re trends09 covers - new orleans citybusiness · real estatetrends fall 2009 5a about 92 percent of...

RE_trends09_COVERS 11/2/09 10:35 AM Page 991

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RE_trends09_COVERS 11/2/09 10:35 AM Page 992

RE_trends2009 11/2/09 2:17 PM Page 1

2A New Orleans CityBusiness

The data published in Real Estate Trends is compiled every six months by the CityBusiness research department.

Published by the NOPG LLC 111 Veterans Memorial Blvd., Suite 1440, Metairie, La. 70005 504-834-9292; Fax: 504-837-2258.

Publisher and president: D. Mark SingletaryAssociate Publisher: Lisa BlossmanManaging Editor: Greg LaRoseNews Editor: Christian MoisesAssociate Editor: Autumn C. GiustiArt Director: Alex BorgesMarket Researcher: Jennifer NallAccount Executives: Liz Baldini, Monique Brignac, Jeanne Farrell, Cassie Foreman, Coco Evans Judd Production Manager: Julie Bernard

On the cover: Bryan Burns III, senior vice president forTranswestern, stands in front of 400 Poydras Tower, which sawoccupancy jump from 75 percent last year to 81 percent this year.Photo by Frank Aymami

Real Estate Trends 2009

Area coverage mapCentral Business District . . . . . . . . . . . . . . .4 . . . . . . . . . . . 11

Center City . . . . . . . . . . .12 . . . . . . . . . . 14

Eastern New Orleans and Chalmette . . . . . . . .15 . . . . . . . . . . 17

Kenner and St. Charles Parish . . . . .18 . . . . . . . . . . 20

Metairie andEast Jefferson . . . . . . . .20 . . . . . . . . . . 26

North Shore . . . . . . . . . .27 . . . . . . . . . . 31

West Bank . . . . . . . . . . .31 . . . . . . . . . . 32

ListsCommercial leasing companies . . . . . . . . . . . . . . . . . . .34

Commercial property managers . . . . . . . . . . . . . . . . . . . .36

Flex space . . . . . . . . . . . . . . . . . . .38

Shopping centers . . . . . . . . . . . . .40

Business parks . . . . . . . . . . . . . . .45

Warehouse space . . . . . . . . . . . . .47

Contents

RE_trends2009 11/2/09 11:17 AM Page 2

THE CID ACHIEVEMENT AWARDS BANQUET RECOGNIZESITS TOP COMMERCIAL REAL ESTATE PRODUCERS OF 2008

1st Row (left to right): Sandy Preston, Frann Ryan, Meg Carrone CCIM, Rhonda Sharkawy, Kirsten Early CCIM, Judy Slack, Lucy Chun, Colleen Berthelot CCIM, SIOR

2nd Row: Andrea A. Huseman CCIM, Richard Juge CCIM, SIOR, CIPS, Beth Cristina, ALC Martin O. Miller III, Sandra Corrigan SIOR, Skip Weber CCIM

3rd Row: Bennett Davis CCIM, Steve Reisig CCIM, David Quinn SIOR4th Row: Michael Wilkinson, Bobby Talbot CCIM, Bert Duvic CCIM, SIOR

5th Row: Mark Inman CCIM, Gerard Henry SIOR, Greg Riera, Ben Derbes, Schaffer MickalAward Winners Not Pictured: James Barse CCIM, SIOR, Michael D’Amico, Duff Friend SIOR,

Joe Gorman III, Trimble Green, Robert Hand, Keith Henry SIOR, Jennifer A. Lee CCIM, SIOR, Peter Lombardo,Dan Poulin CCIM, SIOR, Brian Rourke CCIM, SIOR, Larry G. Schedler CCIM, Barry Spizer CCIM

COMMERCIAL INVESTMENT DIVISION OF THE NEW ORLEANS METROPOLITAN ASSOCIATIONOF REALTORS® WISHES TO THANK ITS SPONSORS:

SILVER SPONSORSBank of New Orleans

Coldwell Banker CommercialTEC REALTORS®

Jack Stumpf & Associates, Inc.Larry G. Schedler & Associates, Inc.

Louisiana REALTORS®Merrill Lynch/Bryan McClendon

& Edward MaloneRE/MAX Commercial Brokers, Inc.

Red Hot PropertiesSylvia Roy, CCIM

THE STEEG LAW FIRM, LLCThe Stevens Group, Inc.

BRONZE SPONSORSArtigues Construction Co., Inc.

Beth Cristina, LLCCrescent Title, LLC

Criterium-Dormady EngineersGlen Johnston of Johnston Cross

Max J. Derbes, Inc.Morgan Keegan & Company, Inc.Prudential Gardner, REALTORS®

Sher Garner Cahill Richter Klein & Hilbert, LLCTalbot Realty Group

GOLD SPONSORSFirst NBC

Stirling Properties, LLC

DIAMOND SPONSORSDon Randon Real Estate

RE_trends2009 11/2/09 11:17 AM Page 3


By Tommy [email protected] Writer

The impressive start to the New OrleansSaints’ season has boosted the moraleof the community. Now an offshoot of TomBenson’s franchise is trying to boost thecity’s real estate market.

In the largest commercial real estatetransaction since Hurricane Katrina, theBenson family, through their companyZelia LLC, bought the 26-story DominionTower office building, the 400,000-square-foot New Orleans Centre mall and a2,000-space parking garage from Californiareal estate firm Hertz Investment Group for$42.1 million. The office building is nowknown as the Benson Tower.

As part of a long-term lease agreementto keep the Saints in New Orleans, thestate has agreed to occupy more than halfof the office space in Benson Tower with800 to 900 workers by July. Benson haspledged $10.5 million to convert NewOrleans Centre into a sports and enter-

tainment venue. Dominion Tower hasbeen empty since the storm except for theLouisiana State University Health ScienceCenter Ambulatory Care Clinic on theground floor.

The Benson family plans to spend about$12.5 million preparing the office space forthe state, plus another $21.7 million repair-ing the storm-damaged property.

“Being a tenant in these buildings is anopportunity for these companies to offertheir employees a high quality of life throughtheir working experience,” said SaintsExecutive Vice President Rita BensonLeBlanc. “Based upon the demand we areexperiencing, we are very confident that thebuilding will be fully leased before it opensfollowing construction.”

The Bensons could not have picked abetter time to enter the downtown officespace market, as office occupancy rates inthe Central Business District are at an all-time high, according to a third-quarterreport by Metairie-based Equity OfficeProperties and leasing director BruceSossaman.

