 (St. Gabriel)
120
2015
Affordable housing units
Audubon Apts
LA Hwy 64 (Zachary)
182
2015
Total Under Construction
2,156
Not included in the following 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.
Not included in the following 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
Vintage
Representatives
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.
It is notable that construction costs for apartments locally are reported to have materially risen in
recent years (as the availability of skilled construction workers has diminished due to the large industrial
projects underway). It remains probable that certain of the announced projects (those listed on the following
page, as well as others still on the drawing board) will not be built in the short-term (some will likely be
tabled until such time that conditions are more strongly supportive of construction feasibility).
Alvin Childs, Jr. CCIM
Founder/Partner
Grady Flournoy
David Alexander
Founder/Partner
Archer Frierson III, CCIM
Michele Sauls
Director
Brad Amstrong
Hilary Bransford
John Hamilton
Michael Morrison
Andrew Querbes IV
FULL SERVICE COMMERCIAL REAL ESTATE FIRM
Anne Dixon
Trent Siskron
Sarona Snyder
Now Serving Clients Needs Throughout The South.

Disposition, Acquisition, Development, Buyer/Tenant Representation, Value Add Consulting and Work Out Specialist
318-222-2244 | vintagerealty.com
Cecile Coutret
Apartmentcomplexes
Complexes under
Under Construction
in 2015-16
apartment
construction
in 2015-16
cook, moore and associates

Platinum Sponsor
38
A data-driven approach
to commercial real estate
With a CCIM you have an educated, deliberate process.

A Certified Commercial Investment Member (CCIM) is a trained expert who
has analyzed your opportunities to help you make confident, informed choices.
Trust a CCIM to guide your real estate decisions with a background of analysis
and experience. Find your CCIM at www.findaCCIM.com.
MULTI-FAMILY Trends

Platinum Sponsor
It is notable that construction costs for apartments locally are reported to have materially
risen in recent years (as the availability of skilled construction workers has diminished due
to the large industrial projects underway). It remains probable that certain of the announced
projects (those listed on the following page, as well as others still on the drawing board) will
not be built in the short-term (some will likely be tabled until such time that conditions are
more strongly supportive of construction feasibility).
Apartment Complexes Announced (Not Yet Under Construction) for 2015-16

Apartment Complexes announced
Not Yet under construction for 2015-2016 in the baton rouge MSA
Complex Name
Location
Park Rowe
Perkins Rowe Development
334
2016
River House
Nicholson Drive at Oklahoma
224
2016
Cypress Springs Elderly
Hooper Road east of Plank
144
2016
Ivy Park - Phase II
Jones Creek Road near Tiger Bend
60
2016
Upscale/Luxury Units - Addition to Phase I
Beauregard Quarters
Napoleon at America (CBD)
25
2016
Lofts at 6C
6th Avenue (CBD)
144
2016
Upscale Tower - Financing not secured
342 Lafayette
342 Lafayette Street (CBD)
20
2015
Park 7 Apartments
W. Parker at Dodson
280
2016
Upscale Student Units
Wildwood of BR
Burbank at Ben Hur
204
2016
Arlington Townhomes
Ben Hur Road south of Burbank Dr
179
2016
Tapestry Park on Jefferson
Jefferson Hwy by Panera Bread
124
2016
Nicholson Place
W. Roosevelt at W. Garfield
40
2016
Columns at Long Farm
Jefferson Hwy at Barringer Foreman
276
2016
Greens at Millerville
Millerville at I-12
320
2016
Livingston Apartments
Pete's Hwy at Cook Road (Denham)
272
2016
Palms at Juban Lakes
Buddy Ellis Road (Denham)
180
2016
Creekside Crossing
30100 Walker Road (Walker)
168
2016
Zachary Parkside - Phase II
LA Hwy 964 (Zachary)
40
2016
Upscale/Luxury Units - Addition to Phase I
University Club Centre
LA Hwy 30 at Bayou Manchac (St. Gabriel)
160
2016
Manchac Lake Apartments
Airline at Bayou Manchac (Prairieville)
272
2016
Silver Oaks
Airline near Germany Rd (Duplessis)
280
2016
Total Proposed/Announced
40
# Units
3,746
Apartment Complexes Announced (Not Yet Under Construction) for 2015-16
apartment complexes announced (not yet under construction) for 2015-16
41
MULTI-FAMILY Trends

Platinum Sponsor

42
Building communities
one family at a time.
We know that when youre building a familys home, having the right tools for the job makes the job go much
smoother. You can apply online at entergylouisiana.com to turn on service for new residential construction and
to access standards information.
We are working hard to make it easier for you to do business.
Thats The Power of People. Entergy.
Dennis Smith
Project Manager
Baton Rouge, LA
(225) 339-3237
dsmit15@entergy.com
Tundra Terrell Nunez

Project Manager
Gonzales, LA
(225) 382-4815
tterrel@entergy.com
A message from Entergy Gulf States Louisiana, L.L.C. and Entergy Louisiana, LLC 2014 Entergy Services, Inc. All Rights Reserved.
III.
Apartment Rent & Vacancy Statistics
MULTI-FAMILY Trends
On the following pages are presented tables summarizing the figures compiled in the LSU/CMA apartment
III.
Apartment
& Vacancy
Statistics
surveys performed in Rent
Fall/Winter
2014-15.
Note the addition this year of Areas 7 (Zachary), 8 (Livingston Parish)
and 9 (Ascension Parish) to the survey results:
On the following pages are presented tables summarizing the figures compiled in the LSU/CMA apartment
surveys performed in Fall/Winter 2014-15. Note the addition this year of Areas 7 (Zachary), 8 (Livingston Parish)
III. Apartment
Rent
& Vacancy Statistics
and 9 (Ascension
Parish) to the survey
results:
Table 1

Platinum Sponsor
On the following pages are presented tables summarizing the figures compiled in the LSU/
Apartment Data by Area
CMA apartment surveys performed(Fall
in 2014
Fall/Winter
2014-15. Note the addition this year of
Full Data Set)
Table
1
Areas 7 (Zachary), 8 (Livingston Parish) and 9 (Ascension Parish) to the survey results:
Average Rent
Average
Rent
Sq. Ft.
Vacancy Rate
Apartment
Data
byper
Area
Number of
table
1 Set)
(Fall 2014
Full Data
Area
Complexes
0 BR
1 BR
2 BR
1 BR
2 BR
3 BR
4 BR
Total
ALL
153
$626
$779
$942
3 BR
4 BR
0 BR
1 BR
2 BR
3 BR
4 BR
Total
0 BR
Apartment
data
by area
(fall
2014
full
data
set)
$1,147
$1,910
$1.33
$1.09
$0.92
$0.93
$1.35
$0.99
5.38%
5.84%
6.03%
6.45%
3.80%
5.94%
$757
$831
$1,077
$1,523
$2,045
$1.57
$1.20
$1.10
$1.25
$1.44
$1.21
6.18%
5.03%
4.84%
7.07%
3.62%
5.11%
Area
2
ALL
3
1
4
2
5
3
7
4
8
5
9
7
42 of
Number
Complexes
34
153
37
42
10
34
21
37
1
10
5
21
3
1
0 BR
$697
$626
$566
$757
$520
$697
$417
$566
$520
$417
-
1 BR
$911
$779
$758
$831
$515
$911
$521
$758
$983
$515
$830
$521
$960
$983
2 BR
$1,052
$942
$882
$1,077
$614
$1,052
$599
$882
$1,271
$614
$912
$599
$1,193
$1,271
3 BR
$1,296
$1,147
$956
$1,523
$688
$1,296
$710
$956
$1,535
$688
$1,015
$710
$1,386
$1,535
4 BR
$1,064
$1,910
$971
$2,045
$1,064
$775
$971
$775
-
0 BR
$1.54
$1.33
$1.16
$1.57
$1.04
$1.54
$0.92
$1.16
$1.04
$0.92
-
1 BR
$1.23
$1.09
$1.04
$1.20
$0.79
$1.23
$0.80
$1.04
$1.10
$0.79
$1.11
$0.80
$1.15
$1.10
2 BR
$0.97
$0.92
$0.85
$1.10
$0.65
$0.97
$0.68
$0.85
$1.09
$0.65
$0.87
$0.68
$1.02
$1.09
3 BR
$0.94
$0.93
$0.74
$1.25
$0.66
$0.94
$0.67
$0.74
$1.03
$0.66
$0.83
$0.67
$1.04
$1.03
4 BR
$0.70
$1.35
$0.63
$1.44
$0.70
$0.65
$0.63
$0.65
-
Total
$1.04
$0.99
$0.89
$1.21
$0.69
$1.04
$0.72
$0.89
$1.08
$0.69
$0.89
$0.72
$1.05
$1.08
0 BR
0.00%
5.38%
7.32%
6.18%
0.00%
0.00%
5.98%
7.32%
0.00%
5.98%
-
1 BR
5.52%
5.84%
5.88%
5.03%
4.14%
5.52%
9.70%
5.88%
5.77%
4.14%
4.90%
9.70%
3.92%
5.77%
2 BR
5.50%
6.03%
6.34%
4.84%
3.35%
5.50%
13.24%
6.34%
7.69%
3.35%
3.35%
13.24%
4.05%
7.69%
3 BR
4.74%
6.45%
5.99%
7.07%
4.44%
4.74%
11.05%
5.99%
7.69%
4.44%
3.36%
11.05%
3.70%
7.69%
4 BR
0.00%
3.80%
6.67%
3.62%
0.00%
4.76%
6.67%
4.76%
-
Total
5.36%
5.94%
6.12%
5.11%
3.83%
5.36%
11.25%
6.12%
6.92%
3.83%
3.58%
11.25%
3.96%
6.92%
$830
$912
$1,015
$1.11
$0.87
$0.83
$0.89
4.90%
3.35%
3.36%
3.58%
$960
$1,193
$1,386
$1.15
Table$1.02
2
$1.04
$1.05
3.92%
4.05%
3.70%
3.96%
Average Rent
Average Rent per Sq. Ft.
Vacancy Rate
Apartment Data bytable

Area for
2 Large Complexes
(Fall 2014 Full Data Set)

Apartment data by area for
large
complexes
(fall 2014 full data set)
Table
2
Average Rent
Apartment
RentLarge
per Sq.Complexes
Ft.
Data byAverage
Area for
Vacancy Rate
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
63
$687
$822
$998
$1,197
$1,916
$1.36
$1.12
$0.95
$0.91
$1.22
$1.00
5.23%
5.91%
6.57%
8.20%
6.42%
6.49%
$851
$876
$1,128
$1,471
$2,115
$1.61
$1.22
$1.12
$1.12
$1.34
$1.17
8.97%
4.77%
5.12%
8.01%
5.26%
5.40%
Area
2
ALL
3
1
4
2
5
3
7
4
8
5
9
7
17 of
Number
Complexes
12
63
22
17
2
12
3
22
1
2
3
3
3
1
0 BR
$710
$687
$851
$520
$710
$375
$520
$375
-
1 BR
$957
$822
$760
$876
$572
$957
$439
$760
$983
$572
$825
$439
$960
$983
2 BR
$1,163
$998
$898
$1,128
$649
$1,163
$561
$898
$1,271
$649
$917
$561
$1,193
$1,271
3 BR
$1,415
$1,197
$947
$1,471
$786
$1,415
$729
$947
$1,535
$786
$1,042
$729
$1,386
$1,535
4 BR
$1,916
$971
$2,115
$971
-
0 BR
$1.56
$1.36
$1.61
$1.04
$1.56
$0.73
$1.04
$0.73
-
1 BR
$1.27
$1.12
$1.04
$1.22
$0.80
$1.27
$0.62
$1.04
$1.10
$0.80
$1.09
$0.62
$1.15
$1.10
2 BR
$1.06
$0.95
$0.86
$1.12
$0.63
$1.06
$0.56
$0.86
$1.09
$0.63
$0.87
$0.56
$1.02
$1.09
3 BR
$1.02
$0.91
$0.73
$1.12
$0.62
$1.02
$0.64
$0.73
$1.03
$0.62
$0.85
$0.64
$1.04
$1.03
4 BR
$1.22
$0.63
$1.34
$0.63
-
Total
$1.13
$1.00
$0.90
$1.17
$0.67
$1.13
$0.60
$0.90
$1.08
$0.67
$0.89
$0.60
$1.05
$1.08
0 BR
0.00%
5.23%
8.97%
0.00%
0.00%
4.55%
0.00%
4.55%
-
1 BR
5.93%
5.91%
6.14%
4.77%
4.08%
5.93%
10.80%
6.14%
5.77%
4.08%
5.56%
10.80%
3.92%
5.77%
2 BR
6.23%
6.57%
6.98%
5.12%
4.40%
6.23%
18.10%
6.98%
7.69%
4.40%
3.65%
18.10%
4.05%
7.69%
3 BR
7.09%
8.20%
6.98%
8.01%
3.17%
7.09%
27.69%
6.98%
7.69%
3.17%
5.30%
27.69%
3.70%
7.69%
4 BR
6.42%
6.67%
5.26%
6.67%
-
Total
6.11%
6.49%
6.62%
5.40%
4.12%
6.11%
15.88%
6.62%
6.92%
4.12%
4.18%
15.88%
3.96%
6.92%
$825
$917
$1,042
$1.09
$0.87
$0.85
Fall
2014
Data
Set Statistics
$0.89
5.56%
3.65%
5.30%
4.18%
4.05%
3.70%
3.96%
Average Rent
Average Rent per Sq. Ft.
Table 3
table
3 Set)
(Fall
2014
Data
$960
$1,193
$1,386
$1.15 Full
$1.02
$1.04
$1.05
3.92%
fall 2014 full data set STATISTICS (FALL 2014 FULL DATA SET)
Number of Complexes
Data Set
Vacancy Rate
Number of Units by Data Set
With 0 BR With 1 BR With 2 BR With 3 BR With 4 BR Total # of

Units
Units
Units
Units
Units
Complexes
0 BR
Units
1 BR
Units
2 BR
Units
3 BR
Units
4 BR
Units
Total
Units
All Complexes
19
128
143
102
26
153
390
9,905
13,926
3,906
973
29,100
Large Complexes
61
63
45
63
172
6,976
8,992
2,074
345
18,559
Table 4
44
Apartment Data by Zip Code
Table 4
Apartment Data by Zip Code

(Zip Codes with More Than 1 Complex)
Average Rent
Vacancy
Number
of Units
per Unit
per Sq. Ft.
Total
70726
1,196
$927
$0.907
3.76%
70737
732
$1,156
$1.053
3.96%
70802
1,270
$1,341
$1.561
2.44%
70805
647
$536
$0.763
10.36%
70806
20
2,651
$695
$0.766
10.60%
70807
80
$535
$0.723
12.40%
70808
13
2,481
$933
$1.084
4.15%
70809
21
4,450
$1,021
$1.024
5.48%
70810
1,738
$1,086
$1.066
5.58%
70812
208
$651
$0.930
3.37%
70815
10
1,823
$661
$0.700
4.77%
70816
30
7,271
$847
$0.905
6.45%
70817
571
$987
$0.913
3.50%
70820
18
2,625
$1,342
$1.260
7.12%
table 3
Number of
Complexes
fall 2014 full data set STATISTICS

(FALL 2014 FULL DATA SET)
Zip
Code
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45
46
(FALL 2011- FALL 2014 MATCHED SAMPLE DATA SET)
table 5
APARTMENT DATA BY AREA
MULTI-FAMILY Trends
Platinum Sponsor
table 6
(FALL 2011- FALL 2014 MATCHED SAMPLE DATA SET)
APARTMENT DATA BY AREA FOR LARGE COMPLEXES
47
(Fall 2011 - Fall 2014 Matched Sample Data Set)

