Dozens of local real estate executives, brokers, developers and attorneys were among the more than 35,000 attendees at ReCon 2015, the International Council of Shopping Centers’ annual convention, held early last week in Las Vegas. Their takeaway: the Baton Rouge-New Orleans corridor is hot for retail development.
“Retail, grocers—everyone is big on the Baton Rouge area,” says Mark Hebert of Kurz & Hebert Commercial Real Estate, who attended the convention. “New Orleans is hot as a firecracker, but the problem with New Orleans is finding real estate. In Baton Rouge, there are still options.”
Kurz says national retailers eyeing the local market that he met in Las Vegas are interested in new construction projects as well as redeveloping existing spaces. Most of those expressing an interest in coming here are well-established national brands.
“It’s the brands that are really, really successful who know they’re going to do well here that are more likely to come,” he says. “We’re not talking about brands that are testing the market.”
While north Louisiana is also an attractive market for potential development, Baton Rouge and New Orleans are seen as more desirable, according to Hebert.
“One group I worked with wants to do Baton Rouge and New Orleans and then they want to look at the rest of the state,” he says. “They intend to have their brand in every community in Louisiana because that is what they do, but they want to tackle the 10/12 corridor first.”
At least one international retailer also is looking at the Baton Rouge market, Hebert says. The company will be scouting potential locations in the local market in June. Hebert won’t disclose the name of the retail giant, but says if the company can find an attractive location in Baton Rouge, it would be huge for the market.
—Stephanie Riegel