Central Business District and Center CityREAL ESTATE TRENDS 2009

Bryan Burns III, senior vice president for Transwestern,says commercial real estate in the Central Business Districtis in a period of equilibrium between supply and demand.

phot

o by

Fra

nk A

ymam

i

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RE_trends2009 11/2/09 11:17 AM Page 4

Real Estate Trends Fall 2009 5A

About 92 percent of premium commer-cial office space, or Class A, was listed asoccupied at the end of the third quarter, upfrom 90 percent the same time a year ago,while 87 percent of Class B office space isoccupied, up from the 86 percent in thesecond quarter of 2009.

Average downtown rents are holdingsteady at $18 per square foot for Class A,while Class B rents average $14.50 persquare foot.

Bryan Burns III, senior vice presidentfor Transwestern, a private national com-mercial real estate company, said his com-pany’s three Class A office buildings indowntown New Orleans have all seenincreased occupancy with 400 PoydrasTower jumping from 75 percent last yearto 81 percent this year; 650 Poydras St.increasing from 75 percent to 85 percent;and 909 Poydras going from 85 percent to97 percent.

The U.S. Government General ServicesAdministration recently signed a lease tomove from the federal building at 500Poydras St. to 650 Poydras St. and occupy65,000 square feet. Burns said they are stillworking on a timeframe, but it should takeplace in 2010.

“The market stats are very strong, weare at a nice equilibrium of supply anddemand, and the market is holdingsteady,” Burns said. “There are a lot ofgood things happening downtown, andthe Benson Tower transaction will helpwith real positive development for thearea around the Superdome.”

But there are still several unoccupiedoffice buildings that haven’t reopened,including Chevron’s former headquartersat 935 Gravier St.

“You would need $25 to $30 persquare foot of rent to make constructionof a new building worthwhile, and we’renot seeing that kind of market comeonline,” Sossaman said. “Chevron wasbuilt as a single-tenant building, and youreally need an owner/user type situationlike we almost had with City Hall to war-rant renovation or construction.”•

“The market stats are very strong,we are at a nice equilibrium of supply and demand, and the market is holding steady.”

Bryan Burns IIITranswestern senior vice president

© 2009 Behringer Harvard

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RE_trends2009 11/2/09 11:17 AM Page 5


Central Business District(ranked by total leaseable square feet)

2009Rank

Building nameAddress

Totalleaseablesquarefeet

Percentoccupied

Quotedrentratehigh

Commonspace

Year built/renovated Floors

Largestblock ofspaceavailable(sq. feet) Availability

Leasing agentLeasingcompanyPhone

1 One Shell Square701 Poydras St. 1,256,991 96percent $17 17percent 1972/1998/2008 51 24,000 December RussellMarchandCB RichardEllisNew Orleans323-7000

2 Place St. Charles201 St. CharlesAve.

1,004,484 99percent

$20 15percent

1985/ongoing

52 25,000 1/1/10 Bennett K.DavisCorporateRealty Inc.New Orleans582-1416

3 Energy Centre1100 Poydras St. 761,500 90percent $17.50 NA 1984/2008 39 30,000 June 1 Meg CarroneCorporateRealtyNew Orleans569-2052

4 Pan-AmericanLife Center601 Poydras St.

671,883 86percent

$18 15percent

1980/2007 28 36,595 91,846 Greg S. RieraJones LangLaSalleAmericas Inc.New Orleans585-2678

NA=nt applicable/not available The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.

Place St. Charles – 52 stories of luxury office space with unbeatable amenities make Place St.Charles the most prestigious address to house your business. In the heart of the CentralBusiness District, Place St. Charles offers all the conveniences of the area while being just ashort walk to the French Quarter.

Energy Centre, owned and managed by Behringer Harvard, is located at 1100 Poydras Street in the heartof the New Orleans’ business district. The 39-story, 761,500 square foot high-rise office tower is construct-ed of a highly efficient, reflective bronze glass which gives a subtle complement to the hues of the pol-ished granite facade. Operating hours are 7:00 am to 8 pm Monday-Friday and 7:00 am to 5 pm Saturday.Amenities include quality tenant finishes, 512 parking spaces within the structure, 466 parking spaces inthe new annex garage and commissioned art throughout the plaza. Crescent Bank & Trust, Allegro’sRestaurant, sandwich and sundry shop highlight the main lobby.

RE_trends2009 11/2/09 2:10 PM Page 6



2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace



LeasingagentLeasingcompanyPhone

5 One Canal Place365 Canal St. 644,127 93percent $16.50 15percent 1979/1992/2008 32 22,000 couldmake100,000squarefeetavailable

AndreaHusemanCorporateRealty Inc.New Orleans587-1450 ext.225

6 400 PoydrasTower400 Poydras St.

619,714 78percent

$17 NA 1983 33 50,000 120,000 Cres GardnerKyleStephensonBryan BurnsKyleStevensonCres GardnerTranswesternNew Orleans799-3124

7 First Bank &Trust Tower909 Poydras St.

545,157 83percent

$18 NA 1987 36 17,048 90,000 Bryan BurnsCres GardnerKyleStephensonKyleStevensonCres GardnerTranswesternNew Orleans799-3124

8 1515 PoydrasBuilding1515 Poydras St.

529,474 75percent

$17.50 15percent



There’s Only One, One Canal Place Office Tower. Unparalleled CBD leasing opportunities fortop-flight corporations or rising-star businesses; 1,000 – 100,000 sq. ft. of efficiently designedcontiguous space; unmatched amenities and superior maintenance; riverfront location near theFrench Quarter.

1515 Poydras is a 27 story Class A office tower featuring a dramatic main lobby andcovered courtyard four stories high.Location: Landmark presence across from the Superdome offering unsurpassed access

to I-10.Parking: Over 500 spaces in the building and 700 auxiliary spaces allows for a

suburban parking ratio in the CBD.Amenities: Shuttle Van, Restaurants, Conference Room

TOP FLOOR AND VISIBLE GROUND FLOOR SPACE NOW AVAILABLE FOR LEASE

RE_trends2009 11/2/09 2:10 PM Page 7



2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace




9 1010 CommonBuilding1010 CommonSt.

