This month the Baton Rouge Business Report ran an article featuring SVNGLL Managing Director Ben Graham, CCIM, who provided his insight into the current state of the Baton Rouge retail market. Ben sees the market as healthy and active noting, “With increased confidence in the economy and lower unemployment rates, vacancies will continue on a downward trend as more space is absorbed across all Baton Rouge area (commercial real estate) sectors.” Not everyone agrees with Ben though, noting the unpredictable global economy and oil prices as potential causes of a slowdown.
We took this as a challenge to research our viewpoint further and compiled some retail development activity we are seeing in the market. Below find just a taste of the current retail opportunities that exist in the Baton Rouge market. Hopefully if you are looking to invest in Baton Rouge retail space, either leasing or buying, after reading this you will have a more strategically informed approach.
On March 17th of this year over 400 area CRE leaders attended the International Council of Shopping Centers (ICSC) Gulf South Idea Exchange conference. The goal of this event was to bring commercial real estate professionals together to develop new, and strengthen current, economic drivers in gulf coast communities like Baton Rouge.
A main focus of the event was answering the question, “How can you cast a vision to show the true potential of a city?” One solution presented was a push for the rejuvenation of main streets throughout the Gulf South.
We’ve certainly seen this in our backyard as downtown Baton Rouge retail areas have been making a turnaround and drawing new retailers. Month after month space is being occupied and bringing with it big brands.
Gonzales, Louisiana: Gonzales is supposed to double in population over the next 10 years. The market has already shown it can support large retailers like Tanger Outlet Mall and Cabela’s outdoor sports, but it is quickly needing additional retail space. The city is currently developing a comprehensive master community plan on how to strategically grow. They are also updating their zoning codes for increased retail development. Definitely a CRE market to watch.
Baton Rouge Health District: Real estate development and healthcare merge forces in the new Baton Rouge Health District. While the BRHD is still in the very beginning stages of development, the project is mixed-use and will include retail space.
Harveston: Currently under construction, Harveston is a 1,500-acre planned unit development of residential lots, nature trails, clubhouse and commercial real estate area new the Burbank Extension on Nicholson Drive. Plans for the commercial development area include office and retail space.
Buc-ee’s: The famous Texas rest stop chain revealed plans to open its first location outside of Texas in Baton Rouge. Located at the Greens of Millerville the new Buc-ee’s will have over 60,000 square feet of available retail space. It is schedule to open the second quarter of 2017.
If you have been watching the market and are seeking retail space, we would love to talk to you. Whether looking to lease or buy, the retail market in Baton Rouge is prime for investment. From locating the ideal space to getting the best deal, the dedicated SVNGLL team is ready to help in your retail CRE needs. Contact us today!
About Us – The team at SVN | Graham, Langlois & Legendre has over 99-years of combined experiencing helping clients across the Baton Rouge area get the most value out of their CRE investment. Contact one of them today with any questions you may have and start seeing the returns in a market that will make sure to give today, tomorrow and for the extended future. To reach us, you can call us at 225.367.1515 or you can send us a message on our website. You can also follow us on Twitter at @svngll or on Facebook.