(Zip Codes with More Than 1 Complex)
FALL 2011 - FALL 2014 MATCHED SAMPLE DATA SET (ZIP CODES WITH MORE THAN 1 COMPLEX)
Zip
Code
table 7
APARTMENT DATA BY ZIP CODE
MULTI-FAMILY Trends
Table 7
Platinum
Sponsor
Apartment Data
by Zip Code
70802
70805
70806
70808
70809
70810
70815
70816
70817
70820
Number of
Complexes
17
10
20
21
13
Number
of Units
Average Rent
Vacancy
Period
per Unit
per Sq. Ft.
Total
527
F 2014
F 2013
F 2012
S 2012
F 2011
$908
$868
$885
$869
$875
$1.268
$1.213
$1.236
$1.214
$1.222
1.14%
7.40%
4.74%
6.83%
6.64%
640
F 2014
F 2013
F 2012
S 2012
F 2011
$535
$535
$534
$539
$524
$0.770
$0.770
$0.768
$0.775
$0.754
10.47%
9.38%
10.63%
11.72%
8.28%
2138
F 2014
F 2013
F 2012
S 2012
F 2011
$711
$704
$696
$684
$680
$0.783
$0.776
$0.767
$0.754
$0.749
7.48%
9.78%
7.62%
5.85%
7.30%
2027
F 2014
F 2013
F 2012
S 2012
F 2011
$838
$824
$819
$830
$817
$1.007
$0.990
$0.985
$0.997
$0.982
4.39%
3.31%
4.74%
8.29%
7.65%
4013
F 2014
F 2013
F 2012
S 2012
F 2011
$1,029
$1,009
$993
$959
$962
$1.048
$1.028
$1.012
$0.977
$0.980
5.58%
3.74%
4.54%
5.03%
4.59%
1611
F 2014
F 2013
F 2012
S 2012
F 2011
$1,132
$1,049
$1,012
$1,031
$1,026
$1.100
$1.020
$0.984
$1.002
$0.997
6.02%
3.79%
3.97%
7.32%
5.71%
1526
F 2014
F 2013
F 2012
S 2012
F 2011
$676
$659
$646
$646
$631
$0.722
$0.704
$0.690
$0.690
$0.674
4.13%
2.88%
2.75%
3.74%
4.59%
5025
F 2014
F 2013
F 2012
S 2012
F 2011
$842
$832
$810
$798
$802
$0.882
$0.871
$0.848
$0.836
$0.840
4.74%
5.99%
5.29%
6.83%
8.82%
571
F 2014
F 2013
F 2012
S 2012
F 2011
$987
$947
$898
$897
$891
$0.913
$0.876
$0.831
$0.830
$0.825
3.50%
4.20%
2.63%
2.28%
3.85%
1849
F 2014
F 2013
F 2012
S 2012
F 2011
$1,119
$1,143
$1,131
$1,127
$1,070
$1.197
$1.223
$1.210
$1.206
$1.145
8.22%
7.52%
5.19%
8.38%
7.63%

48
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RETAIL Trends
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15
Maestri-murrell inc.
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2015 retail TRENDS COMMITTEE

Jonathan Walker, CCIM
Maestri-Murrell, Inc
Trends Speaker
Charlie Colvin, CCIM
Sean McDonald, MAI

Cook, Moore, & Associates
Ransom Pipes
Evan Scroggs
Wade Greene, CCIM

NAI Latter & Blum
Austin Earhart
Kurz and Hebert
Justin Langlois, CCIM
Colin Smith
Dotie Tarleton, CCIM

Stirling Properties
Sperry Van Ness
The Baton Rouge MSA has benefited from a rebounded economy
Overview:
and a favorable retail

environment. Nearly all of our indicators are up this year which overall means lower
vacancy and higher rental
rates. Retail development
in our area has begun
to grow, with many new
large projects underway.
While
vacancy
rates
are low, even mixed
use projects may add
additional retail to their
footprints. As developers,
bankers, and brokers, we
must realize that retailers
arent expanding at the
pace of the early to mid 2000s. Retailers continue to grow cautiously, with front-end

decisions.
market
research
and
comparable
sales
analysis
driving
new growth
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Premier Sponsor
R E T A I L Trends
A Survey of Shopping Centers in Baton Rouge: Spring 2015

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 2015.
Extensive independent verification 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 reflected 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 significantly skew the rental figures. This is now
the fifth year of breaking out the anchor spaces in the rental survey and we now feel we are able
to track an accurate trend in the rental rates.
The shopping center survey analysis is structured as follows:

Suites over 15,000 square feet are considered to be anchor spaces.
Rental rates for non-anchor spaces are collected on a high-low basis, with an average rental
rate for each property calculated based on the high-low indicators.
The rentals indicated are reflective of varying lease terms, with some 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 additional
reimbursements paid by tenants (generally for common area maintenance (CAM), taxes and
insurance) are added to each shopping centers calculated average rental to arrive at a total
average rental.
Attempts to survey each shopping center are made each year, 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.
The Vacancy Rate figures presented should not be viewed as a matched sample, as the figures
for each time period reflect the results for each individual survey. They are, however, considered
to be indicative of general market conditions.
51
retail Trends
maestri-murrell INC.
Platinum Sponsor
Only shopping centers of over 15,000 square feet of leasable space are 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.
Baton Rouges two enclosed shopping malls, the Mall of Louisiana and Cortana Mall,
are excluded from the survey. Due to the large size of these centers and significantly
higher rentals collected for mall spaces compared to standard multi-tenant retail spaces,
these properties have historically caused significant 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.
Baton Rouges 3 completed lifestyle centers Perkins Rowe, The Boulevard at the
Mall of Louisiana and Towne Center were surveyed for the first time in 2008. As with
the shopping malls, these centers collect significantly higher rentals, inclusion of which
would likely significantly skew the data. These three centers are generally excluded from
the figures presented, and specific information will be given on these centers during the
actual presentation.
Analyses are performed by Vacancy Rate (Table 1), Size/Type (Table 2), Age (Table 3),
Location (Table 4) and both Location and Type (Table 5).
SUMMARY OF SPRING 2015 RETAIL SURVEY

Attempts were made to contact 133 shopping centers in East Baton Rouge, Ascension
and Livingston Parishes, with responses obtained from 117 shopping centers.
Excluding the lifestyle centers, a total of 8,413,727 square feet of leasable space was
surveyed, with 668,608 square feet (7.95%) reported to be vacant. This vacancy rate is
significantly lower than the 10.61% reported in the 2014 survey, and the 9.86% vacancy
rate reported in the 2013 survey.
Average Total Collections (rent and expense reimbursements) for non-anchor space
were $17.73/square foot, which reflects a slight increase in rental rates from the 2014
survey ($16.85).
Analysis by Vacancy Rate

Table 1 (see page 60) contains the analysis by vacancy rate. The overall vacancy rate has
decreased significantly to 7.95% from 10.61% in Spring 2014, and 9.86% in Spring 2013,
9.23% in Spring 2012 . 64% of surveyed centers in Spring 2013, 61% of surveyed centers
in Spring 2014 and 66% of surveyed centers in Spring 2015 reported vacancy rates of 10%
or less.. Only 2% of centers reported vacancies over 50% in Spring 2015 down from 5% in
52
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Spring 2014). 21% of the surveyed centers reported vacancies of 10.01% to 25% (up from
20% in Spring 2014, (17% in Spring 2013, 16% in Spring 2012 and 25% in Spring 2011),
while 11% reported vacancies of 25.01% to 50% (down from 15% in Spring 2014).
Analysis by Size/Type
Table 2 (see page 61) 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
definitions used by the Urban Land Institute and International Council of Shopping
Centers. The shopping center types are as follows:
Convenience Centers (under 30,000 square feet) typically provide for the sale of
convenience goods and personal services without having a standard anchor space.
Neighborhood Centers (30,001 to 100,000 square feet) typically provide for the sale of
convenience goods and personal services with a grocery anchor space.
Community Centers (100,001 to 250,000 square feet) typically provide clothing,
hardware, and appliances, in addition to convenience goods and personal services.
Typically, these are built around a small department, variety, or discount store.
Regional Centers (over 250,000 square feet) typically provide general 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.
40% of the surveyed centers are considered to be Convenience Centers, though only 11%
(898,598 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 30%
(2,530,907 square feet) of the surveyed leasable space. 18% of the surveyed centers
and 35% of the surveyed leasable space (2,966,529 square feet) are considered to be
Community Centers, while 3% of the surveyed centers and 24% of the surveyed leasable
space (2,017,693 square feet) are considered to be Regional Centers.
Since the Spring 2014 survey, vacancy rates have decreased in every shopping center
type except for an very slight increase in Regional Centers.
The highest vacancies are noted in the unanchored Convenience Centers(10.44%), while
Regional Centers continue to have a low vacancy rate (1.69%). Community Centers have a
vacancy rate of 10.01%, while Neighborhood Centers have a vacancy rate of 9.64%.
44% of the reported vacant space is located in Community Centers, while only 5% is
located in Regional Centers. 14% is located in Convenience Centers and 36% is located in
Neighborhood Centers.
54
retail Trends
Platinum Sponsor
The highest collections for non-anchor space were noted in Regional Centers ($22.41/
square foot). The lowest average collections were noted in Neighborhood Centers
($14.29/square foot).
Analysis by Age
Table 3 (see page 62) contains the analysis by age, with the shopping centers categorized
based on the year of their construction.
In 2013 we began looking at newer centers that were built in 2006 or later. Consisting of
923,736 square feet, they not only have the lowest vacancy rate at 2.16%, but have the
highest rental rate at $24.49/square foot.
The second set of shopping centers consists of 24 properties that have been constructed
from 2000 - 2005. 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 second
time. Also added were a few newer strip centers in Central. These newer centers report a
Spring 2015 vacancy rate of 5.09%, compared to the Spring 2014 vacancy rate of 6.27%.
34.61% of the space is anchor space and average total collections for non-anchor space
are $21.96/square foot.
The next set of shopping centers consists of 10 centers constructed between 1995 and
1999. These centers report a Spring 2015 vacancy rate of 2.18%, which is slightly better
than the Spring 2014 vacancy rate of 2.73% and Spring 2012 vacancy of 3.39%. 58.13% of
the space is anchor space and average total collections for non-anchor space are $20.04/
square foot.
20 surveyed shopping centers were constructed between 1985 and 1995. These centers
report a Spring 2015 vacancy of 4.10%, which is down from the Spring 2014 vacancy
rate of 5.76% 40.53% of the space is anchor space and average total collections for nonanchor space are $17.86 per square foot.
12 surveyed shopping centers were constructed between 1980 and 1984. These centers
report a Spring 2015 vacancy rate of 17.70% which is down from the Spring 2014 vacancy
rate of 25.09% and Spring 2013 vacancy rate of 25.31%. 42.45% of the space is anchor
space and average total collections for non-anchor space are $12.56/square foot.
35 surveyed shopping centers (representing 30% of the surveyed leasable space and
45% of the vacant space) were constructed before 1980. These centers report a Spring
2015 vacancy rate of 12.71%, down from the Spring 2014 vacancy rate of 14.77% and the
Spring 2013 vacancy rate of 13.58%. 26.21% of the space is anchor space and average
total collections for non-anchor space are $13.11/square foot.
56
1945 2015
seventy years
CELEBRATING
GENERAL CONTRACTORS
18145 Petroleum Drive | Baton Rouge, Louisiana 70809 | (225) 753-4150
www.buquet-leblanc.com
retail Trends
Platinum Sponsor
The lowest rentals and highest vacancy are noted in the shopping centers built before
1985. These centers represent 40% of the surveyed shopping centers, 42% of the surveyed
leasable space and 74% of the total vacant space.
Analysis by Geographic Area

Table 4 (see page 64) contains the Analysis by Geographic Area. The Geographic Areas
used in this survey for shopping centers in Baton Rouge are long-standing and are defined
as follows:
Area 1 South of Interstates 10 and 12 and west of Airline Highway
Area 2 North of Interstates 10 and 12 and south and west of Airline Highway also
includes shopping centers along Plank Road between Airline Highway and Hooper
Road.
Area 3 North of Choctaw Drive and Airline Highway, excluding Zachary and Plank
Road shopping centers between Airline Highway and Hooper Road
Area 4 South of Choctaw Drive and east of Airline Highway also includes
shopping centers along Airline Highway between Interstate 12 and Florida Boulevard
Area 5 Zachary (surveyed beginning in 2008)
Area 6 Ascension Parish (surveyed beginning in 2010)
Area 7 Livingston Parish (surveyed beginning in 2010)
The highest average non-anchor collections ($22.64/square foot) are noted in Area 1
and the lowest vacancy rate (3..02%) is noted in Area 1, while Area 3 reports the lowest
total non-anchor collections ($10.36/square foot) and Area 3 reports the highest vacancy
rate (16.08%). Area 7 is Livingston Parish and includes only 2 responding centers (both

non-anchored), 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 (see page 65) 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 (2.67%) and Area 6 (2.33%), and
5 (0%, which is based on a single
anchor) while the highest is noted
in Area 2 (19.20%,). The highest
collections for anchored centers are
58
R E T A I L Trends
noted in Area 1 ($20.72/square foot) and the lowest collections are noted in Area 3 ($8.53/square
foot).
The lowest vacancies in unanchored centers are noted in Area 1 (4.14%), while the highest
vacancies are noted in Area 5 (14.16%). The highest collections for unanchored centers are noted
in Area 1 ($25.10/square foot) and the lowest collections are noted in Area 4 ($11.57/square
foot).
Summary
Of the 8.41 million square feet of leasable space represented in our sample (not including
lifestyle centers), 7.95% is reported as vacant. This represents a decrease in vacancy from the last
four surveys which landed between 9.5% and 10%. Regional centers, those over 250,000 sq/ft,
continue to have low vacancy rates and demand higher rental rates. Our vacancy rate and rent
growth this year has again followed the national averages, with vacancy in the 7% range and
rents growing 2.5% over last year.
59
60
77
74
79
80
65
25
24
21
20
28
13
18
20
19
14
2
6
5
4
5
117
122
124
123
112
Period
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
10% or Less
10.01% to 25%
25.01% to 50%
Over 50%
Total
Facility Vacancy
Rate
Number of
Responding
Centers
2%
5%
4%
3%
4%
11%
15%
16%
15%
13%
21%
20%
17%
16%
25%
66%
61%
64%
65%
58%
Percent of
Total
Responding
-5
-2
1
11
-4
1
1
-1
-5
-2
1
5
1
3
1
-8
3
-5
-1
15
Change
from
Previous
Period
8,413,727
8,480,051
8,616,676
8,553,159
8,038,380
209,812
390,971
310,078
139,835
276,185
700,398
1,228,866
1,257,715
1,143,286
1,030,623
1,091,018
1,042,484
897,066
1,094,318
1,200,694
6,412,499
5,817,730
6,153,817
6,175,720
5,530,878
Total Surveyed
Leasable Space
2%
5%
4%
2%
3%
8%
14%
15%
13%
13%
13%
12%
10%
13%
15%
76%
69%
71%
72%
69%
Percent of
Total
Responding
(EXCLUDING LIFESTYLE CENTERS)
-66,324
-136,625
63,517
514,779
-181,159
80,893
170,243
-136,350
-528,468
-28,849
114,429
112,663
48,534
145,418
-197,252
-106,376
594,769
-336,087
-21,903
644,842
Change
from
Previous
Period
SHOPPING CENTERS BY VACANCY RATE
Shopping Centers by Vacancy Rate