512,593 80percent

$13.75 15percent

1971/2000 31 45,000 102,518 SandraCorriganRegis Realty ILLCNew Orleans566-1400

10 Entergy Corp.Building639 Loyola Ave.

511,600 96percent

$19 15percent

1983/2007 28 8,004 immediate Bill MoodyPoydrasPropertiesLLCNew Orleans522-2535

11 Freeport-McMoRanBuilding1615 Poydras St.

507,620 93percent

$17 15percent

1984/NA 23 22,500 immediate BruceSossaman450-5074


467,671 99percent

$17.50 15percent


13 Poydras Center650 Poydras St. 453,255 97percent $18.50 NA 1983 28 5,000 15,000 Bryan BurnsCres GardnerKyleStevensonTranswesternNew Orleans799-3124

DESIGNED BY Skidmore Owings & Merrill, 1010 Common Building is a mixed-use complex that offersoffice, retail and restaurant space. The property consists of a thirty-one story office Tower, a fourteen storyAnnex with ground floor retail, self-parking on the second through twelfth floors and office space on the thirteenth and fourteenth floors, and a small three-story structure (cross-over) connecting the Buildings.

THE TOWER AND ANNEX BUILDINGS can offer tenants their own corporate identity/signage. Floor-to-ceil-ing windows with spectacular views, easy access to major transportation arteries, walking distance to NewOrleans’ finest restaurants, a 532 vehicle self-park garage within the property, 24 hour security, and on-sitemanagement provide for a professional, safe and convenient environment.

1010 COMMON is bounded by South Rampart Street, Gravier Street, O’Keefe Avenue, and Common Street in the New Orleans Central Business District. Entrance to the garage is located on South Rampart Street.

1615 Poydras • Freeport-McMoRan BuildingA distinctive curved design of green marble and reflective glass forms the 23 story 1615Poydras Building. Located directly across from the Superdome, 1615 Poydras offers theeasiest access to and from the interstate system of any office building in the CBD.Within walking distance of City Hall, civil district courts, hotels and the Superdome and itslarge parking garage. 1615 Poydras features an on-site restaurant, barbershop and drycleaning delivery. As the only locally owned and operated Class A building in the CBD, thebuilding’s experienced management team makes tenant satisfaction its highest priority andprovides some of the highest quality build-outs and finishes available. Great accessibility,excellent parking, and high quality all come together in the 1615 Poydras Building.

1555 Poydras is a 22 story Class A office tower featuring striking silver sawtooth baywindows that double the views. Location: Landmark presence across from the Superdome offering unsurpassed access

to I-10.Parking: Over 500 spaces in the building and 700 auxiliary spaces allows for a

suburban parking ratio in the CBD.Amenities: Shuttle Van, Restaurant, Conference Room, Sundry Shop

RE_trends2009 11/2/09 2:10 PM Page 8



2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace





422,890 96percent

$19 15percent

1980/2002 24 11,671 immediate Bill MoodyPoydrasPropertiesLLCNew Orleans522-2535

15 225 BaronneBuilding225 Baronne St.

422,037 0 percent $0 NA 1960/1988 NA NA building isnot open

SandraCorriganRegis Realty ILLCNew Orleans566-1400

16 Amoco Building1340 Poydras St. 378,895 93percent $14.75 15percent 1977/1997 21 10,000 26,522 SandraCorriganRegis Realty ILLCNew Orleans566-1400

17 Whitney NationalBank Building228 St. CharlesAve.

351,782 96percent

$14.50 15percent

1910/1996 14 2,500 immediate Duff FriendLatter & BlumNew OrleansNA

18 701 Loyola Ave.701 Loyola Ave. 286,560 42percent $13.50 NA 1953 14 23,612 immediate David R.WrightColdwellBankerCommercialTEC RealtorsNew Orleans566-1777

19 URS Building600 CarondeletSt.

115,000 97percent

$13.50 NA 1926/2005 10 3,146 immediate Bobby TalbotTalbot RealtyGroupNew OrleansNA

20 525 St. Charles525 St. CharlesAve.

100,000 88percent

$16.52 0 percent 1966 4 12,000 immediate Andrea AronsHusemanCorporateRealty Inc.New Orleans587-1450

21 The IP Building643 Magazine St. 84,585 55percent $16.50 NA 1900/2004 4 20,310 NA Bobby TalbotTalbot RealtyGroupNew OrleansNA

22 K&B Plaza1055 St. CharlesAve.

70,000 95percent

$19 NA 1962 7 3,000 immediate Bennett K.DavisNA


THE AMOCO BUILDING is a distinctive 20 story “Class A” office building highlighted by a black reflectiveglass exterior. This distinguished tower is part of the Poydras Plaza mixed use complex. One minute fromthe Poydras and Superdome entrance and exit of I-10 Expressway, The Amoco Building provides a centrallocation to government, legal, corporate and financial centers.

THE TOWER’S INTERIOR and ground floor lobby were recently renovated to enhance the significant character of the building. The occupancy of the building reflects a premier tenant roster and has clearlyestablished a strong position within the New Orleans Central Business District.

IDEALLY LOCATED, the Amoco Building has benefited from its convenient access to the work environmentin the CBD as well as easy access to public transportation, the airport, and surrounding communities.

RE_trends2009 11/2/09 2:10 PM Page 9


2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace




23 546 CarondeletBuilding546 CarondeletSt.

51,081 100percent

$17 NA 1910/1990 6 0 NA Frederick J.TuftsCrutcher-TuftsCorporationMetairie887-9327

24 Plaza Building230 Loyola Ave. 44,721 0 percent $15 NA 1958/1984 3 44,721 44,721 Michael J.SiegelNA

25 Emeril'sHomebase839 St. CharlesAve.

43,403 100percent

$15 NA 1910/1996 2 0 0 Bobby TalbotTalbot RealtyGroupNew OrleansNA

26 Gravier Place837 Gravier St. 35,074 0 percent $18 12percent 1925/1995 3 12,000 immediate Denise GainesPraveenKailasTower RealtyNew Orleans828-9700

27 400 Magazine St.400-408Magazine St.

33,000 81percent

$12 0 percent 1840/1983 4 4,832 immediate Robert C.HassingerHassingerRealty LLCNew OrleansNA

28 Lee Circle Plaza818 Howard Ave. 27,259 93percent $14.60 NA 1917/1998 4 1,305 immediate Rick SkeldingStirlingProperties Inc.New OrleansNA

29 Fulton Place901 ConventionCenter Blvd.

26,500 75percent

$23 3,500percent

1985/1990 8 NA NA MauriceKansasCambridgeRealty WestLLCNew Orleans522-0548

30 615 Baronne St.Building615 Baronne St.

25,288 100percent

$13.50 NA 1935/2001 3 NA NA Rick SkeldingStirlingProperties Inc.New OrleansNA

31 300 LafayetteBuilding300 Lafayette St.

