Businesses, residents on the rise in Downtown Baton Rouge, as are property values
Downtown Baton Rouge continued to see a healthy increase in economic development last year, while the number of businesses and residents in the area also rose.
That’s according to the 2018 Baton Rouge Development Toolkit, released this afternoon by the Downtown Development District.
“The data shows that downtown continues to grow and attract private investment,” says DDD Executive Director Davis Rhorer.
Report highlights include:
- The number of businesses in the DDD boundaries has increased to 644, up from the 571 recorded in last year’s report.
- Downtown residential and commercial property values rose 10.2% in 2017 to $722,179,560.
- Average rental rates for downtown Class A office space rose about 15 cents per square foot last year to $24.78. The occupancy rate, meanwhile, declined by about 0.3 percentage points to 83.3%.
- The number of people living downtown increased 3.4% last year to 9,412.
- The average downtown hotel occupancy rate was flat at 71.2% in 2017, and the average daily rate was $123.04.
- More than 1,000 annual events—from races and parades to festivals and events like Live After Five—draw an estimated 1.5 million tourists to downtown each year.
Since the DDD was established in 1987, approximately $2.25 billion has been invested in downtown, of which $1.43 billion has come from the private sector and $818 million from the public sector. Of the total investment amount, 43 projects accounting for roughly $880.4 million are under construction or in the planning stages.