table
(Excluding
Lifestyle1Centers)
Table 1
668,608
900,116
849,429
789,562
830,529
130,004
232,710
191,630
89,732
174,374
243,617
397,070
418,968
386,310
344,083
163,969
151,601
131,570
174,367
172,996
131,018
118,735
108,461
139,153
139,076
Total
Vacant Space
19%
26%
23%
11%
21%
36%
44%
49%
49%
41%
25%
17%
15%
22%
21%
20%
13%
13%
18%
17%
Percent of
Total
Responding
-231,508
50,687
59,867
-40,967
-102,706
41,080
101,898
-84,642
-153,453
-21,898
32,658
42,227
12,368
20,031
-42,797
1,371
12,283
10,274
-30,692
77
Change
from
Previous
Period
37.14%
37.37%
37.35%
38.73%
41.68%
47.85%
42.75%
71.18%
0.00%
44.17%
21.15%
30.67%
29.91%
26.85%
35.74%
12.26%
17.60%
23.02%
20.26%
18.43%
42.77%
41.96%
40.46%
45.08%
47.71%
Percent
Anchor Space
retail Trends
Shopping
Center
Type
Convenience
Center
(30,000 SF
& Under)
Neighborhood
Center
(30,001 to
100,000 SF)
Community
Center
(100,001 to
250,000 SF)
Regional
Center
(Over
250,000 SF)
Total
(Excluding
Lifestyle
Centers)
Lifestyle
Centers
Table 2
Shoppingtable
Centers by2Size/Type
Number of
Responding
Centers
Percent of
Total
Responding
Change
from
Previous
Period
898,598
Total Surveyed
Leasable Space
11%
11%
Percent of
Total
Responding
-16,343
-65,380
Change
from
Previous
Period
123,880
93,791
Total
Vacant Space
Vacancy
Rate
Change
from
Previous
Period
19,119
Average
Center
Size
-326
-161
Change
from
Previous
Period
0.00%
0.00%
Percent
Anchor Space
$17.41
$17.36
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
Change
from
Previous
Period
19,280
Percent of
Total
Responding
1.58%
-2.41%
13,363
-30,089
10.44%
14%
12.85%
14%
Lifestyle Centers)
SHOPPING(Excluding
CENTERS
BY SIZE/TYPE
Period
963,978
$14.29
$13.71
$13.77
-3
27.55%
$13.97
40%
27.13%
26.21%
$14.95
41%
-895
25.70%
47
56,242
577
-142
29.23%
50
-3.15%
57,137
56,560
-1,670
Spring 2015
13%
17%
9.64%
0.90%
0.98%
56,702
Spring 2014
18%
-99,479
12.79%
11.89%
0.62%
$17.59
$17.34
36%
14,066
38,903
10.90%
$18.24
149,011
110,517
132,027
38%
39%
20,416
0.00%
1.42%
243,980
37%
0.00%
-42,962
129,084
343,459
329,393
33%
-458
193
11%
11%
12%
-154,538
290,490
19,606
20,064
30%
-86,010
106,479
270,074
Spring 2015
21
21
17%
17%
17%
18%
2,624,550
2,990,007
2,990,007
2,955,735
2,966,529
33%
35%
35%
35%
35%
365,457
-34,272
10,794
395,557
339,755
388,036
402,537
296,827
48%
43%
46%
45%
44%
-55,802
48,281
14,501
-105,710
11.36%
12.98%
13.62%
10.01%
-3.71%
1.61%
0.64%
-3.61%
142,381
142,381
140,749
141,263
-3,427
-1,632
514
43.12%
38.86%
38.86%
40.96%
40.39%
$13.76
$15.59
$16.12
$18.00
$17.62
58,372
Spring 2014
21
16%
10.28%
19,871
894,199
980,321
1,023,283
32%
32%
38,251
-1.63%
-3.76%
2,530,907
31%
11.27%
12.90%
-1
6
2,685,445
2,771,455
33%
16.66%
-2
2,664,976
-21,510
-16,984
38%
-2
2
2,626,725
40%
41%
39%
40%
2
40%
45
38%
50
51
47
49
40%
45
Spring 2015
47
Spring 2011
Spring 2014
Spring 2013
45
Spring 2013
Spring 2012
Spring 2011
Spring 2012
Spring 2013
21
Spring 2012
Spring 2011
Spring 2013
Spring 2014
Spring 2015
117
4
4
3%
4%
3%
3%
3%
-2
1
-5
8,480,051
8,616,676
8,413,727
1,874,893
1,908,122
1,874,893
1,874,893
2,017,693
22%
24%
22%
22%
24%
-136,625
63,517
-66,324
-33,229
142,800
900,116
849,429
668,608
27,290
39,645
21,483
30,240
34,010
3%
5%
3%
3%
5%
50,687
59,867
-231,508
-12,355
-5,807
8,757
3,770
10.61%
9.86%
7.95%
1.46%
2.08%
1.15%
1.61%
1.69%
0.76%
0.63%
-2.67%
-0.62%
-0.31%
0.47%
0.07%
69,509
69,489
71,912
468,723
477,031
468,723
468,723
504,423
-163
20
-49
2,403
-8,308
35,700
41.68%
38.73%
37.37%
37.35%
37.14%
77.39%
76.04%
70.91%
65.57%
60.93%
$16.00
$15.66
$16.85
$15.95
$17.73
$19.85
$23.23
$20.59
$22.41
$22.41
145,808
18
Spring 2015
122
124
69,538
15.07%
Spring 2011
Spring 2012
Spring 2014
Spring 2013
-1.10%
69,701
9.23%
10.33%
-40,967
$41.39
$41.36
$42.31
$37.74
$36.19
789,562
830,529
4.67%
5.64%
4.72%
7.54%
7.83%
514,779
328,374
407,561
325,185
305,000
305,000
440,000
-79,187
82,376
20,185
0
8,553,159
8,038,380
9.06%
9.48%
6.97%
0.49%
1.70%
1.70%
-0.42%
2.50%
6.48%
-1.20%
11
89,204
77,254
68,041
3,000
10,343
7,500
11,950
9,213
65,041
-7,343
112
985,122
815,122
975,555
610,000
610,000
440,000
170,000
-160,433
365,555
0
123
1
-1
1
0
2
Spring 2011
3
2
3
2
2
1
Spring 2012
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2010
retail Trends
61
62
16
14
17
24
27
27
40
41
44
43
41
10
11
11
12
11
20
20
20
19
18
12
15
15
13
14
35
35
34
36
28
117
122
124
123
112
Period
Spring 2015
Spring 2014
Spring 2013
Spring 2015
Spring 2014
Spring 2013
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
2000 or Later
1995-1999
1985-1994
1980-1984
Before 1980
Total
2000-2005
2006 or Later
Number of
Responding
Centers
Year of
Construction or
Rehab
30%
30%
29%
31%
23%
10%
13%
13%
11%
11%
17%
17%
17%
16%
15%
9%
9%
9%
10%
9%
34%
34%
35%
35%
37%
21%
22%
22%
14%
11%
14%
Percent of
Total
Responding
-5
-2
1
11
0
1
-2
8
-3
0
2
-1
0
0
1
1
-1
0
-1
1
-1
-3
1
2
-3
0
2
-3
Change
from
Previous
Period
8,413,727
8,480,051
8,616,676
8,553,159
8,038,380
2,691,058
2,766,339
2,746,339
2,759,946
2,372,120
874,354
1,089,854
1,089,854
1,050,278
1,045,896
1,475,568
1,355,531
1,483,179
1,488,179
1,480,322
1,138,485
1,023,265
1,029,585
1,044,585
979,671
2,234,262
2,245,062
2,267,719
2,210,171
2,160,371
1,310,526
1,381,173
1,381,173
923,736
863,889
886,546
Total Surveyed
Leasable Space
32%
33%
33%
33%
28%
10%
13%
13%
12%
12%
18%
16%
18%
18%
17%
14%
12%
12%
12%
12%
27%
26%
26%
26%
27%
16%
16%
16%
11%
10%
10%
Percent of
Total
Responding
-66,324
-136,625
63,517
514,779
-75,281
20,000
-13,607
387,826
-215,500
0
39,576
4,382
120,037
-127,648
-5,000
7,857
115,220
-6,320
-15,000
64,914
-10,800
-22,657
57,548
49,800
-70,647
0
59,847
-22,657
Change
from
Previous
Period
668,608
900,116
849,429
789,562
830,529
341,999
408,629
373,080
345,149
318,892
154,755
273,478
275,842
162,478
235,202
60,464
78,057
69,774
119,787
123,985
24,806
27,934
34,889
42,615
41,272
86,584
112,018
95,844
119,533
111,178
66,646
86,605
59,218
19,938
25,413
36,623
Total
Vacant Space
51%
61%
56%
52%
35%
23%
41%
41%
24%
26%
9%
12%
10%
18%
14%
4%
4%
5%
6%
5%
13%
12%
11%
15%
13%
10%
10%
7%
3%
3%
4%
Percent of
Total
Responding
-231,508
50,687
59,867
-40,967
-66,630
35,549
27,931
26,257
-118,723
-2,364
113,364
-72,724
-17,593
8,283
-50,013
-4,198
-3,128
-6,955
-7,726
1,343
-25,434
16,174
-23,689
8,355
-19,959
27,387
-5,475
-11,210
Change
from
Previous
Period
(Excluding Lifestyle Centers)

SHOPPING
CENTERS BY AGE
table
Shopping
Centers3by Age
Table 3
7.95%
10.61%
9.86%
9.23%
10.33%
12.71%
14.77%
13.58%
12.51%
13.44%
17.70%
25.09%
25.31%
15.47%
22.49%
4.10%
5.76%
4.70%
8.05%
8.38%
2.18%
2.73%
3.39%
4.08%
4.21%
3.88%
4.99%
4.23%
5.41%
5.15%
5.09%
6.27%
4.29%
2.16%
2.94%
4.13%
Vacancy
Rate
-2.67%
0.76%
0.63%
-1.10%
-2.06%
1.19%
1.08%
-0.94%
-7.39%
-0.22%
9.84%
-7.02%
-1.66%
1.05%
-3.34%
-0.33%
-0.55%
-0.66%
-0.69%
-0.13%
-1.11%
0.76%
-1.18%
0.26%
-1.18%
1.98%
-0.78%
-1.19%
Change
from
Previous
Period
71,912
69,509
69,489
69,538
69,701
76,887
79,038
80,775
76,665
84,719
72,863
72,657
72,657
80,791
74,707
73,778
67,777
74,159
78,325
82,240
113,849
93,024
93,599
87,049
89,061
55,857
54,758
51,539
51,399
52,692
54,605
51,155
51,155
57,734
61,706
52,150
Average
Center
Size
2,403
20
-49
-163
-2,151
-1,737
4,110
-8,054
206
0
-8,134
6,084
6,001
-6,382
-4,166
-3,915
20,825
-575
6,550
-2,012
1,099
3,219
140
-1,293
3,450
0
-3,972
9,556
Change
from
Previous
Period
37.14%
37.37%
37.35%
38.73%
26.21%
25.42%
25.56%
27.18%
28.81%
42.45%
42.06%
42.06%
36.17%
43.09%
40.53%
41.08%
34.20%
41.51%
41.54%
58.13%
64.67%
64.27%
63.35%
67.55%
35.30%
35.13%
39.19%
40.86%
43.50%
34.61%
32.84%
40.08%
36.27%
38.78%
37.79%
Percent
Anchor Space
$17.73
$16.85
$15.95
$15.66
$13.11
$13.08
$12.80
$12.95
$12.24
$12.56
$11.99
$12.04
$11.68
$12.39
$17.86
$17.27
$16.53
$15.78
$17.04
$20.04
$20.75
$20.27
$19.50
$20.39
$23.09
$23.09
$20.84
$20.66
$21.07
$21.96
$21.40
$19.77
$24.49
$26.06
$22.44
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
retail Trends
Platinum Sponsor
Strength
leads to
opportunity.
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64
27
6
8
8
8
7
14
13
15
15
15
2
2
2
2
2
117
122
124
123
112
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Area 5
(Zachary)
Area 6
(Ascension Parish)
Area 7
(Livingston
Parish)
Total
2%
2%
2%
2%
2%
12%
11%
12%
12%
13%
5%
7%
6%
7%
6%
24%
24%
24%
25%
26%
10%
11%
10%
11%
10%
16%
18%
17%
18%
18%
26%
27%
27%
27%
29%
Percent of
Total
Responding
-5
-2
1
11
0
0
0
0
1
-2
0
0
-2
0
0
1
-2
0
-1
0
4
-2
-1
1
1
8,413,727
8,480,051
8,616,676
8,553,159
8,038,380
74,531
74,531
74,531
74,531
74,531
607,683
577,913
626,330
626,330
626,330
144,186
296,236
296,236
296,236
277,936
2,307,396
2,491,253
2,432,246
2,319,598
2,468,242
703,188
788,188
870,764
890,764
722,264
1,188,958
1,249,296
1,259,184
1,290,684
1,290,684
3,147,525
3,061,825
3,025,885
2,985,937
2,860,041
Total Surveyed
Leasable Space
1%
1%
1%
1%
1%
7%
7%
7%
7%
8%
2%
3%
3%
3%
3%
29%
29%
28%
27%
29%
9%
9%
10%
11%
9%
15%
15%
15%
15%
15%
37%
36%
35%
35%
36%
Percent of
Total
Responding
-66,324
-136,625
63,517
514,779
0
0
0
0
29,770
-48,417
0
0
-152,050
0
0
18,300
183,857
-59,007
-112,648
148,644
85,000
82,576
20,000
-168,500
-9,888
-31,500
0
101,726
85,700
35,940
39,948
125,896
Change
from
Previous
Period
668,608
900,116
849,429
789,562
830,529
5,400
4,350
3,150
2,729
3,150
26,032
43,707
30,762
34,806
63,432
14,049
55,354
67,431
66,518
60,850
327,915
323,586
319,928
310,991
230,603
112,400
92,961
185,130
191,185
116,112
166,762
181,312
182,432
167,752
194,799
95,100
92,783
75,276
74,163
96,020
Total
Vacant Space
1%
0%
0%
0%
0%
4%
5%
4%
4%
8%
2%
6%
8%
8%
7%
39%
41%
38%
35%
34%
14%
12%
22%
21%
17%
20%
27%
20%
20%
25%
14%
10%
9%
9%
12%
Percent of
Total
Responding
-231,508
50,687
59,867
-40,967
1,050
1,200
421
-421
-17,675
12,945
-4,044
-28,626
-41,305
-12,077
913
5,668
-4,329
-3,658
-8,937
-80,388
-19,439
92,169
6,055
-75,073
-1,120
14,680
-27,047
28,037
2,317
17,507
1,113
-21,857
Change
from
Previous
Period
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
30
30
Spring 2013
31
31
Spring 2015
11
Spring 2011
Spring 2014
13
Spring 2012
Spring 2012
Area 4
(South of Choctaw
& East of Airline)
13
12
Spring 2015
Area 3
(North of Choctaw
& North/East of
Airline)
Spring 2013
18
Spring 2011
14
21
21
22
22
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Area 1
(South of I-10 &
West of Airline)
Spring 2014
31
33
34
33
32
Period
Spring 2015
Spring 2014
Spring 2013
Spring 2012
Spring 2011
Geographic Area
Area 2
(North of I-10 &
South/West of
Airline)
Number of
Responding
Centers
Change
from
Previous
Period
7.95%
10.61%
9.86%
9.23%
10.33%
7.25%
5.84%
4.23%
3.66%
4.23%
4.28%
7.56%
4.91%
5.56%
10.13%
9.74%
18.69%
22.76%
22.45%
21.89%
14.21%
12.99%
13.15%
13.41%
9.34%
15.98%
11.79%
21.26%
21.46%
16.08%
14.03%
14.51%
14.49%
13.00%
15.09%
3.02%
3.03%
2.49%
2.48%
3.36%
Vacancy
Rate
-2.67%
0.76%
0.63%
-1.10%
1.41%
1.61%
0.56%
-0.56%
-3.28%
2.65%
-0.65%
-4.57%
-8.94%
-4.08%
0.31%
0.56%
-1.22%
0.16%
0.25%
-4.06%
-4.19%
9.47%
0.20%
-5.39%
0.02%
1.49%
-2.10%
1.07%
-0.01%
0.54%
0.00%
-0.87%
Change
from
Previous
Period
(Excluding Lifestyle
Centers)
SHOPPING CENTERS
BY GEOGRAPHIC
AREA
table
4
Shopping Centers
by Geographic
Area
Table 4
71,912
69,509
69,489
69,538
69,701
37,266
37,266
37,266
37,266
37,266
43,406
44,455
41,755
41,755
41,755
24,031
37,030
37,030
37,030
39,705
85,459
83,042
81,075
74,826
79,621
63,926
60,630
66,982
63,626
60,189
66,053
59,480
59,961
58,667
58,667
101,533
92,783
88,997
90,483
89,376
Average
Center
Size
2,403
20
-49
-163
0
0
0
0
-1,049
2,700
0
0
-12,999
0
0
-2,675
-2,417
-1,967
-6,249
4,795
-3,296
6,352
-3,356
-3,437
-481
1,294
0
-7,386
8,750
3,786
-1,486
1,107
Change
from
Previous
Period
37.14%
37.37%
37.35%
38.73%
0.00%
0.00%
0.00%
0.00%
0.00%
32.78%
34.47%
17.91%
20.23%
17.91%
22.19%
27.68%
27.01%
27.01%
17.99%
46.51%
43.92%
40.39%
40.74%
41.20%
37.38%
31.34%
31.26%
30.56%
25.60%
18.51%
16.87%
15.03%
14.73%
14.57%
47.05%
48.37%
52.25%
52.80%
57.07%
Percent
Anchor Space
$17.73
$16.85
$15.95
$15.66
$21.33
$21.23
$20.78
$21.53
$21.53
$17.23
$17.10
$15.64
$15.63
$15.59
$17.59
$13.93
$14.01
$13.97
$13.43
$14.63
$13.59
$14.27
$14.13
$14.87
$12.30
$11.16
$10.64
$11.03
$10.36
$13.54
$14.71
$14.76
$14.49
$14.71
$22.64
$23.03
$21.08
$20.13
$20.94
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
$100.20
$99.45
$79.47
$97.87
$46.81
$44.08
$39.92
$35.27
retail Trends
Platinum Sponsor
R E T A I L Trends
Geographic Area
Area 1
(South of I-10 &
West of Airline)
Table 5
table 5
Shopping Centers by Geographic Area and Type