20,000 100percent

$16 15percent

1910 / 1984 2 0 NA AndreaHusemanCorporateRealtyNew Orleans587-1450

32 The SecurityCenter147 CarondeletSt.

13,897 40percent

$9.50 14percent

1923/2008 6 6,800 immediate Bob SykesSecurityCenterNew Orleans587-2092


RE_trends2009 11/2/09 11:17 AM Page 10


INTERSTATE 10

Perd

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LaSalle

Tula

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S. Claiborne

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8

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22

31

Central Business DistrictREAL ESTATE TRENDS 2009

MAP

RE_trends2009 11/2/09 11:17 AM Page 11


Center City(ranked by total leasable space)

2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace




1 1215 PrytaniaBuilding1215 PrytaniaSt.

119,269 95percent

$16 NA 1952 5 2,500 now P.W. Larsen593-5343

2 BuckmanMedical OfficeBuilding3434 PrytaniaAve.

79,405 80percent

$23 NA 1991 /ongoing

4 5,000 NA Administration .NA

3 AdvancedTechnologyCenter2021 LakeshoreDrive

78,500 80percent

$19 12percent

2001 5 6,057 15,339 Sandi StoneUniversity of NewOrleans Researchand TechnologyFoundation, Inc.New OrleansNA

4 Mid-City Center320 N. CarrolltonAve.

48,000 100percent

$18 12percent

1925/2006 2 0 0 Ernest VergesNA

5 Smith LupoCenter145 Robert E.Lee Blvd.

40,000 95percent

$20 14percent

1971/2006 5 1,029 NA R. Tom LupoNA

6 1820 St.Charles1820 St. CharlesAve.

36,000 100percent

$15.50 NA 1924/2004 2 0 none Bobby TalbotTalbot RealtyGroupNew OrleansNA

7 TheMarketplace atJacksonBrewery400 North PetersSt.

35,000 100percent

$18 NA 1875/1986 2 NA NA Arnold CooperDBIC PropertyManagementNA

8 Norman MayerMemorialBuilding2515 Canal St.

34,594 100percent

$12.50 NA 1957/2006 4 NA NA Valerie HowellUnited WayNew OrleansNA

9 101 Robert E.Lee101 W. RobertE. Lee Blvd.

33,830 86percent

$16 15percent

1982/2008 4 4,880 immediate David WrightColdwell BankerCommercial TECRealtorsNew OrleansNA

10 Uptown Square170 BroadwaySt.

32,825 60percent

$16 NA 1979 3 3,817 13,419 Bert DuvicJoe GormanMax J. Derbes Inc.New Orleans733-4555

11 LakefrontProfessionalOffice Building6305-6307Elysian FieldsAve.

30,606 94percent

$16 NA 1973/2006 4 721 immediate Warren A. AbadieAbadie PropertiesInc.Kenner456-2011

12 4640 Building4640 S.Carrollton Ave.

26,313 86percent

$16.50 12percent

1924/1982 2 2,912 immediate Andrea AronsHusemanCorporate RealtyInc.New Orleans587-1450

NA=not available/not applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.

RE_trends2009 11/2/09 11:17 AM Page 12


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Center City(ranked by total leasable space)

2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace




13 6221 S.Claiborne Ave.Building6221 S.Claiborne Ave.

24,000 95percent

$28 NA 1964/2006 3 1,100 one retailspaceavailable

Lou GoodNA

14 Bienville Place3909 BienvilleSt.

21,000 80percent

$15 10percent

1940/2006 1 2,000 immediate Ernest VergesNA

15 The OfficeSuites at 10501050 S.Jefferson DavisParkway

19,940 90percent

$24 10percent

1948/2000 3 1,388 immediate Edward HalpernThe Office Suitesat 1050New Orleans304-3300

16 506 N. St.Patrick506 N. St.Patrick St.

628 50percent

$11.46 0 percent 2009 1 628 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929


RE_trends2009 11/2/09 11:17 AM Page 13


LAKE PONTCHARTRAIN

Lakes

hore

Robert E. Lee

Elysian Fields

Filmore

Harrison

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I-10

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11

14

13

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7

2

15

8

6

4

16

12

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Center CityREAL ESTATE TRENDS 2009

MAP

RE_trends2009 11/2/09 11:17 AM Page 14


By Tommy [email protected] Writer

It’s not the rainbow Wade Verges wasexpecting for the eastern New Orleanscommercial office space market four yearsafter Hurricane Katrina, but it’s a glimmerof hope.

At the end of October, two of Verges’buildings — the Bullard Corporate Centerat 5555 Bullard Ave. and the 5630Crowder Blvd. Building — were fullyoccupied at 100 percent.

“It’s a good sign and it’s a start, but Ithought we would have hit that point a lotsooner in the market,” said Verges, presi-dent of W.T. Verges Development.

“Perception is everything, and we havehad to overcome that,” he said. “From theinterstate, people see dilapidated com-plexes and run-down apartments and fig-ure nothing is back. Few people get off theinterstate, though, and look at the neigh-borhoods returning. There are signs ofprogress out here.”

With some office buildings still notonline and others just using certainfloors for occupancy, it is a challenge toobtain statistics on the eastern New

Orleans office space market, said IvanMiestchovich, director of the Universityof New Orleans Institute for EconomicDevelopment and Real Estate Research.

UNO completed its latest analysis onthe eastern New Orleans market in the fallof 2008, with seven buildings reporting anoccupancy rate of 83.8 percent with110,812 square feet occupied. BeforeKatrina, nine buildings reported to UNOwith tenants using 500,000 square feet foran 88.8 percent occupancy rate.

Miestchovich said office buildingsdidn’t come back online in eastern NewOrleans until about a year after Katrina.

“The area has a long way to go andretail is driven by rooftops,” Miestchovichsaid. “The kind of workers that are need-ed to bring the office market back are legalprofessionals, insurance agents, medicalprofessionals and any service-basedemployment.”

Verges had the Bullard CorporateCenter renovated, and the buildingreceived a boost in 2007 when DaVitaFleur De Lis Dialysis signed a lease tooccupy 10,000 square feet, or about 25percent of the building.

“I have found that the success rate ismuch better and longer with service ten-

ants,” Verges said.The medical community also might

boost the office market. The OrleansParish Hospital Service District recentlyagreed to buy the former MethodistHospital and other health care centers ineastern New Orleans from UniversalHealth Services. Mayor Ray Nagin alsoverbally agreed to build a $1.1 million,5,000-square-foot outpatient clinic onChef Menteur Highway.

Keith Adler, leasing agent forCorporate Realty, which leases retailspace at the still-vacant SchwegmannPlaza East at 6003 Bullard Ave., saidthe key factors for retail and office spaceresurgence in eastern New Orleans arerepopulation and the government’s abil-ity to improve flood protection andrebuild people's confidence in that pro-tection.

