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 2019 Baton Rouge Development Toolkit, released this afternoon by the Downtown Development District.
Report highlights include:
- The number of businesses within the DDD boundaries remained steady at 644, the same number as in last year’s report.
- Downtown residential and commercial property values rose more than 10% in 2018 to $811,591,509, up from $722,179,560.
- Average rental rates for downtown Class A office space went down a few cents per square foot to $22.78. The occupancy rate, meanwhile, declined by about 0.4 percentage points to 82.9%.
- The number of people living downtown stayed roughly the same, hovering at 9,298 compared with 9,412 a year ago.
- The average downtown hotel occupancy rate fell from 71.2% in 2018 to 64.8% in 2019, and the average daily rate fell from $123.04 to $112.42.
Since the DDD was established in 1987, approximately $2.3 billion has been invested in downtown, of which $1.47 billion has come from the private sector and $835 million from the public sector. Of the total investment amount, 35 projects are under construction or in the planning stages. See the full report.