(Excluding Lifestyle Centers)
Property
Type
12
Number of
Responding
Centers
61%
39%
Percent of
Total
Responding
(In Area)
750,070
2,397,455
Total Surveyed
Leasable Space
24%
76%
Percent of
Total
Responding
(In Area)
31,052
64,048
Total
Vacant Space
33%
67%
Percent of
Total
Responding
(In Area)
3.02%
4.14%
2.67%
Vacancy
Rate
101,533
39,477
199,788
Average
Center
Size
47.05%
0.00%
61.77%
Percent
Anchor Space
$22.64
$25.10
$20.72
Non-Anchor
Collections
(Rent + Reimb.)
in $/SF
SHOPPING CENTERS BY Geographic area and type
Anchored
19
14.51%
19.20%
9.12%
106,708
59,480
83,497
44,717
0.00%
25.60%
43.32%
16.87%
31.56%
0.00%
$16.41
$11.57
$14.87
$11.87
$10.36
$8.53
$14.71
$16.26
$13.49
95,100
31
17.57%
36,929
60,189
50.66%
0.00%
41.20%
$10.88
$18.47
$17.59
3,147,525
Total
Unanchored
65%
13.92%
16.08%
133,823
28,806
79,621
71.11%
0.00%
22.19%
$14.95
$18.41
$17.23
71%
29%
75,000
35%
8.59%
12.64%
9.34%
45,000
19,837
24,031
58.84%
0.00%
32.78%
$17.02
$17.25
$17.73
128,270
53,042
59%
41,112
116,112
75%
25%
0.00%
14.16%
9.74%
112,849
24,467
43,406
53.12%
0.00%
37.14%
181,312
426,830
41%
172,333
58,270
230,603
0%
100%
2.33%
6.74%
4.28%
136,817
34,197
71,912
53%
47%
33%
295,434
722,264
81%
19%
0
14,049
14,049
30%
70%
7.61%
8.74%
7.95%
667,975
581,321
4
67%
2,007,339
460,903
2,468,242
31%
69%
7,900
18,132
26,032
67%
33%
1,249,296
Anchored
8
12
48%
52%
45,000
99,186
144,186
56%
44%
447,551
221,057
668,608
38%
62%
Unanchored
Total
15
16
31
17%
83%
338,547
269,136
607,683
69%
30%
8
13
Area 3
(North of Choctaw
& North/East of
Airline)
Anchored
Unanchored
Total
1
5
6
21%
79%
5,833,146
2,530,581
8,413,727
21
Area 4
(South of Choctaw
& East of Airline)
Anchored
Unanchored
Total
3
11
14
37%
63%
Total
Area 5
(Zachary)
Anchored
Unanchored
Total
43
74
117
Anchored
Unanchored
Area 6
(Ascension Parish)
Anchored
Unanchored
Total
Area 2
(North of I-10 &
South/West of
Airline)
Total
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
$79.96
$53.35
65
RESIDENTIAL Trends
20
15
the preserve at harveston

Platinum Sponsor
2015 RESIDENTIAL TRENDS COMMITTEE

RICHARD HAASE
President
Latter & Blum, Inc.
Trends Speaker
EXECUTIVE SUMMARY
Residential markets continued their year over year gains although the pace of that growth,
inclusive of all Greater Baton Rouge areas, slowed during 2014. This is completely in line
with expectations for a market this size and after several years of double digit growth.
The Residential Real Estate markets are easiest to understand when looked at through
the lens of Supply and Demand and the forces affecting both.
Supply - Available Inventory

Keeping in mind that available inventory levels (supply) are essentially a snapshot of
the number and quality of properties available in the market on a given date. A good
many variables can impact the year over year comparisons and we would like to convey a
sense of continued reduction in available residential properties for sale. This reduction of
currently available housing is NOT due to fewer properties coming to market, but rather,
it is due to a faster absorption of that inventory than was the case in previous years.
During the period between March 1st 2013 - February 28th 2014, property sellers listed
for sale $3,292,957,000 in residential properties. During the same period one year later,
March 1st 2014 - February 28th, 2015, property sellers listed for sale $3,356,378,000 or
what amounts to a 2% increase in properties brought to market.
As of the date of drafting this workbook, however, currently available property inventories
are down 22% from 4,260 to an 11 year low of 3,323. A casual snapshot observation
might lead someone to think that less property is coming to the market for sale, when
the opposite is actually true. Total current available inventory today decreased by 22%
when compared to the same moment in time in the previous year, and that coupled with
a decline in the previous two years gives one a sense of a real shortage. Keep in mind
that variables like poor weather, when holidays fall on the calendar, artificial stimulants
such as governmental tax incentive to buy etc., can all play into the seasonality of this
inventory coming to market.
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RESIDENTIAL Trends
THE PRESERVE AT HARVESTON

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The perception of scarcity of inventory is being brought on by a very brisk demand and
shorter average time on market. Our Agents are experiencing multiple offers on newly
listed properties at a rate much higher than in previous years. Of course, this competitive
purchasing situation is stronger in some markets than others, but overall it has increased
substantially. Some of our busiest Agents are seeing multiple offers on as much as 30% of
their listed properties and likewise on properties for which they are negotiating on behalf
of their buyer clients.
Market Note
While not all areas can be defined this way, an increasing number of communities and
price ranges are being labeled as being in a Sellers Market. A Sellers Market is usually
defined as any market which holds under three months of available housing inventory.
Conversely a Buyers Market is a market which holds over six months of available housing
inventory. A market which holds between three and six months of available housing
inventory is a market in equilibrium in which supply and demand are in balance.
Demand - 2014 Sales Volume

After increasing over 19% during 2013, total sales volume for the Greater Baton Rouge
Multiple Listing area increased once again by 6.9% during 2014. While the 6.9% increase
over 2013 volumes, represents a 63% drop in the rate of sales volume growth from
2013, Greater Baton Rouge sales volume is still growing and we see this slight softening
to a more sustainable rate of growth as a continued return to normalcy. The 2014 sales
volume performance marks the fourth straight year of increasing sales volume following
four years of decline from 2007 through 2010.
Other more structural issues may be impacting overall demand in the market as well.
Among the other issues we are tracking; overall housing affordability, costs and availability
of financing/credit, consumer confidence particularly in the jobs market, and the value
stability of residential housing. First, on the issue of overall housing affordability, housing
affordability remains at near record highs. The median income in the United States is
currently almost two times the income necessary to qualify for the median priced home
mortgage. This dynamic is at or near record levels.
Next, over the past approximately eight years home buyers have been the beneficiary of
extremely low interest rates. Millions have bought or refinanced at historic low interest
rate levels. Should the interest rates rise, and most believe with the Federal Reserve bond
buying program coming to an end that they will rise, there will have been put into the
market a systemic drag on the move up market. The move up market consists of current
home owners who wish to sell their property and buy their next. If the interest rate
differential increases due to rising rates the costs to move up will be prohibitive and slow
the market dramatically.
68
R E S I D E N T I A L Trends
Price Appreciation
Greater Baton Rouge average sales price finished 2014 at a ten year (and perhaps all time) high
of $213,310. This average sale price represents an increase of 7.01%, the strongest average sales
price increase in eight years, excluding the anomalistic post Katrina period. The average sales
price increased from $199,343 to $213,310. Although a good indicator of the overall economy,
the increase is slightly higher than healthy market range. Healthy to Real Estate practitioners
means that the rate of appreciation is enough to assure that a new purchase/owner of Real
Estate will achieve a three to five percent year over year increase
in property value. Should a purchaser of residential Real Estate
sell the property within three to five years after purchase, they
will likely be able to do so at a financial breakeven after expenses.
Healthy to Real
In addition, this level of appreciation typically will not price
Estate practitioners
buyers out of a given market area or lessen demand.
means that the rate
of appreciation is
enough to assure
that a purchaser/
owner of Real Estate
will achieve a three
to five percent year
over year increase in
property value
Market Overview
The data includes all sales reported to the Greater Baton Rouge
Multiple Listing Service which includes East Baton Rouge, West
Baton Rouge, Livingston, Ascension, Iberville, Pointe Coupee, East
Feliciana and West Feliciana Parishes. Last year there were over
$1.89 billion sales reported to the Greater Baton Rouge Multiple
Listing Service by a membership of over 2,600 agents. This study
applies to market data analyzed from March, 2004 to February,
2015. All data, was analyzed on a 12-month basis. When the year
2014 is referenced below, it means March, 2014 - February, 2015.
An analysis of data taken from the Greater Baton Rouge Multiple Listing Service from 2013 to
2015 indicated that from March of 2014 to February of 2015, there were a total of 8,859 sales.
This was essentially flat from previous year of 8,870 year. Although this number represents the
highest number of sales in a seven year period it remains down from the post Katrina high of
11,826 sales in 2005. Total sales volume rose to about $1.889 billion from about $1.768 billion
the previous year. This represents a decline of -.012% total sales units, and a rise of 6.87% in the
total sales volume. Average list prices rose from $205,164 in 2013 to $212,764 in 2014. Average
sale price rose from $199,343 in 2013 to $213,310 in 2014. The increase in sale price represents
7.01%. The average days on market (DOM) fell from 86 in 2013 to 83 in 2014, or a 3.49% reduction.
The months of inventory decreased from 5.76 in 2013 to 4.50 in 2014, representing a 21.88%
decrease. In summary, the entire market experienced an increase in volume attributable almost
solely to an increase in prices.
69
RESIDENTIAL Trends
months of inventory decreased from 5.76 in 2013 to 4.50 in 2014, representing a 21.88% decrease.
7.01%. The average days on market (DOM) fell from 86 in 2013 to 83 in 2014, or 3.49%. The
In summary, the entire market experienced an increase in volume attributable almost solely to an
months of inventory decreased from 5.76 in 2013 to 4.50 in 2014, representing a 21.88% decrease.
increase in prices.
In summary, the entire market experienced an increase in volume attributable almost solely to an
THE
PRESERVE AT HARVESTON
increase in prices.
Platinum Sponsor
15 Month Market Synopsis - Month by Month
Date
12/13 1/14 2/14 3/14 4/14 5/14 6/14 7/14 8/14 9/14 10/14 11/14 12/14 1/15
15 Month Market Synopsis - Month by Month
For Sale
Date
New
Listing
For
Sale
Sold
New
Listing
Pended
Sold of
Months
Inventory
Pended
(Closed
Months
Sales)of
Inventory
Months
(Closedof
Inventory
Sales)
(Pended
Months
Sales)of
Inventory
Absorption
(Pended
Rate
Sales)
(Closed
Absorption
Sales) %
Rate
Absorption
(Closed
Rate%
Sales)
(Pended
Absorption
Sales) %
Rate
Avg.
(Pended
Active
Sales) %
Price
Avg.
Avg.
Sold
Active
Price
Price
Avg.Sold
Sq.
Avg.
Ft.
Price
Price
Sold/List
Avg. Sq.
Diff.
%
Ft.
Price
Days on
Sold/List
Market
Diff.
%
Median
Days on
Market
Median
3882 3753 3756 3695 3777 3823 3944 3888 3948 3912
12/13 1/14 2/14 3/14 4/14

673 995 1007 1134 1289
3882 3753 3756 3695 3777
656 531 612 667 820
673 995 1007 1134 1289
513 690 694 873 925
5/14
1265
3823
934
1265
968
6/14
1358
3944
914
1358
963
7/14
1276
3888
885
1276
867
3848
3730
2/15
3557 3465
3461
8/14 9/14 10/14 11/14 12/14 1/15