“In the retail market, we have momand pops coming online here, and that hasbeen steady,” Adler said. “Their locationsare mirroring where the people havereturned. But national chains, whichanchored some of the retail before thestorm, are not in a big hurry to get backout here because of lack of repopulation.We need that to change.”•

Electrical contractor Mike Zemke, left, WTV Construction foreman Ike Cooper and Wade Verges, president of W.T. Verges Development, discuss progress at the Bullard CorporateCenter in eastern New Orleans.

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RE_trends2009 11/2/09 11:17 AM Page 15


Eastern New Orleans/Chalmette(ranked by total leasable space)

2009Rank

BuildingnameAddress


Percentoccupied

Quotedrentratehigh

Commonspace



Leasing agentLeasing companyPhone

1 SchwegmannPlaza East6003 BullardAve.

115,000 0 percent $16 NA NA NA 22,050 yes Keith AdlerCorporate RealtyInc.New Orleans581-5005

2 ExecutivePlaza10001 LakeForest Blvd.

114,670 40percent

$12 14percent

1975/2009 11 10,500 Jan. 1 Brandy FrisbyKailas ManagementMetairie837-8644

3 Lake OaksPlaza6600 FranklinAve.

60,000 94percent

$20 NA 1988 NA 2,200 yes Keith AdlerCorporate RealtyInc.New OrleansNA

4 BullardCorporateCenter5555 BullardAve.

40,000 80percent

NA NA renovated2006

1 NA immediate Wade T. Verges5555 Bullard LLCNew Orleans246-1562

5 6800 PlazaDrive6800 PlazaDrive

40,000 NA NA NA 1984/2003;underrenovation

2 NA 2010 Wade T. VergesGrace TamaDevelopment Co.LLCNew Orleans246-1562

The Most Prestigious Office Space in East New Orleans

Executive Plaza Office Building, the single most desirable office building in New Orleans East, isstrategically located off of Hwy-10 at the Read Blvd. exit. The eleven story glass building is125,000 sf and each floor has 10,500 rsf. Will do tenant build-out to suit. 24-hour video securitymonitoring of building and parking lot. Abundant free parking for tenants and visitors.

Call Brandy Frisby, Kailas Management at 504-837-8644.

RE_trends2009 11/2/09 2:13 PM Page 16


Lakeshore

France

Downman

I-610

I-10

Pola

nd

Florida

N. ClaiborneSt. Claud

Cent

er

n La

fitte

Orleans Parish

Chef Menteur

Almonaster

Paris

Rd.

Old Ge

ntilly H

wy.

Chef Ment

eurDwyer

Intr

acoa

stal

Driv

eMic

houd

Mayo

Discovery Blvd.

1

Morris

on

W. Jud

New OrleansLakefront Airport

I-10

Lake For

est Blvd.

Wright

Hayne Blv

d.

Chalmette

Bullard

BundyRead

Morrison

Dwyer

Lake Pontchartrain

Intracoastal Waterway

Mississipi River Gulf Outlet

72

9

St Bernard Parish

5

Crowder

6

1

3 8

4MAP

Eastern New Orleans and ChalmetteREAL ESTATE TRENDS 2009

Eastern New Orleans/Chalmette(ranked by total leasable space)

2009Rank

BuildingnameAddress


Percentoccupied

Quotedrentratehigh

Commonspace




6 WinkBusinessPark4949 BullardAve.

32,500 7 percent $14.50 0 percent 1986/2005 1 32,500 immediate Duff FriendLatter & BlumNew OrleansNA

7 Lake WillowBuilding7240 CrowderBlvd.

24,000 NA NA NA 1980/underrenovation

NA NA 2010 Wade T. VergesVerges PropertiesNew Orleans246-1562

8 Willow Tree7701 DwyerRoad

12,000 40percent

NA NA 1985/2008 1 NA immediate Wade T. VergesVerges PropertiesNew Orleans246-1562

9 5630 CrowderBlvd. Building5630 CrowderBlvd.

11,500 NA NA NA 1980/2000 2 NA immediate Wade T. Verges5630 Crowder LLCNew Orleans246-1562

NA=noat applicable/not available The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.

RE_trends2009 11/2/09 11:17 AM Page 17


By Robin [email protected] Writer

Commercial real estate agents in St.Charles Parish say they deal with amarket that fluctuates on a month-to-month basis.

“The market becomes busy fromsummer through fall when we get expan-sions and relocations, but it drops offafter September and October,” saidDaniel Poulin, senior regional managerfor Sealy and Co. “It’s a quirk that themarket has always experienced, and it’shard to really explain.”

Poulin, whose firm manages 18 of the49 buildings in the James Business Parkin St. Rose, said occupancy in most ofthe commercial properties is between 81percent and 96 percent.

“There are very few spaces left forlease, but rents don’t constitute a needfor any new construction,” Poulin said.“We delivered our last building in JamesBusiness Park last year, but constructioncosts are much higher now.”

Aside from a handful of strip mallsgoing up in the Boutte area, the marketis not seeing much new construction.

“We are seeing some user construc-tion in the form of minor expansions,but that’s about it,” Poulin said.

Realtors in the Kenner area tell a sim-ilar but slightly more negative story.

Susan Wallace of Preferred Realty saidthe market experiences some fluctuation,but agents in most cases are not findingmany people looking for openings.

“Occupancy has dropped in the last sixmonths, but we are not losing clients andtenants to other markets,” Wallace said.“Tenants are doing things differently,whether it be downsizing or shutting downcompletely. But they aren’t just leavingKenner and going elsewhere. Companiesare hanging on to what they have.”

Wallace said landlords are looking for

new tenants, but they have yet to offermuch in the way of incentives to get peo-ple into spaces.

“We haven’t started offering free orreduced rents like other parts of thearea,” Wallace said. “We take it case bycase. We figure out what the tenant needsand determine how we can accommodatethem best.

“We thought we were recession-prooffor a while, but now we are slowly feelingsome of the effects of the national econo-my. There’s no way to tell how much wewill be affected, but we may not get hit asbad as other parts of the country have.”

Art Schwartz, a broker with Argote,

Derbes, Graham Shuffield and Tatje,said that although landlords are alwayslooking for tenants, there isn’t reallymuch space available in the market.

“There is nothing available if you arelooking for more than 30,000 squarefeet,” Schwartz said. “There is very littleClass A property in Kenner and most ofthat is full. The Class B property ismostly owner occupied.”

