Baton Rouge commercial real estate agents concur – the recession and road construction are the two biggest obstacles in the path of commercial leasing and sales in the Capitol Region. After years of expanding retail, more vacant storefronts are starting to appear around town, including on high-profile commercial corridors. The recession has placed commercial real estate in limbo, says Justin Langlois, a commercial real estate agent with Sealy & Falgoust. “Nobody wants to make the deal,” he says. “It’s fun to look at the space and talk about the space, but when it comes down to [signing] a lease or a letter of intent, relatively few people are willing to do it.”
Mark Hebert of Kurz & Hebert Commercial Real Estate says the recession is the main reason for a slowdown in commercial leasing, but that road construction certainly doesn’t help. When entry in and out of an area is limited, that chills the interest of the parties looking at the space, especially if the construction is slated to be ongoing. However, road construction also shows larger potential customers that Baton Rouge is putting its best foot forward, he says. “We’re correcting things that were done 20 to 40 years ago that have been needed a long time,” Hebert says. “But it is a burden on tenants, and it’s definitely a double whammy as far as the recession goes.”—Emma James