1129 926
1050
822
725 1041
3948 3912
3848
3730
3557 3465
870 761
693
625
707 523
1129 926
1050
822
725 1041
766 720
716
625
580 750
2/15
967
3461
617
967
823
656
531
612
667
820
934
914
885
870
761
693
625
707
523
617
513
5.9
690
7.1
694
6.1
873
5.5
925
4.6
968
4.1
963
4.3
867
4.4
766
4.5
720
5.1
716
5.6
625
6
580
5
750
6.6
823
5.6
5.9
7.1
6.1
5.5
4.6
4.1
4.3
4.4
4.5
5.1
5.6
6.6
5.6
7.6
5.4
5.4
4.2
4.1
3.9
4.1
4.5
5.2
5.4
5.4
6.1
4.6
4.2
7.6
5.4
5.4
4.2
4.1
3.9
4.1
4.5
5.2
5.4
5.4
6.1
4.6
4.2
16.9
14.1
16.3
18.1
21.7
24.4
23.2
22.8
22
19.5
18
16.8
19.9
15.1
17.8
16.9
14.1
16.3
18.1
21.7
24.4
23.2
22.8
22
19.5
18
16.8
19.9
15.1
17.8
13.2
18.4
18.5
23.6
24.5
25.3
24.4
22.3
19.4
18.4
18.6
16.8
16.3
21.6
23.8
13.2
18.4
18.5
23.6
24.5
25.3
24.4
22.3
19.4
18.4
18.6
16.8
16.3
21.6
23.8
253
258
258
261
264
266
267
271
269
269
262
258
258
263
262
253
204
258
178
258
193
261
206
264
201
266
206
267
208
271
197
269
207
269
199
262
245
258
246
258
205
263
204
262
210
107
204
98
178
104
193
108
206
108
201
110
206
111
208
107
197
110
207
107
199
124
245
129
246
108
205
107
204
109
210
98
107
97
98
97
104
97
108
97
108
98
110
98
111
98
107
98
110
97
107
98
124
98
129
97
108
97
107
97
109
77
98
84
97
93
97
92
97
90
97
83
98
79
98
79
98
75
98
80
97
76
98
78
98
87
97
90
97
83
97
180
77
168
84
165
93
179
92
173
90
177
83
186
79
182
79
180
75
178
80
183
76
185
78
179
87
177
90
189
83
180
168
165
179
173
177
186
182
180
178
183
185
179
177
189
Current Picture Residential Unit Sales - All Baton Rouge, All Residential Properties
Current Time Period Reviews
Current Picture Residential Unit Sales - All Baton Rouge, All Residential Properties
Current
Month
Last
Month
Current
Month
Current Time Period Reviews

2/2015
For Sale Current
3461
Month
Sold
617
Pended
Same
Month
1 year
ago
1/2015 % Change 2/2015 2/2014

3465
Last
Month
523
-0.1%
18%
3461
Current
Month
617
Same
3756
Month
1 year
612
ago
823
750
9.7%
823
694
2/2015 1/2015 % Change 2/2015 2/2014
For Sale
3461
3465
-0.1%
3461
3756
Sold
617
Pended
823
523
18%
617
750
9.7%
823
Current
90 Day
Period
90 Day
Period
1 year
ago
12/2014 12/2013
to
to
%
% Change 2/2015
2/2014
Change
Current
90 Day
90 Day
Period
-7.9%
3494
3797
-8%
Period
1 year
ago
0.8%
616 12/2013
600
2.7%
12/2014
to 718
to 632 13.6%
%
18.6%
% Change 2/2015
2/2014
Change
-7.9%
3494
3797
-8%
612
0.8%
616
600
2.7%
694
18.6%
718
632 13.6%
The grid that follows demonstrates changes from 2004 to 2015.
70
The grid that follows demonstrates changes from 2004 to 2015.
Changes from 2004 - 2015
Total
Number % Change
of Sales
Year
Total Sales $
Volume
% Change
$1,290,699,582
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
Mar-04 -
Feb-05
8,829
Mar-05 -
Feb-06
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%
Mar-06 -
Feb-07
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%
Mar-07 -
Feb-08
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%
Mar-08 -
Feb-09
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%
Mar-09 -
Feb-10
6,878
-3.03%
$1,313,225,284
-8.21%
$196,876
-5.09%
$190,931
-5.34%
94
4,275 -13.25%
Mar-10 -
Feb-11
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%
Mar-11 -
Feb-12
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%
Mar-12 -
Feb-13
7,693
14.11%
$1,483,695,016
15.55%
$198,997
1.02%
$192,862
1.27%
123
18.27%
4,397
-8.57%
6.85 -19.88%
Mar-13 -
Feb-14
8,870
15.30%
$1,768,174,544
19.17%
$205,164
3.10%
$199,343
3.36%
86 -30.08%
4,260
-3.12%
5.76 -15.91%
Mar-14 -
Feb-15
8,859
-0.12%
6.87%
$212,764
3.70%
7.01%
83
-22.00%
4.50 -21.88%
$1,889,718,973
$149,288
$146,188
$213,310
84
3,770
-1.05%
-3.49%
3,323
5.12
4.12 -19.53%
4.09
-0.73%
7.45 -10.56%
Total MLS
71
RESIDENTIAL Trends

Platinum Sponsor
MAJOR MARKET SEGMENTS:
The Greater Baton Rouge market continues to be dominated by three parishes: East
Baton Rouge, Livingston, and Ascension. This year, over 91% of the sales reported to MLS
took place in these three parishes. Each market segment was analyzed separately.
East Baton Rouge

East Baton Rouge Parish continues to lead the way in setting the trend for all of Greater
Baton Rouge. The total number of sales units rose by only .46% this year to 4,819. During
2013 sales units rose 12.5% to 4,797. There were 4,264 sales in 2012 which represented a
year over year increase of 16.98%. So, as it was within the whole of Greater Baton Rouge,
we saw another increase in East Baton Rouge, albeit
reflecting a slowing of the overall growth rate.
Heres what all

of this means,
approximately
95% of the sales
volume increase was
attributable to the
increase in average
sales price and only
Interestingly, even though unit sales only increased

about a half percent (22 Sales) as was mentioned in
the paragraph above, closed sales volume during 2014
increased by 9.44% to $1,098,078,6563. Heres what all
of this means, approximately 95% of the sales volume
increase was attributable to the increase in average
sales price and only 5% was due to more closed sales
units. Average sale prices rose from $209,173 in 2013 to
$227,864 in 2014, representing a very strong one year
increase of 8.94%.
5% was due to more
List prices rose by 3.49%, from $216,018 in 2013 to

$223,563 in 2014. A relatively rare occurrence also exists
closed sales units.
in the data as average price of a listed property is slightly
below that of the average sold price. This indicates that
the market in East Baton Rouge is experiencing strong upper end sales and bidding
commotion for prime properties. The pace of the market quickened but only slightly over
last year with days on the market lowering by three days from 87 to 84 at the time of
drafting this document. Nothing notable exists about the average days on market except
to say that it fits well within normal market parameters and is the shortest time on market
of the three sub-areas we are looking at in this report.
Current available inventory the snapshot of the market shows that inventory decreased
from 2,371 in 2014 to 1,897 in 2015, representing a decrease of 19.9%.
The grid on page 74 reflects market data for East Baton Rouge Parish from March of 2004
to February of 2015.
72
WINTER 2015
PROJECTED COMPLETION
Ri
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EAST BATON ROUGE
Year
Total
Number % Change
of Sales
Total Sales $
Volume
% Change
$817,363,785
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
Mar-04 - Feb-05
5,498
1,987
4.33
Mar-05 - Feb-06
7,121 29.52%
$1,208,001,107
47.79%
$172,938
13.69%
$169,639
14.11%
70
2,221 11.78%
3.74 -13.63%
Mar-06 - Feb-07
6,404 -10.07%
$1,210,603,571
0.22%
$192,874
11.53%
$189,038
11.44%
62 -11.43%
2,132
4.00
Mar-07 - Feb-08
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%
Mar-08 - Feb-09
4,299 -22.50%
$905,193,107 -18.23%
$216,757
5.98%
$210,558
5.51%
89 27.14%
2,762
7.71 30.46%
Mar-09 - Feb-10
3,928
$775,286,555 -14.35%
$204,409
-5.70%
$197,374
-6.26%
93
4.49%
2,385 -13.65%
7.28
Mar-10 - Feb-11
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%
Mar-11 - Feb-12
3,645
3.73%
$735,068,059
2.43%
$209,336
-1.19%
$201,664
-1.25%
104 22.35%
2,705
4.28%
8.90
Mar-12 - Feb-13
4,264 16.98%
$862,050,249
17.27%
$209,438
0.05%
$202,169
0.25%
97
-6.73%
2,513
-7.10%
7.07 -20.56%
Mar-13 - Feb-14
4,797 12.50%
$1,003,405,592
16.40%
$216,018
3.14%
$209,173
3.46%
87 -10.31%
2,371
-5.65%
5.93 -16.12%
Mar-14 - Feb-15
4,819
$1,098,078,563
9.44%
$223,563
3.49%
$227,864
8.94%
84
1,897 -19.99%
4.72 -20.40%
-8.63%
0.46%
$152,113
$148,665
77
-9.09%
-3.45%
-4.01%
1.14%
6.95%
-5.58%
East Baton Rouge
Ascension
Ascension Parish experienced a slight decline in year over year unit sales from 1,734 to 1,719,
or -.9%, but average sales price increase shored up the volume which achieved and increase
from $367,675,371 to $374,070,454. The sales volume increased by 1.74% despite of the unit
count decrease. Statistically this is a flat number and not
concerning as a trend. List and sale prices also increased by
Sales in Ascension
approximately 2.5%. Days on market decreased by 11.27%
Parish remain
in 2013 to 63, from 71 the year before. Currently available
significantly higher
inventory fell by 15.68% from 542 homes available for sale
than pre-Katrina
in 2014 to 457 in 2015. This days on the market number
is likely skewed by the reporting processes around new
sales activity in units
construction Days on Market reporting.
and sales volume.
Except for one year

post Katrina Average
sales price has never
been higher at
$217,609.00.
RESIDENTIAL Trends
74
Sales in Ascension Parish remain significantly higher than

pre-Katrina sales activity in units and sales volume. Except
for one year post Katrina Average sales price has never been
higher at $217,609.00.
The grid on page 76 reflects market data for Ascension
Parish from March of 2004 to February of 2015.
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ascension
Year
Total
Number % Change
of Sales
Total Sales $
Volume
% Change
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
Mar-04 - Feb-05
1,478
$243,736,913
93
760
Mar-05 - Feb-06
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%
Mar-06 - Feb-07
2,017
$433,309,000
6.54%
$216,927
14.93%
$214,828
14.78%
64 -22.89%
646
-9.65%
3.84
Mar-07 - Feb-08
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%
Mar-08 - Feb-09
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%
Mar-09 - Feb-10
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%
Mar-10 - Feb-11
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%
Mar-11 - Feb-12
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%
Mar-12 - Feb-13
1,453
8.27%
$291,753,619
8.75%
$204,748
0.07%
$200,793
0.45%
95
-3.06%
616 -18.52%
5.08 -24.85%
Mar-13 - Feb-14
1,734 19.34%
$367,675,371
26.02%
$215,364
5.18%
$212,038
5.60%
71 -25.26%
542 -12.01%
3.75 -26.18%
Mar-14 - Feb-15
1,719
$374,070,454
1.74%
$220,664
2.46%
$217,609
2.63%
63 -11.27%
457 -15.68%
3.19 -14.93%
-7.18%
-0.87%
$166,564
$164,909
6.17
Livingston
Ascension
Of the three sub-areas in this report, Livingston Parish has the lowest average sales price and
therefore the most affordable housing market. The average sale price in Livingston Parish
in 2013 was $169,758, as compared to the average sale price in East Baton Rouge Parish of
$227,864, and Ascension Parish of $217,609.
This year Livingston Parish booked its 4th straight year of increased sales units and 3rd
straight year of increased sales volume. In fact, Livingston Parish, probably driven by its
general greater affordability, experienced the highest unit sales increase in our study. During
2014 Livingston Parish saw a 10.99% increase in sales units bringing its two year increase to
over 30% greater activity. With 1,677 sales units closing during the year Livingston Parish
surpassed all but 2005 and 2006, again, post Katrina markets.
The average days on market was virtually unchanged at 88 days. Currently available inventory
dropped a substantial 21.79% to 548, the lowest we have seen in 8 years at this time of the
year.
Livingston Parish, being arguably some of the most affordable priced housing in the Greater
Baton Rouge, appears to be in a good market position. Experts agree that there is pent up
demand for first time buyer housing. This demand as well as a slight relaxing of Fannie-Mae
underwriting guidelines and reductions in Mortgage Insurance Premiums costs, adds to a
strong Livingston Parish Sales environment. We are paying close attentions to any tightening
of credit or financing standards from Fannie-Mae or interruptions of Rural Development
financing. Rural Development Loans are a type of financing offered through the United
RESIDENTIAL Trends
76
-2.78%
States Department Agriculture. They offer no money down, low 30 year fixed interest rates which
are government guaranteed and allow for relaxed credit standards. This type of financing, makes
up an inordinate amount of how properties are financed in Livingston Parish (and other parishes as
well) so any interruptions in availability would be very disruptive to the Market in Livingston Parish.
The grid below reflects market data for Livingston Parish from March of 2004 to February of 2015.
livingston
Total
Number % Change
of Sales
Year
Total Sales $
Volume
% Change
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
Mar-04 - Feb-05
1,346
$165,382,884
Mar-05 - Feb-06
1,826 35.66%
$254,330,556
53.78%
$141,432
13.51%
$139,282
13.36%
88
Mar-06 - Feb-07
1,624 -11.06%
$261,130,630
2.67%
$163,292
15.46%
$160,794
15.44%
Mar-07 - Feb-08
1,542
$253,910,318
-2.77%
$167,582
2.63%
$164,662
2.41%
Mar-08 - Feb-09
1,134 -26.46%
$188,309,494 -25.84%
$170,020
1.45%
$166,057
0.85%
Mar-09 - Feb-10
1,241
$200,250,427
6.34%
$164,612
-3.18%
$161,362
Mar-10 - Feb-11
1,092 -12.01%
$174,313,810 -12.95%
$163,339
-0.77%
Mar-11 - Feb-12
1,141
4.49%
$172,614,557
-0.97%
$155,868
Mar-12 - Feb-13
1,253
9.82%
$193,015,398
11.82%
Mar-13 - Feb-14
1,511 20.59%
$248,144,508
Mar-14 - Feb-15
1,677 10.99%
$284,684,211
Livingston
-5.05%
9.44%
$124,601
$122,869
87
648
1.15%
5.86%
4.51 -21.97%
67 -23.86%
509 -25.80%
3.77 -16.41%
68
834 63.85%
6.51 72.68%
106 55.88%
820
-1.68%
8.72 33.95%
-2.83%
89 -16.04%
770
-6.10%
7.44 -14.68%
$159,628
-1.07%
100 12.36%
879 14.16%
9.65 29.70%
-4.57%
$151,283
-5.23%
102
2.00%
824
-6.26%
8.66 -10.26%
$157,925
1.32%
$154,042
1.82%
100
-1.96%
737 -10.56%
7.05 -18.59%
28.56%
$168,465
6.67%
$164,225
6.61%
89 -11.00%
748
1.49%
5.94 -15.74%
14.73%
$173,483
2.98%
$169,758
3.37%
88
585 -21.79%
4.18 -29.63%
1.49%
-1.12%
686
5.78
NEW HOME SALES

New home sales posted another strong year in the Greater Baton Rouge market. We will follow the
previous years price segmentation as those price categories remain the story in the market. This
report subdivides the New Homes market 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 above $225,000 in price
showed the greatest increases.
NEW HOME SALES - $100,000 - $225,000

Greater Baton Rouge MLS
The lower price range or starter new home market showed a decrease of 7.57% in volume and price
from 2013 to 2014. There were 1,161 sales that took place from $100,000 to $225,000 in 2013. In
2014, that number had dropped to 1,053, or down about -9.301%. The decrease of 108 units was
not alarming and is most likely due to competing properties in higher price ranges becoming more
attractive. When the health of the economy increases more people can simply afford to decide for
higher priced housing. Also of note, in this price range, buyers are only paying approximately a
7% premium to buy the average priced new home, than to buy the average priced resale home (in
Livingston Parish). This low cost differential between new and used homes undoubtedly makes for a
77
RESIDENTIAL Trends

strong entry level new construction housing market. List prices and sale prices were mostly
flat within this price range both increasing at 1.95% and 2.56%, respectively.
The average days on market showed an increase from 91 days on market the year before
to 99 days in 2014. Current inventory decreased to 243 from 386, or about 37.05% as of the
drafting of this document. Months of inventory fell to 2.77 from 3.98 or about 30.40%.
A grid representing changes from March of 2004 to February of 2015 in the $100,000 to
$225,000 price range follows:
NEW HOME SALES - $100,000 - $225,000 - GREATER BATON ROUGE