Schwartz said anyone consideringnew construction in the area wouldneed to have a tenant ready to move inimmediately.

“It is build-to-suit-needs right now,”Schwartz said.•

Daniel Poulin, senior regional manager for Sealy and Co., says there are few spaces left at James Business Park in St.Rose, but the area hasn’t reached a need for new construction.

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Kenner and St. Charles ParishREAL ESTATE TRENDS 2009

“We thought we were recession-proof for a while, but now we are slowly feelingsome of the effects of the national economy.”

Susan WallacePreferred Realty

RE_trends2009 11/2/09 11:17 AM Page 18


Kenner/St. Charles(ranked by total square feet)

2009Rank



Percentoccupied

Quotedrent ratehigh

Commonspace




1 2400 VeteransBuilding2400 VeteransMemorial Blvd.

133,195 76percent

$19 16percent

1982 5 33,000 availablenow

Greer RobertsNA

2 Two JamesPark120 Mallard St.

53,520 78percent

$17.50 NA 1981 3 4,149 immediate Jennifer A. LeeSealy and Co.St. Rose463-5600

3 2200 VeteransBlvd. Building2200 VeteransMemorial Blvd.

44,874 89percent

$15.50 13percent

1983/2006 2 2,662 5,357 Susan WallaceCassie GoldsboroPreferred RealtyInc.Metairie455-8644

4 One JamesPark100 JamesDrive

43,055 78percent


5 160 JamesDrive East160 JamesDrive East

25,772 100percent

$16.50 NA 1981 1 0 none Jennifer A. LeeSealy and Co.St. Rose463-5600

6 Five JamesPark110 JamesDrive West

24,018 77percent


7 3715 WilliamsBlvd. Building3715 WilliamsBlvd.

19,000 50percent

$19.50 NA 1981/2008 2 2,000 now Patrick T.BossettaStandardProperties LLCMetairie247-2128

8 First AmericanBank & OfficeBuilding11 James Blvd.

11,133 94percent

$15.50 10percent

1981/1999 2 696 availablenow

Charles M. MullinThe Mullin Co.Inc.St. Rose465-9345

9 CrouchBuilding231 WestEsplanade Ave.

5,250 57percent

$16 0 percent 2000 1 2,250 availablenow


10 14446 RiverRoad14446 RiverRoad

3,000 0 percent $12 0 percent 1899/2006 1 3,000 availablenow


11 11438 RiverRoad11438 RiverRoad

1,650 0 percent $25 0 percent 1990/2008 1 1,650 availablenow



RE_trends2009 11/2/09 11:17 AM Page 19


Mississippi River

U.S. 61

I-10

Illinois Central RRU.S. 61 (Airline)

Willi

ams

Blvd

.

St. C

harl

es P

aris

h

Jeff

erso

n Pa

rish

Loyo

la

Chat

eau

Blvd

.

W. Metairie Blvd.Kansas City Railroad

Veterans Blvd.

W. Esplanade

New OrleansInternational Airport

JamesBusiness

Park

Jefferson Hwy.

97

6

4

3

2

1

5

8

River Road10 11

Kenner and St. CharlesREAL ESTATE TRENDS 2009

MAP

By Robin [email protected] Writer

Despite a foundering national econo-my, real estate agents managing com-mercial properties in East Jefferson andMetairie say it is still one of the strongestmarkets in the New Orleans region. Butsigns of slight weakening have becomeevident in the past year.

Although many premium Class Aoffice buildings in the area have occupan-cy rates higher than 90 percent, a handfulof Class B buildings are seeing a bit of adrop in tenants.

Bruce Sossaman, leasing director forEquity Office Properties, said recent ClassB figures for the area show occupancy ratesnear 89 percent, down from 91 percent atthe beginning of the year. He said althoughthe number is still fairly strong, landlordsare struggling to get tenants into buildings.

“Businesses are having a hard time get-ting loans and mortgage companies areclosing,” Sossaman said. “Everyone isdoing either a one- or two-year deal now.”

Corporate Realty representative JeffCohn said some landlords are even offer-ing concessions, such as reduced rent andthe possibility of one or two months offree rent, to get tenants into buildings.

“Two years ago, no one in Metairiehad to offer free rent,” Cohn said. “Now it

is being offered as an enticement to getpeople into a space. It is definitely a ten-ant’s market right now.”

Cohn said the market is no longer see-ing the boom it enjoyed in the monthsafter Hurricane Katrina, when contractorswere moving into the area at a rapid rate.

Ben Frank, a financial consultant with Compass Capital Management, left, talks with Corporate Realty sales andleasing agent Jeff Cohn about Compass Capital’s recent move into the 3445 N. Causeway Blvd. building.

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Metairie and East JeffersonREAL ESTATE TRENDS 2009

RE_trends2009 11/2/09 11:17 AM Page 20


He said bigger companies are downsizingand smaller companies are pulling out orgoing out of business.

“There are even some patches of retailspace available,” Cohn said. “LakesideMall has room to rent. I’ve never seen that.

Jeanne Booth of SRSA CommercialReal Estate said tenants and landlords arestaring to approach the market in a moreconservative manner to see where theycan save.

“Landlords are looking for strong cred-itworthiness and longer leases, and tenantsare also checking into the track record ofthe landlord,” Booth said.

Booth and Sossaman say the market isallowing tenants more flexibility to findwhat they want, where they want to be.

“Renters can shop around a bit,”Sossaman said. “They are able to find aspace that suits their needs and suits theirbudget. I don’t think anyone is choosingone class over another.”

Sossaman said rental rates, which peakat about $24 per square foot in Class A, arestill not high enough to allow for any newconstruction in the market. He said rateswould have to jump higher than $30 persquare foot before any talk of new con-struction begins. •

Select Properties, Ltd.

Select Properties can fulfill your office space needs at one of our conveniently located, well-maintained five office buildings in Metairie. Please allow our staff of qualified professionals(with CPM and CCIM credentials) to assist you in maximizing your office potential.Specializing in commercial real estate since 1982, Select Properties is an IREM AccreditedManagement Organization with offices in Metairie, Baton Rouge, and Lafayette. Call ustoday for leasing, sales, brokerage, asset management, construction and consulting.

Riverside Office Buildings I and II6660 and 6620 Riverside Dr., Metairie

Causeway Highrise3421 N. Causeway Blvd., Metairie

New Orleans Metro Area PropertiesOffice Buildings

3421 Office Tower3421 N. Causeway Blvd., Met.

Medical Plaza I & II3901 Houma Blvd., Met.

Riverside I & II6660 and 6620 Riverside Dr., Met.

Residential

River Vieux Terrace Condominiums520 St. Philip St., New Orleans

Retail

The K-Mart Shopping Center2840-2940 Veterans Memorial Blvd., Met.

Borders Retail Center3131 Veterans Blvd., Met.

For Professional Asset Management, Leasing & SalesAlso Offices and Properties in Baton Rouge & Lafayette Individual Members

CERTIFIEDPROPERTYMANAGER®

ACCREDITEDMANAGEMENTORGANIZATION®

SELECT PROPERTIES, LTD. • 833-00446620 Riverside Drive • Suite 300 • Metairie, LA 70003 - 7109

This 100,000 sq ft single-story building, presently houses two major corporateoperations centers. Jefferson Business Center currently has available approximately40,000 sq ft of office space with 140 parking spaces.

· on-site management and maintenance team· 24 hour security· sprinkler systems and chemical fire suppression

The building also features· (2) 750 KW Generators with 100% Redundant Power· HVAC and Humidity Controls for IT needs· Raised floor with under floor wiring for ease of renovations· Hurricane evacuation security shuttering system

For more Information Contact:Linda McGhee, Lease Coordinator: 504-957-2543Joyce Riedl, Property Manager: 504-390-7412Robert S. Maloney, Jr.: 504-460-7499

JB

C

OFFICE SPACE FOR LEASEJefferson Business Center, LLC

5401 Jefferson HighwayNew Orleans, LA 70123

RE_trends2009 11/2/09 11:17 AM Page 21


Metairie/East Jefferson(ranked by total leaseable square feet)

2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace


Largestblock ofspaceavailable (sq.feet) Availability


1 Three LakewayCenter3838 N.Causeway Blvd.

471,745 94percent

$23 NA 1987/1996 34 9,663 immediate Bruce SossamanEquity OfficePropertiesMetairie219-5842

2 GalleriaOne Galleria Blvd. 465,985 93percent $23 15percent 1986/2008 22 8,791 31,337 Jeff CohnCorporate RealtyInc.New Orleans581-5005

3 Two LakewayCenter3850 N.Causeway Blvd.

449,339 91percent


4 Heritage Plaza111 VeteransBlvd.

353,003 83percent

$21.50 15percent

1983/2007 18 12,365 59,325 Gaines SeamanStirling PropertiesMetairie834-1111

5 One Lakeway3900 N.Causeway Blvd.

300,816 90percent


6 Executive Tower3500 N.Causeway Blvd.

184,147 89percent

$16 12percent

1972/ongoing

14 4,300 immediate Juli W. MailletSecurity NationalPropertiesBaton RougeNA

7 110 VeteransBuilding110 VeteransMemorial Blvd.

129,000 94percent

$18.50 16percent

1972/2005 5 6,464 availablenow

Greer RobertsNA

8 Regions BankBuilding3525 N.Causeway Blvd.

128,000 90percent

$16 15percent

1970/currently

10 6,200 immediate Praveen KailasDenise GainesTower RealtyMetairie828-9700

9 3445 N.Causeway Blvd.3445 N.Causeway Blvd.

127,859 81percent

$18 15percent

1969/2008 10 6,537 24,031 Jeff CohnCorporate RealtyInc.New Orleans581-5005

10 3421 N.CausewayHighrise3421 N.Causeway Blvd.

125,150 84percent

$18.50 14percent

1973/2006 10 6,333 immediate Ronnie R. RauberSelect PropertiesLtd. RealtyMetairie833-4494

11 3501 N.CausewayBuilding3501 N.Causeway Blvd.

112,741 81percent

$18 15percent

1973/ongoing

10 10,500 immediate Jeanne BoothSRSA CommercialReal Estate Inc.Metairie831-2363

12 Causeway PlazaIII3330 W.Esplanade Ave.

108,718 96percent

$19.50 15percent

1983/2006 6 2,896 immediate Jeff CohnCorporate RealtyInc.New Orleans581-5005

CORNER of Causeway Blvd. & West Esplanade Ave.

One (1) Minute from Causeway Bridge at N. Causeway and West Esplanade

Regions Bank Building, 3525 N. Causeway Boulevard is a ten (10) story high Class B office towersituated at the best Metairie CBD location offering sweeping lake views. Flexible floor plans;newly renovated common areas, elevators and lobby; more than ample parking, covered anduncovered is available at the most competitive rental rates. The Caboose Restaurant andRegions Bank are located on the first floor to satisfy your every need.

Call Praveen Kailas, Tower Realty, at (504) 828-9700www.3525Causeway.com

RE_trends2009 11/2/09 2:13 PM Page 22



2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace




13 Causeway PlazaII3300 W.Esplanade Ave.

108,520 92percent

$19.50 15percent


14 Causeway PlazaI3510 N.Causeway Blvd.

108,480 96percent

$19.50 15percent


15 JeffersonBusiness Center5401 JeffersonHighway

99,410 52percent

$13.50 NA 1982/currentlyunderrenovation

1 47,950 in threemonths

John Callegari309-7412

16 880 CommerceRoad West880 CommerceRoad West

93,629 98percent

$19 NA 1979/1991 5 2,400 immediate Mike WhitsellKirsten EarlySRSA CommercialReal Estate Inc.Metairie831-2363

17 800 WestCommerce800 CommerceRoad West

91,628 97percent

$19 NA 1979/2004 5 2,315 availablenow

Kirsten EarlySRSA CommercialReal EstateMetairie831-2363

18 Metairie OfficeTower433 Metairie Road

91,381 77percent

$20 15percent

1970/2002/2009

6 9,728 availablenow

Connie YoungChiasson DouglassThe FeilOrganizationMetairie833-6334

19 Metairie Center2424 EdenbornAve.

90,383 90percent

$19.50 15percent

1986/2002 6 5,640 availablenow

Philip BulliardNA

20 Severn Place2450 Severn Ave. 87,151 100percent $19.50 15percent 1982/2006 5 0 NA Philip BulliardNA21 StewartEnterprises

CorporateHeadquarters1333 S. ClearviewParkway

87,000 100percent

$0 NA 1974/1997 5 NA NA company ownsbuildingNA

22 LakesideProfessionalOffice Building I4720 S. I-10Service Road

74,831 81percent

$0 NA 1988/2005 5 NA NA Kim BayerPacific MedicalBuildingsNA

23 Elmwood Oaks201 Evans Road 71,985 80percent $17 6 percent 2009 1 4,005 immediate Mike WhitsellMike Whitsell &Associates LLCMetairie669-4494