Year
Total
Number % Change
of Sales
Total Sales $
Volume
% Change
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
Mar-04 - Feb-05
1,567
$241,321,829
Mar-05 - Feb-06
2,219 41.61%
$359,290,086
48.88%
$161,581
5.04%
$161,915
5.14%
103
6.19%
Mar-06 - Feb-07
2,060
$351,065,021
-2.29%
$170,480
5.51%
$170,419
5.25%
94
-8.74%
Mar-07 - Feb-08
1,410 -31.55%
$244,929,451 -30.23%
$174,118
2.13%
$173,708
1.93%
99
5.32%
1026 20.85%
8.73 76.72%
Mar-08 - Feb-09
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%
Mar-09 - Feb-10
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%
Mar-10 - Feb-11
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%
Mar-11 - Feb-12
1,076
-3.06%
$184,493,569
-0.58%
$172,350
2.81%
$171,462
2.56%
110 20.88%
539
6.01
-5.06%
Mar-12 - Feb-13
1,068
-0.74%
$186,287,439
0.97%
$174,742
1.39%
$174,426
1.73%
110
0.00%
434 -19.48%
4.87 -18.97%
Mar-13 - Feb-14
1,161
8.71%
$207,323,965
11.29%
$177,910
1.81%
$177,435
1.73%
91 -17.27%
386 -11.06%
3.98 -18.28%
Mar-14 - Feb-15
1,053
-9.30%
$191,623,661
-7.57%
$181,378
1.95%
$181,978
2.56%
99
243 -37.05%
2.77 -30.40%
-7.17%
$153,828
$154,002
97
724
8.79%
5.54
872 20.44%
4.71 -14.98%
849
4.94
-2.64%
-8.02%
New Home Sales $100,000 - $225,000 (Greater Baton Rouge)
New Home Sales - $225,000 to $300,000

Once again new homes, in the mid-price range, in the greater Baton Rouge MLS area rose
over last year in both unit sales and volume. In this category, 100% of the volume increase
came due to unit sales increasing and not an average sale price increase within the range.
In 2013, there were 378 sales in this price range and that number rose in 2014 to 444,
representing a rise of 17.46% in units. Dollar volume rose 17.24%, slightly less than units as
the average price dropped by just over half of one percent. As was the case last year, prices
in this category were stable, decreasing less than half of one percent. Available inventory
rose 11.11% as builders moved to supply the market demand in this price range. In 2014,
there were 144 homes available for sale and in 2015, at the time of this drafting, there were
160 homes available. It appears that although sales volume increased, sales prices are
holding and the inventory is relatively stable as reported by MLS.
78
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RESIDENTIAL Trends

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During 2013 and 2012, we saw that new homes ranging in price from $225,000 to $300,000
increased in total sales volume by 33.03%, and 24.22% respectively. During 2014 that number
increased again by another 17.24%. This is a very active and growing price point within the
new homes market segment with over 1,100 homes sold over the 36 month period.
A grid representing changes from March of 2004 to February of 2015 in the $225,000 to
$300,000 price range follows:
New Home Sales - $225,000 to $300,000 - GREATER BATON ROUGE

Total
Number % Change
of Sales
Year
Total Sales $
Volume
% Change
$85,773,558
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
Mar-04 - Feb-05
332
$258,213
$258,354
132
173
Mar-05 - Feb-06
456 37.35%
$118,067,991
37.65%
$258,816
0.23%
$258,921
0.22%
107 -18.94%
187
Mar-06 - Feb-07
616 35.09%
$157,614,821
33.49%
$255,518
-1.27%
$255,868
-1.18%
Mar-07 - Feb-08
555
$142,818,326
-9.39%
$259,950
1.73%
$257,330
Mar-08 - Feb-09
365 -34.23%
$94,158,944 -34.07%
$260,610
0.25%
Mar-09 - Feb-10
348
$89,520,779
-4.93%
$257,243
Mar-10 - Feb-11
215 -38.22%
$55,594,769 -37.90%
Mar-11 - Feb-12
231
7.44%
$58,698,672
Mar-12 - Feb-13
284 22.94%
Mar-13 - Feb-14
Mar-14 - Feb-15
6.25
8.09%
4.92 -21.28%
85 -20.56%
298 59.36%
5.80 17.89%
0.57%
128 50.59%
430 44.30%
9.29 60.17%
$257,969
0.25%
161 25.78%
414
-3.72%
13.61 46.50%
-1.29%
$254,672
-1.28%
151
-6.21%
226 -45.41%
7.79 -42.76%
$260,660
1.33%
$258,580
1.53%
133 -11.92%
145 -35.84%
8.09
5.58%
$254,684
-2.29%
$254,106
-1.73%
138
3.76%
129 -11.03%
6.70 -17.18%
$72,917,701
24.22%
$257,746
1.20%
$256,752
1.04%
126
-8.70%
147 13.95%
6.21
378 33.10%
$97,002,350
33.03%
$256,823
-0.36%
$254,663
-0.81%
144
4.57 -26.41%
444 17.46%
$113,725,081
17.24%
$255,685
-0.44%
$256,137
0.58%
-9.90%
-4.66%
103 -18.25%
99
-3.88%
-2.04%
160 11.11%
New Home Sales - $300,000 to $400,000

The $300,000 to $400,000 price range category, in unit sales and sales volume, shows the
greatest percentage increase year over year. During 2014, the total number of sales in this
price range increased by 24.82%, from 137 to 171, while the total sales volume increased from
46,813,287 to $59,423,453 or 26.94%.
This is the highest closed sales volume in this price category in seven years. We suspect
that the overall strong economy continues to bolster the move up market and benefits this
price category significantly. Average sale prices are stable with 1.7% change in this category.
Inventory increased by 12.16%. Months of inventory declined to 5.82 months of inventory a
decrease of by nearly 10.19%.
A grid on page 81 representing changes from March of 2004 to February of 2015 in the
$300,000 to $400,000 price range follows:
80
4.32
3.85%
-7.31%
-5.47%
New Home Sales - $300,000 to $400,000 - GREATER BATON ROUGE
Total
Number % Change
of Sales
Year
Mar-04 - Feb-05
94
Total Sales $
Volume
% Change
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
$32,073,968
$339,783
$341,212
$69,223,193 115.82%
$338,348
-0.42%
$337,674
-1.04%
56.19%
$342,077
1.10%
$342,149
Mar-05 - Feb-06
205 118.09%
Mar-06 - Feb-07
316 54.15%
Mar-07 - Feb-08
252 -20.25%
$86,132,747 -20.34%
$344,073
0.58%
Mar-08 - Feb-09
158 -37.30%
$54,802,832 -36.37%
$351,115
Mar-09 - Feb-10
90 -43.04%
$30,763,182 -43.87%
Mar-10 - Feb-11
64 -28.89%
$21,978,309 -28.56%
$108,119,310
117
120
57
7.27
2.56%
127 122.81%
7.43
2.20%
1.33%
108 -10.00%
184 44.88%
6.98
-6.06%
$341,796
-0.10%
147 36.11%
248 34.78%
11.80 69.05%
2.05%
$346,853
1.48%
175 19.05%
181 -27.02%
13.74 16.44%
$349,730
-0.39%
$341,813
-1.45%
141 -19.43%
122 -32.60%
16.26 18.34%
$349,572
-0.05%
$343,411
0.47%
155
9.93%
79 -35.25%
14.81
134 -13.55%
76
-3.80%
12.49 -15.67%
136
1.49%
71
-6.58%
8.52 -31.79%
74
4.23%
6.48 -23.94%
83 12.16%
5.82 -10.19%
Mar-11 - Feb-12
73 14.06%
$24,683,359
12.31%
$340,678
-2.54%
$338,128
-1.54%
Mar-12 - Feb-13
100 36.99%
$34,145,394
38.33%
$343,029
0.69%
$341,453
0.98%
Mar-13 - Feb-14
137 37.00%
$46,813,287
37.10%
$341,967
-0.31%
$341,702
0.07%
94 -30.88%
Mar-14 - Feb-15
171 24.82%
$59,423,453
26.94%
$347,784
1.70%
$347,505
1.70%
108 14.89%
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81
RESIDENTIAL Trends

Platinum Sponsor
New Home Sales - $400,000 and Above
The highest price category in this study consists of those homes $400,000 and above. This
category experienced its third consecutive year increase in unit sales and sales volume. Unit
Sales increased 22.99% from 87 units closed in 2013 to 107 closed in 2014. Sales Volume
benefited from increased unit sales and an increase of average sales price. Sales Volume
increased from $46,029,649 in 2013 to $54,989,877 in 2014. Average sale price in the category
of over $400,000 properties increased from $489,900 to $513,924.
The average days on market dropped slightly in 2014 to 107 from 130, while current inventory
increased from 64 to 71 year over year. Months of inventory fell from 8.82 to 7.96 which means
properties in this category sold 10% faster than previous year.
A grid representing changes from March of 2004 to February of 2015 in the $400,000 and
above price range follows:
New Home Sales - $400,00 and above - GREATER BATON ROUGE

Total
Number % Change
of Sales
Year
Mar-04 - Feb-05
53
Total Sales $
Volume
% Change
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
$28,887,317
$542,385
$545,043
138
55
12.45
Mar-05 - Feb-06
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%
Mar-06 - Feb-07
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%
Mar-07 - Feb-08
156 31.09%
$92,870,730
31.24%
$597,691
0.31%
$595,325
0.11%
149 21.14%
286 107.25%
22.00 58.16%
Mar-08 - Feb-09
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%
Mar-09 - Feb-10
80 -62.44%
$46,446,627 -62.47%
$617,938
4.72%
$580,582
-0.08%
222 30.59%
184 -29.23%
27.60 88.52%
Mar-10 - Feb-11
48 -40.00%
$30,261,118 -34.85%
$654,063
5.85%
$630,439
8.59%
-2.25%
91 -50.54%
22.75 -17.57%
Mar-11 - Feb-12
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%
Mar-12 - Mar-13
56 24.44%
$31,239,450
12.62%
$568,295 -10.78%
$557,847
-9.50%
141 10.16%
65
4.84%
13.92 -15.79%
Mar-13 - Feb-14
87 55.36%
$46,029,649
47.34%
$532,653
$489,900 -12.18%
130
64
-1.54%
8.82 -36.64%
Mar-14 - Feb-15
-6.27%
107 22.99%
$54,989,877 / 19.47%
$514,814 -3.35% Market
$513,924
4.90%
Condominium
Townhouse
217
-7.80%
107 -17.69%
71 10.94%
7.96
Condominiums/townhouses are defined by the Greater Baton Rouge Multiple Listing

New Home Sales $400,000 & Above (Greater Baton Rouge)
Service as any residential structure with an attached wall. Over the past ten years, sales of
condominium/townhouses have had four years of increasing sales and six years of declining
sales.
We ended the current year analysis posting an increase in condominium/townhouse sales
from 574 units in 2013 to 669 units sold in 2014. This represents a 16.55% increase year over
year. Closed sales volume also went up, but only by 7.33% as the average price paid for a
condominium/townhouse dropped from $153,654 to $141,500 or -7.91%.
It is important to remember that small sample markets (669 unit sales) can be difficult to assess
due to issues like overall product availability within price ranges, competing condominium/
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townhouse projects, sales not reported through MLS, etc., and each condominium/townhouse
community needs to be judge within the local market it serves.
Of interest is the fact that within the past 6 years prices have remained within a 9% range of
high and low. The highest yearly average sales price within the past 6 years came in 2013 at
$153,654, while the lowest average sales price came in 2011 at $140,399. All in all prices have
remained stable after being driven up in the post Katrina market. Finishing the current year
at $141,500 compared to 2005 pre Katrina prices averaged $119,704.
The average days on market decreased from 137 to 119, or a decrease in marketing time
of about 13%. Current inventory decreased by 14.26% in 2014 and the average months of
inventory increased by 7.23% from 12.3 months to 13.2 months. A grid representing changes
from March of 2004 to February of 2015 in the Attached Residential housing market follows:
condominium / townhouse - GREATER BATON ROUGE

Total
Number % Change
of Sales
Year
Mar-04 -
Feb-05
685
Total Sales $
Volume
% Change
$71,343,730
Average List
Average
Average
Current
Months
% Change
% Change
% Change
% Change
% Change
Price
Sales Price
DOM
Inventory
Inventory
$105,657
$104,151
80
407
7.12
Mar-05 -
Feb-06
1,248
82.19%
$149,391,417 109.40%
$121,314
14.82%
$119,704
14.93%
93
16.25%
625
53.56%
Mar-06 -
Feb-07
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
6 -15.73%
25.00%
Mar-07 -
Feb-08
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%
Mar-08 -
Feb-09
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%
Mar-09 -
Feb-10
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%
Mar-10 -
Feb-11
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%
-2.04%
Mar-11 -
Feb-12
487
-3.18%
$68,374,521
-8.90%
$146,888
-5.22%
$140,399
-5.91%
150
41.51%
643
-5.16%
15.84
Mar-12 -
Feb-13
583
19.71%
$87,908,404
28.57%
$157,525
7.24%
$150,786
7.40%
171
14.00%
579
-9.95%
11.91 -24.81%
Mar-13 -
Feb-14
574
-1.54%
$88,197,638
0.33%
$160,134
1.66%
$153,654
1.90%
137 -19.88%
589
1.73%
12.31
3.36%
Mar-14 -
Feb-15
669
16.55%
$94,663,500
7.33%
$189,300
18.21%
$141,500
-7.91%
119 -13.14%
505 -14.26%
13.2
7.23%
CONCLUSIONS
The year over
year
residential
Condominium / Townhouse
(Greater
Baton
Rouge) market appears to have flattened from a unit sales perspective
and as demand has strengthened home sales, prices continue to rise. This increase in Average
Sales Price has lifted overall sales volume by 6.87%. Prices increased during the period by
approximately 7%. Available inventory has declined substantially as the rate of sales quickens
low interest rates and have fueled demand while underwriting and minimum credit score
requirements appear to be easing slightly. Market conditions continue their trek towards a
more normalized supply and demand environment.
There are several issues worth watching at this time. The overall economic challenges with
our national debt and rising interest rate pressure; the Louisiana budget deficits and its
impact on jobs; the energy sector challenges to the drop in oil prices and the slowing of Final
Investment Decisions impact on jobs; and the possibility of tax reform eliminating the Home
Mortgage Interest deductibility and a general wavering of consumer confidence.
84
2010 2011 2012
201
9
200
2015
2014
2006 2007 20
08
TE
N YEARS IN A
RO
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FINANCE Trends
20
15
GULF COAST BANK & TRUST COmpany

Platinum Sponsor
2015 FINANCE TRENDS COMMITTEE

Brian S. Andrews
The Real Estate Research Institute

at LSUs E.J. Ourso College of Business
TRENDS Speaker
Brian Callender
Kenny Hodges
Assurance Financial
TRENDS Panelist
Mike Airhart
Whitney Bank
Capital Area Finance Authority

TRENDS Panelist
James R. Purgerson, Jr. , CCIM
Students
Citizens Bank & Trust
Tommy Kehoe
LSUs E.J. Ourso College of Business

Student Real Estate Association
Eustis Commercial Mortgage
COMMERCIAL REAL ESTATE FINANCE

Getting Back to Record Numbers
The amount of commercial and multifamily mortgage debt outstanding rose to a new record
high in the third quarter [of 2014], said Jamie Woodwell, MBAs Vice President of Commercial
Real Estate Research. The quarter-over-quarter increase was the highest since 2008, and the
rise in multifamily mortgage debt was the highest since 2007. Strong originations are more
than outpacing the low volume of loans maturing this year.
Commercial & Multifamily Mortgage Debt Outstanding

By Investor Group, As of Third Quarter 2014
Source: MBA Commercial/Multifamily Mortgage Debt Outstanding, Third Quarter 2014
Premier Sponsor
86
F I N A N C E Trends
Commercial and Multifamily originations increased from 2013 to 2014, including a 3.4% increase
in Construction & Development lending led mostly by community banks, according to the FDIC.
Conduit industry balances are stabilizing and increasing as new production is outpacing loan runoff, a change from prior years since 2007.
Multifamily lending continues to be the most popular property loan type among the major food
groups. While the Agencies still have the highest share of the outstanding debt pool, Fannie Mae
and Freddie Mac are still under the conservatorship of the Federal Housing Finance Agency and are
subject to caps on total outstandings (there has not been a reduction in the cap since 2013).
87
FINANCE Trends
GULF COAST BANK & TRUST COMPANY

Platinum Sponsor
NEW LOAN ORIGINATION

Bank Lending
CoStar reports that the countrys largest regional banks and mid-sized banks show the
strongest loan growth with a significant pullback by the nations smallest banks. Other
results from CoStar include:
- Bank loan growth rates were especially strong in the construction and development
(C&D) and multifamily categories, while lending in the owner-occupied category, which
makes up many small business loans, remained weak.
- Overall, U.S. banks increased CRE lending by 6.5% from 2013 to 2014, according to
year-end numbers released in the past week by the Federal Deposit Insurance Corp. (FDIC.)
However, the largest banks CRE loan portfolios only grew by 4.1%. Those 36 banks account
for 37% of outstanding CRE loans. Making up a big chunk of the difference were the more
than 72 banks with total assets of from $10 billion to $50 billion. CRE lending among those
banks, mainly large regional firms, grew their CRE loan portfolios by an impressive 16.8%.
88
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Cade Nichols
NMLS# 120522
225.757.4416
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NMLS# 737509
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NMLS# 684760
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225.757.4453
800-223-2060 GULFBANK.COM
FINANCE Trends

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Mid-sized banks with total assets of from $1 billion to $10 billion increased their CRE loan
portfolios by 10.5% in 2014. Meanwhile the nations smallest banks, those with less than $1
billion in assets, decreased CRE lending by about 1%.
- Construction and development lending was the fastest growing category of CRE loans
across banks of all asset sizes. Overall C&D lending increased 13.5% year over year.
- Multifamily lending was the second largest growth category for banks -- up 13.1% overall.
Banks with from $10 billion to $50 billion assets grew their multifamily portfolios 19.7% and
banks with from $1 billion to $10 billion upped their volume 17.5%. The largest banks posted
a 10.5% increase in multifamily loans and the smallest banks, a 1.8% increase.
- Fannie Mae and Freddie Mac were still the top multifamily lenders, but banks gained
ground, according to JLLs Capital Markets. The agencies led the multifamily financing sector
in 2014, notching nearly $55 billion in lending volumes. Bank multifamily volume increased
$35 billion.
- Banks are competitive with CMBS for floating-rate, non-recourse multifamily loans and
typically provide leverage up to 65% or 70%, according to JLL, which said banks are also known
for providing some of the most competitive pricing on transitional loans for construction,
redevelopment and renovation.
- For other non-farm, non-residential, income-producing properties, U.S. bank lending
volume increased 5.6% overall. This is the largest category of CRE lending on bank books
-- ending the year at $669 billion. The nations largest banks posted a 2.4% increase, with the
smallest banks posting a decrease of 1.4%. Regional and mid-sized banks again outpaced
banks on either end, growing 17.5% and 8.8% respectively.
- The nations largest and smallest banks decreased their portfolio of owner-occupied
CRE lending, -1.6% and -3.6% respectively. Regional and mid-sized banks posted gains in this
category of 9.9% and 5% respectively.
Source: Regional and Mid-Sized Banks Outpace Larger Competitors in Growing CRE Loan
Portfolios by Mark Heschmeyer March 2015
Conduit Lending
Commercial Mortgage Backed Securities or CMBS originations in 2014 totaled over $94 billion
in 2014, the best year since 2007 and a 9% increase over 2013. Pricing on average quality,
full leverage deals is in the 4.25% to 4.75% range for the right deal in a qualifying market.
Predictions for 2015 are that originations will increase over 2014 as more lender competition
enters the market and favorable terms, including an initial interest-only period, are offered.
90
Life Insurance Company Lending

Life insurance company lending continues a steady increase from post-crisis lending levels with a
current trend of joint venture participation in deals as well as direct investment.
91
FINANCE Trends

Platinum Sponsor
!
Source: MBA and American Council of Life Insurance Companies
INTEREST RATE INDEX UPDATE

The only accurate interest rate projection has been that rates will move to the right on graphs
and charts. Accuracy in predicting interest rate increases remains elusive and the Federal
Reserve struggles with achieving the goals set by Congress:
The Federal Open Market Committee (FOMC) is firmly committed to fulfilling its statutory
mandate from the Congress of promoting maximum employment, stable prices, and
moderate long-term interest rates.
Source: Minutes of the Federal Open Market Committee - January 27-28, 2015
While the Federal Reserve has discontinued its policy of purchasing long term bonds, it has
maintained its policy of keeping short term federal funds rates low. It has been hinted that
increases in the fed funds rate will be considered later this year which will have the impact of
increasing the Prime Rate.
92
The FOMCs assessment that it can be patient in beginning to normalize policy means that the
Committee considers it unlikely that economic conditions will warrant an increase in the target
range for the federal funds rate for at least the next couple of FOMC meetings.
Federal Reserve Chair Janet Yellen, testimony before the Senate Banking Committee in February 2015
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. The five-year trend is an absolutely flat line for the
period.
Source: Board of Governors of the Federal Reserve System (US), Bank Prime Loan Rate [MPRIME], retrieved from FRED,
Federal Reserve Bank of St.Louis https://research.stlouisfed.org/fred2/series/MPRIME/
BOSS
solutions, llc
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93
FINANCE Trends

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This extended period of zero volatility is extremely rare over a 65-year period and should be
considered a temporary condition nearing the end of its tenure.
Source: Board of Governors of the Federal Reserve System (US), Bank Prime Loan Rate [MPRIME], retrieved from FRED,
Federal Reserve Bank of St.Louis https://research.stlouisfed.org/fred2/series/MPRIME/
Long Term Fixed Rate Index The benchmark 10-Year US Treasury rate ended 2014 at
2.20%, down from 2.99% at the end of 2013. By the end of January 2015 the rate had dipped
to 1.68% before rebounded into the 2.25% range in March 2015.
Source: Board of Governors of the Federal Reserve System (US), 10-Year Treasury Constant Maturity Rate [DGS10], retrieved
from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/DGS10/
94
It is important to view the 10-year UST in a longer context to again see that the current level is
extremely low as compared to a 50-year history.
Source: Board of Governors of the Federal Reserve System (US), 10-Year Treasury Constant Maturity Rate [DGS10], retrieved
from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/DGS10/
Come
home to
Come home to The Co
Come ho
Stop
6500 Corporate Boulevard
6500 Corporate
225
225--231
231--6606
Stop by and see a familiar face!
225
225--231
231--
6500 Corporate Boulevard | 225.231.6606
alleN Harris
sr. Commercial loan officer
VaNessa dodez
Branch manager
dale plauCHe
sr. Vice president
we have helped generations of customers realize their dreams.

We have helped generations
of
We have helped ge
Lobby Hours: MondayFriday 8amcustomers
- 5pm | Drive Thru:
MondayFriday
8am
5pm
realize
their
dreams.
customers realize t
www.cottonportbank.com
www.cottonportbank.com
www.cottonportbank
95
FINANCE Trends

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LENDER PREFERENCE UPDATE
RealtyRates.com 1st Quarter 2015 Investor Survey of permanent lenders shows the following
preferences of property types (as of the fourth quarter of 2014):
RESIDENTIAL REAL ESTATE FINANCE

Freddie Macs 2014 mortgage origination was down significantly from 2013 volume, a trend
that was expected by the industry due to reductions in Refinance Originations. Home Purchase
originations were also down but far less than refinancings and are expected to increase over
the next few years.
96
Conventional Mortgage Rates
Mortgage rates on single family residences have shown volatility over the past five years with current
rates lower than a year ago but higher than two years ago.
Source: Board of Governors of the Federal Reserve System (US), 30-Year Conventional Mortgage Rate [MORTG], retrieved
from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MORTG/
97
FINANCE Trends

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Again, a longer history reveals a different perspective on how low current rates truly are.
Source: Board of Governors of the Federal Reserve System (US), 30-Year Conventional Mortgage Rate [MORTG], retrieved
from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MORTG/
JOIN TODAY!
98
Ed Middleton
Jim Purgerson, CCIM
President and Chief Executive Officer

emiddleton@cbtla.com
Senior Vice President

jpurgerson@cbtla.com
Ryan Elliott, CCIM
Gwen Cangelosi
Peter Henry, III
Vice President
relliott@cbtla.com
Vice President
gcangelosi@cbtla.com
Vice President
phenry@cbtla.com
Bill Blackwood, Jr.
Diana Weems
Lillian Grossley
Carol Layne
Paulette Virnich

bblackwood@cbtla.com
Vice President
dweems@cbtla.com
Vice President-Business Development

lgrossley@cbtla.com
Sherwood Branch Manager

clayne@cbtla.com
ONeal Branch Manager

pvirnich@cbtla.com
Brooks Lewis
blewis@cbtla.com
99
FINANCE Trends
Residential
Spotlight
GULFProduct
COAST
BANK & TRUST COMPANY
Platinum Sponsor
RESIDENTIAL PRODUCT SPOTLIGHT
CAPITAL ADVANTAGE PROGRAM

Program
Capital
Advantage Benefit
Program -- The Capital Area Finance Authoritys
(CAFA) Mortgage Origination Program will provide a competitive 30-
Program Benet: The Capital Area Finance Authoritys (CAFA) Mortgage Origination
year fixed-rate mortgage with a non-repayable down payment assistance
will provide a competitive 30-year xed-rate mortgage with a non-repayable down paym
(DPA)(DPA)
grant of
up toof5.00%
the original
mortgagemortgage
amount toamount
qualifying
assistance
grant
up to of
5.00%
of the original
to qualifying low
low and
moderate
familiesEast
throughout
East Baton
moderate
income
home-income
buyer homefamiliesbuyer
throughout
Baton Rouge
and the Capital Ar
Parishes.
Rouge and the Capital Area Parishes.
Program
MortgageMortgage
Rate: The mortgage
rateThe
formortgage
the program
willprogram
be slightly
Program
Rate:
rate for the
will above mar
depending
on the level of DPA. The program mortgage rates are subject to change daily
be slightly above market rate depending on the level of DPA. The program mortgage
to remain competitive with the market and will provide initially a 3 point, 4 point and 5 p
rates are subject to change daily in order to remain competitive with the market and will
DPA alternative.
provide initially a 3 point, 4 point and 5 point DPA alternative.
Program DPA: Each homebuyer family will receive a non-repayable DPA grant equal to
Program
DPA:
Each
homebuyer
family of
willthe
receive
a non-repayable
DPA
4.00%
or 5.00% of the
initial
principal
balance
mortgage
loan
grant equal to 3.00%, 4.00% or 5.00% of the initial principal balance of the mortgage
Program
loan Size: This is a continuous program. Unlike a Bond Money Program, we will n
out of funding as this program is tied to a daily mortgage interest rate.
Program Size: This is a continuous program. Unlike a Bond Money Program,
Program
Period: The program is available immediately and CAFA intends to make the
we will never run out of funding as this program is tied to a daily mortgage interest rate.
available to provide for continuous origination as long as it delivers a competitive mortg
DPA product that meets the needs of homebuyers and lenders.
Program Period:
100
The program is available immediately and CAFA
intends to make the program available to provide for continuous origination as long as
Eligible
Mortgagors: The normal tax-exempt bond or MCC program requirements (inco
it delivers
andhomebuyer
DPA product requirement)
that meets the needs
homebuyers
purchase
pricea competitive
limit, andmortgage
rst-time
willofnot
apply. In addition, t
andare
lenders.
buyers
not subject to "Recapture Tax." CAFA has established the following requirem
eligible homebuyers:
1) No First-time Homebuyer Requirement
Eligible Mortgagors:
The normal tax-exempt bond or MCC program
requirements (income & purchase price limit, and first-time homebuyer requirement) will not
apply. In addition, the home buyers are not subject to Recapture Tax. CAFA has established
the following requirements for eligible homebuyers:

1) No First-time Homebuyer Requirement

2) Maximum Credit Qualifying Income: 115% of AMI

(currently $76,360 in EBR Parish)

3) Maximum Home Loan Limits: FHA/VA/RD/
MyCommunity Limits as applicable
101
FINANCE Trends
Eligible Loans: FNMA MyCommunity, FHA, VA, or USDA-RHS, all 30-year, xed rate
mortgage loans.GULF
Minimum
640 FICO
score [(660
for manufactured
housing)], maximum 45%
COAST
BANK
& TRUST
COMPANY
debt-to-income (DTI) ratio. All rst-time homebuyers underPlatinum
the program
are required to take
Sponsor
approved homebuyer education course.
Eligible Loan Area: Mortgage loans under the program may be made to qualifying borrowers
throughout EastEligible
Baton Rouge,
West Baton
Rouge,
Livingston,
Iberville,
Pointe all
Coupee, West
Loans:
FNMA
MyCommunity,
FHA, VA,
or USDA-RHS,
Feliciana, East 30-year,
Feliciana,
St. Helena
fixedand
rate mortgage
loans.Parishes.
Minimum 640 FICO score [(660 for manufactured
Eligiblehousing)],
Loans: FNMA
MyCommunity,
FHA, VA,
or USDA-RHS,
all 30-year,
xed rate
maximum
45% debt-to-income
(DTI)
ratio. All first-time
homebuyers
under
mortgage
Minimum
640 FICO
score
[(660 forhomebuyer
manufactured
housing)],
maximum 45%
theloans.
program
are required
to take
an approved
education
course.
debt-to-income (DTI) ratio. All rst-time homebuyers under the program are required to take an
approved homebuyer education course.
Eligible Loan Area: Mortgage loans under the program may be made
Eligible Loan Area: Mortgage loans under the program may be made to qualifying borrowers
to qualifying borrowers throughout East Baton Rouge, West Baton Rouge, Livingston,
throughout East Baton Rouge, West Baton Rouge, Livingston, Iberville, Pointe Coupee, West
Iberville,
Pointe Coupee,
Feliciana,
East Feliciana, and St. Helena Parishes.
Feliciana,
East Feliciana,
and St.West
Helena
Parishes.
Graphic
courtesy
ofthe
theBaton
Baton
Rouge
Area Chamber
Graphic
courtesy of
Rouge
Area Chamber
Participating
Lenders:
Participating
Lenders:
Assurance Financial Group (225) 218-9746
102
Assurance
Financial Group
218-9746
BancorpSouth
Mortgage(225)
(225)768-1100
Loan Simple (225)-400-5295

LoanReliable
SimpleLending
(225)-400-5295
Nations
(225) 368-0005
chairman trends
Thank you for your participation in the 2015 TRENDS in Real Estate
Seminar. I would like to personally thank you for being here and provide a
bit of this events history and what goes into making it happen every year.
CID: YOUR EXPERTS IN COMMERCIAL REAL ESTATE
Walter H. Ketchings, III
Chairman 2015 Trends
For over 30 years, the Commercial Investment Division (CID) has had a mission to bring
the individuals and companies within the commercial real estate industry in the Greater
Baton Rouge area closer together to share information and knowledge so that all can
prosper and better serve their clients and customers.
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 includes networking, the dissemination of information to its
members, as well as the education and encouragement of our members in achieving professional designations
such as CCIM, SIOR, CRE, and CPM.
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 offer our opinion
of forecasted market trends. Six distinct market sectors of commercial real estate are covered at TRENDS:
finance, industrial, office, multifamily, residential, and retail. These presentations represent the combined efforts
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 in preparation for the TRENDS
Seminar. Please visit our website at www.batonrougetrends.net
My sincere thanks goes to each of the committee members, presenters, sponsors, advertisers and GBRAR staff as
well as to the LSU Real Estate Department for making this years program another success.
The current CID President, Jonann Stutzman, will be the Chairman of the Trends in Real Estate Seminar in 2016.
We are looking forward to another great year! Thank you again for your continued support of the CID and the
TRENDS Seminar and I look forward to seeing you at next years seminar.
Sincerely,
Walt H. Ketchings, III

103
SPECIAL THANKS trends

BREAKFAST
SPONSORS
The Baton Rouge Commercial Investment Division would like to thank the following
people for their help with preparations for this publication and all the information that
SPECIAL THANKS
went in it.
The Baton Rouge Commercial Investment Division would like to thank the following people for
Breakfast Sponsors
TRENDStheir
Steering
Committee:
Walter
H.publication
Ketchingsand
III, Chairman,
Deanethat
Bryson,
help with
preparations
for this
all the information
went Ken
in it. Damann, Herb
Gomez, Scot Guidry, D. Wesley Moore, Branon Pesnell, Jonann Stutzman, Jonathan Walker, and to all
TRENDSthat
Leadership:
Walt
Chairman, Brian Andrews, Branden Barker, Gary Black,
the individuals
worked on
theKetchings,
executive reports.
SPECIAL THANKS
Deane
Bryson,
KenCommercial
Damann, Herb
Gomez,Division
Scot Guidry,
Richard
Haase,
Sean McDonald,
The Baton
Rouge
Investment
would like
to thank
the following
people for D.
their help
with preparations
for thisKelley
publication
and
all the
information
thatSlawson,
went in it.Jonann Stutzman,
Wesley
Moore,
Branon Pesnell,
Pace,
Todd
Pevey,
Carlos
Thank you
to our
Keynote
Speaker, Dr. Lawrence
Yun,
Economist,
NAR on the executive reports
Dottie
Tarleton,
JonathanWalker,
and to all
theChief
individuals
that worked
Breakfast Sponsors
TRENDS Leadership: Walt Ketchings, Chairman, Brian Andrews, Branden Barker, Gary Black,
Ken LLC.,
Damann,
HerbDr.
Gomez,
Scot Guidry,
Richard
Haase,
Sean
McDonald,
Jill BossThank
ofDeane
Boss
Solutions,
(Graphic
Design/Layout),
Xact
Business
Solutions
(Printing),D.LA Post
youBryson,
to our Keynote
Speaker,
Lawrence
Yun,
Chief
Economist,
NAR
Wesley Moore, Branon Pesnell, Kelley Pace, Todd Pevey, Carlos Slawson, Jonann Stutzman,
(Video Productions),
and
Wren
Aerial
Photography
(Aerial
Photography
for
Power
Point
Presentations).
Dottie Tarleton, JonathanWalker, and to all the individuals that worked on the executive reports
Jill Boss of Boss Solutions, LLC., (Graphic Design/Layout), Xact Business Solutions (Printing),
LAThank
Post(you
Video our
Productions
),
and Wren
Aerial Photography
(Aerial Photography
for Power Point
Keynote
Speaker,who
Dr. Lawrence
Yun, hard
Chiefto
Economist,
A very special
thankstoto
Mrs.
Jill Sylvest,
worked very
get all ourNAR
sponsors, advertisers, and
Presentations).
coordinating the seminar, along with the Greater Baton Rouge Associations of REALTORS (everyone at
Jill Boss of Boss Solutions, LLC., (Graphic Design/Layout), Xact Business Solutions (Printing),
the office).
A very
special
thanks
to Mrs.
Jill Wren
Sylvest,
who
worked very
hard Photography
to get all our
LA Post(
Video
Productions
), and
Aerial
Photography
(Aerial
forsponsors,
Power Pointadvertisers,
andPresentations).
coordinating the seminar, along with the greater Baton Rouge associations of REALTORs
(everyone
at theour
ofce).
We would
like to thank
2015 Breakfast Sponsors: Americana/Level Homes, Gulf Coast Bank & Trust
very special thanks to Mrs. Jill Sylvest, who worked very hard to get all our sponsors, advertisers,
Company,AMR
Engineering & Surveying, LLC., and NAI Latter & Blum / C.J. Brown
coordinating
the seminar,
along
with theSponsors:
greater Baton
Rouge associations
of REALTORs
Weand
would
like to thank
our 2015
Breakfast
Americana/Level
Homes,
Gulf Coast Bank
(everyone
at the ofce).
& Trust
Company,
MR Engineering & Surveying, LLC, and NAI Latter & Blum / C.J. Brown - this
Finally, we
want
to thank
of how
our Sponsors
Without your support, this event would not
may
change.
Not all
sure
they want and
to beAdvertisers.
listed
We would like to thank our 2015 Breakfast Sponsors: Americana/Level Homes, Gulf Coast Bank
be possible.
& Trust Company, MR Engineering & Surveying, LLC, and NAI Latter & Blum / C.J. Brown - this
Finally, we want to thank all of our Sponsors and Advertisers. Without your support, this event
may change. Not sure how they want to be listed
would not beAssurance
possible. Financial
PREMIERSponsor:
Finally, we want to thank all of our Sponsors and Advertisers. Without your support, this event
PREMIER Sponsor: Assurance Financial
would not be
possible. Properties Realty Trust Cook, Moore, & Associates Gulf Coast Bank &
PlatinumSponsor:
Commercial
Trust Company
Sponsor:
Maestri-Murrell
Inc. Financial
MIE Properties
LLC The Preserve at Harveston
Platinum
Commercial
Properties
Realty- LA
Trust!
PREMIER
Sponsor:
Assurance
Cook, Moore, & Associates!Gulf Coast Bank & Trust Company!Maestri-Murrell Inc.!MIE
Properties
- Sponsor:
LA LLC!The
Preserve
Harveston
Platinum
Commercial
Properties
Realty
Trust!
GoldSponsor:
Americana/Level
Homes
at
Beau
Box
Commercial
Real Estate Buquet & Leblanc Inc.
Cook, Moore, & Associates!Gulf Coast Bank & Trust Company!Maestri-Murrell Inc.!MIE
CCIM, LA Chapter
Citizens
Bank
Destiny
Interest
Entergy
McGlinchey
Stafford, PLLC NAI Latter
Properties
- LAAmericana/Level
LLC!The Preserve
at Harveston Box Commercial Real Estate!Buquet
Gold
Sponsor:
Homes!Beau
& Leblanc
& Blum Inc.!CCIM,
/ C.J. Brown LA
Real
Property
Management
Premium,LLC
Sealy
&
Company
Snappy Jacobs
Chapter!Citizens Bank!Destiny Interest!Entergy!McGlincheyStafford,
Gold
Sponsor:
Homes!Beau
Commercial
Real
Estate!Buquet
Real Estate
Management,
LLC
Sperry
VanNess,
LLCManagement
Box
Waters
& Pettit
Commercial
Real Estate
Whitney
PLLC!NAI
LatterAmericana/Level
&
Blum
Inc!Real
Property
Premium,LLC!Sealy
&& Leblanc
Inc.!CCIM, LA Chapter!Citizens Bank!Destiny Interest!Entergy!McGlinchey Stafford,
Jacobs Real Estate Management, LLC!Sperry, Van, Ness, LLC!Waters &
Bank Company!Snappy
PLLC!NAI Latter & Blum Inc!Real Property Management Premium,LLC!Sealy &
Pettit Commercial Real Estate!Whitney Bank
Company!Snappy Jacobs Real Estate Management, LLC!Sperry, Van, Ness, LLC!Waters &
Pettit Commercial Real Estate!Whitney Bank

SilverSponsor:
Campus Federal Gulf States Real Estate Services, LLC Home Bank Lewis Companies
Silver
Sponsor: Campus Federal !Gulf States Real Estate Services, LLC!Home Bank!Lewis
REALTORS
Louisiana
Perkins
Rowe Neighbors Federal
Credit Union TheCredit
Aviation
Business Park
Companies!Louisiana
REALTORS!Perkins
Union!The
Silver Sponsor: Campus
Federal !Gulf States Rowe!Neighbors
Real Estate Services,Federal
LLC!Home Bank!Lewis
@ BTR Aviation
The
Cottonport
Bank
Vintage
Realty
Company
Business Park @
BTR!The Cottonport
Bank!Vintage Federal
Realty Company
Companies!Louisiana
REALTORS!Perkins
Rowe!Neighbors
Credit Union!The
Aviation Business Park @ BTR!The Cottonport Bank!Vintage Realty Company
Program Sponsor:
Baton
Rouge
Title Company,
Inc.!Capital
Area Finance
Authority!Capital
One
ProgramSponsor:
Baton Rouge
Title
Company,
Inc. Capital
Area Finance
Authority
Capital One Bank
Program Sponsor:
Rouge Title Company,
Inc.!Capital
Area FinanceMortgage!First
Authority!CapitalBank
Cleaning
Company!Eustis
Commercial
Mortgage!Eustis
&
CurtisBank!Curtis
Cleaning
Company
Baton
Eustis
Commercial Mortgage
Eustis
Mortgage
First
Bank & TrustOne
Gully,
Bank!Curtis
CleaningMcKey!Iberville
Company!EustisBank!Jerry
Commercial Mortgage!Eustis
Mortgage!First
Bank &
Trust!Gully,
Phelps,&
del Rio Real Estate,
Inc.!Louisiana
Phelps, & McKey
Iberville
Bank
Jerry del Bank!Jerry
Rio Real Estate,
Inc.
Louisiana
Commercial Database
Trust!Gully,
Phelps,&
McKey!Iberville
del Rio
Real
Estate, LLC!MR
Inc.!Louisiana
Commercial
Database!MidSouth
Bank!Mike Falgoust
& Associates,
Engineering &
MidSouth
Bank
Mike
Falgoust
&
Associates,
LLC
MR
Engineering
&
Surveying,
LLC Padial
Commercial
Database!MidSouth
Bank!Mike
Falgoust
&
Associates,
LLC!MR
Engineering
&One,Real
Surveying, LLC!Padial Real Estate, Inc.!Plaquemine Bank & Trust Company!Property
Surveying,
LLC!Padial
Real
Estate,
Inc.!Plaquemine
Bank
&
Trust
Company!Property
One, Bank
Estate, Inc.
Plaquemine
Bank
&
Trust
Company
Property
One,
Inc.
Red
River
Bank
Regions
Inc.!Red River Bank!Regions Bank!Saurage/Rotenberg Commercial Real Estate!SJB Group,
Inc.!Red River Bank!Regions Bank!Saurage/Rotenberg Commercial Real Estate!SJB Group,
Saurage/Rotenberg
Commercial
Real Estate SJB Group,
Inc SRSA Gulf
South Management
Stirling
Inc!SRSA Gulf
South Management!Stirling
Properties!United
Community
Bank!work box
Inc!SRSA Gulf South Management!Stirling Properties!United Community Bank!work box
Properties United Community Bank Work Box
VIDEOS
104
PHOTOGRAPHY
NeW ORLeaNS
SNAPPY JACOBS, CCIM

REAL ESTATE MANAGEMENT LLC
FuLL SeRviCe
COMMeRCiaL ReaL eState
Baton Rouge & New Orleans
BatON ROuge
Sales Leasing Counseling Property Management

Property Management
Leasing
Brokerage
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- Highest and Best Use Studies
BatON ROuge
BatON ROuge
- Due Diligence for Acquisition

- Demographic Reports & Trade Area Analysis
- Real Estate Role in Estate Planning
- Hotel / Hospitality / Tax Credit Consulting
Baton Rouge (225) 381-0105

New Orleans (504) 525-0190
WWW.SNaPPYJaCOBS.COM
FOR LeaSe BatON ROuge
Licensed Real estate Broker

in Louisiana
NeW ORLeaNS
BatON ROuge
sponsorstrends
THE
Curtis
Company
Curtis Cleaning
Cleaning Company
GREATER
BATON
ROUGE
REAL ESTATE SERVICES

TURNING IDEAS INTO REALITY
ASSOCIATION
JerryRealdel
Rio
Estate, Inc.
OF
R E A LT O R S
TRENDS
2015
Graham, Langlois & Legendre, LLC
SRSA COMMERCIAL
REAL ESTATE
www.ucbanking.com

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TRENDS ANNUAL SEMINAR

OF THE GREATER BATON ROUGE ASSOCIATION OF REALTORS

For over 30 years, the

Staying Strong... Building Stronger!

Commercial Investment Division (CID)

has had a mission to bring the individuals and companies within

Welcome to Trends, 2015!

RECENT & PENDING HOTEL CONSTRUCTION

Holiday Inn Express

400 North Blvd. (Old Baton Rouge Savings 88

Early Summer 2016

260 Third Street, Baton Rouge (Old

2,000 sq ft meeting room

Hampton Inn & Suites

462 Lafayette St, Baton Rouge

5353 Bankers Ave

Permit to Build Issued in 2014

Pinnacle Entertainment Co.

Adjoins L'Auberge Casino

Marriott Renaissance Hotel

7000 Bluebonnet Blvd, Baton Rouge (old 256

Cabela's Pkwy, Gonzales

Springhill Suites by Marriott

2801 S Cabela's Pkwy, Gonzales

LaQuinta Inn and Suites

2816 S Cabela's Pkwy, Gonzales

Comfort Inn and Suites

2821 Cabela's Parkway, Gonzales

Holiday Inn Express

2806 West Highway 30, Gonzales

Just north of Cabela's

Baton Rouge CBD

East Baton Rouge Parish

* tax increment financing

Branon Pesnell, CCIM, SIOR 4

Beau Box Commercial Real Estate

Scot Guidry, CCIM 18

Mike Falgoust & Associates

D. Wesley Moore, II, MAI, CCIM 32

Jonathan Walker, CCIM 50

Richard Haase, President 66

Latter & Blum, Inc.

Walter H. Ketchings, III 103

NAI Latter & Blum, Inc.

SPECIAL THANKS Trends

problems confronting our coastlines. The Water Campus will be

developed along the Mississippi River with four buildings breaking

commercial properties realty trust

premiere office space are now available.

2015 OFFICE TRENDS COMMITTEE

NAI Latter & Blum

baton rouge office market occupancy

Office Leasing Activity

commercial properties realty trust

Office Sales Activity

Creating New Trends in Technology Centers

accelerator program that is designed to provide

affordable office space and infrastructure to growing

Setting the Trend in Downtown Baton R

CPRT is building the IBM tower, Baton Rouges fir

riverfront office and residential development in ov

a century. The building will be completed in June 2

has ground floor retail and 8th floor office space a

A Trendsetting Global Research Campus