24 Interstate II3636 S. I-10Service Road

60,000 88percent

$17.25 15percent

1980/2008 3 NA NA Colleen KuebelBerthelotCorporate RealtyNew OrleansNA

25 990 N. CorporatePark990 N. CorporatePark

58,646 93percent

$19 NA 1979/1992 3 4,033 availablenow

Kirsten EarlySRSA CommercialReal EstateMetairie831-2363

26 Riverside II6620 RiversideDrive

57,844 85percent

$18.50 15percent

1983/2006 3 6,248 Immediate Ronnie R. RauberSelect PropertiesLimited RealtyMetairie833-4494

27 Medical Plaza I &ll3901 HoumaBlvd.

52,232 93percent

$19 15percent

1972/2006 3 2,380 immediate Ronnie R. RauberSelect PropertiesLimited RealtyMetairieNA

RE_trends2009 11/2/09 11:17 AM Page 23



2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace




28 3340 Severn3340 Severn Ave. 45,000 75percent $17.50 15percent 1981/2006 4 6,900 immediate Colleen KuebelBerthelotCorporate RealtyNew Orleans581-5005

29 Favrot & ShaneBuilding3925 N. I-10Service Road

44,992 93percent

$17.25 13percent

1981/2006 2 1,325 3,370 Susan WallaceCassie GoldsboroPreferred RealtyInc.Metairie455-8644

30 Bank ofLouisiana3340 Severn Ave.

44,000 75percent

$18 15percent

1980/2006 4 7,500 immediate Colleen KuebelBerthelotCorporate RealtyNew OrleansNA

31 Coldwell BankerBuilding4051 VeteransBlvd.

40,000 92percent

$16 15percent

1970/2006 4 3,288 immediate David WrightColdwell BankerTEC RealtorsMetairie828-9700

32 3200 RidgelakeBuilding3200 RidgelakeDrive

40,000 86percent

$17.50 15percent

1984/2005 4 2,900 5,800 Colleen K.BerthelotCorporate RealtyNew Orleans581-5005

33 3939 N.Causeway Blvd.3939 N.Causeway Blvd.

40,000 100percent

$19 15percent

1971/2006 4 0 0 Colleen K.BerthelotCorporate RealtyNew Orleans581-5005

34 Interstate I3616 S. I-10Service Road

40,000 75percent

$17.25 15percent

1979/2008 2 5,000 immediate Colleen KuebelBerthelotNA

35 Louisiana CreditUnion Center824 ElmwoodPark Blvd.

38,629 89percent

$16.50 NA 1984/1998 NA NA NA Judy SlackNAI Latter & BlumInc./RealtorsNew Orleans569-9452

36 Wagner & Truax2121 N.Causeway Blvd.

35,000 95percent

$15.50 12percent

1965, 1975,1978, 2000

2 1,200 immediate Edward RowleyWagner & TruaxCo. Inc.Metairie830-7300

37 4141 Veterans4141 VeteransBlvd.

32,339 85percent

$18 15percent

1969/2006 3 1,169 4,743 Matt TaylorProperty One Inc.Metairie681-3400

38 Boy Scouts ofAmerica4200 S. I-10Service Road

32,321 97percent

$13.50 15percent

1984/2006 2 1,013 1,013 Matt TaylorProperty One Inc.Metairie681-3400

39 Riverside I6660 RiversideDrive

31,699 77percent

$18.50 15percent

1981/2006 3 2,749 Immediate Ronnie R. RauberSelect PropertiesLimited RealtyMetairie833-4494

Premier Veterans Office SpaceThe Coldwell Banker Building located at 4051 Veterans Boulevard is a four (4) storywhite office building in a very prime Metairie location between Cleary Avenue andClearview Parkway on the north side of Veterans. Various renovated offices with largewindows overlooking Veterans in the front and the neighborhood in the rear. Excellentparking on all sides of the building and available pylon signage in front. Very reasonablerental rates. First floor space available.

Call Praveen Kailas, Tower Realty, at (504) 828-9700www.4051Veterans.com

RE_trends2009 11/2/09 2:14 PM Page 24



2009Rank



Percentoccupied

Quotedrentratehigh

Commonspace




40 NY-II OfficeBuilding2750 Lake VillaDrive

30,114 85percent

$17 12percent

1985/2005-2006

3 2,601 immediate Frederick J. TuftsCrutcher-TuftsCorp.Metairie887-9327

41 Crutcher-TuftsBuilding3545 N. I-10Service Road

29,002 88percent

$17.50 13percent

1970/2006 3 9,612 NA Frederick J. TuftsCrutcher-TuftsCorp.Metairie887-9327

42 2626 NorthArnoult Building2626 N. ArnoultRoad

26,870 100percent

$16.75 15percent

1978/1993 2 0 0 Dale C. HigginsNA

43 Capital OneBuilding2201 VeteransBlvd.

25,000 95percent

$18.50 NA 1975/2007 4 1,421 NA Tracey T. TarletonSizeler Realty Co.Inc.Metairie471-6200

44 FGS Building4300 S. I-10Service Road

24,498 90percent

$17 13percent

1981/2006 2 829 2,298 Susan WallaceCassie GoldsboroPreferred RealtyInc.Metairie455-8644

45 LakesideProfessionalOffice Building II4740 S. I-10Service Road

24,059 83percent

$0 NA 1980/2005 3 NA NA Kim BayerPacific MedicalBuildingsNA

46 LakesideMedical OfficeBuilding III4770 S. I-10Service Road

19,718 100percent

$0 NA 1980/1997 2 NA NA Susie WhiteFertility Institute ofNew OrleansNew OrleansNA

47 Enterprise Rent-a-Car3529 N. I-10Service Road

18,096 100percent

$18 NA 1971/1999 1 0 NA Frederick J. TuftsCrutcher-TuftsCorporationMetairie887-9327

48 2601 N. Hullen2601 N. Hullen 14,600 80percent $13.99 15percent unknown 2 3,500 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929

49 Favrot & ShaneAnnex3945 N. I-10Service Road

6,000 100percent

$16.75 NA 1982/2006 2 0 0 Cassie GoldsboroSusan WallacePreferred RealtyMetairie455-8644

50 3330 Lake Villa3330 Lake Villa 5,856 55percent $15 15percent 1969/2006 2 1,330 2,648 Matt TaylorProperty One Inc.Metairie681-3400

51 3841 Veterans3841 VeteransBlvd., Suites 103and 200

3,077 75percent

$26 15percent

2006 2 1,570 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929

52 1321 Hickory1321 HickoryAve., No. 100

3,000 100percent

$11.80 200percent

unknown 2 3,000 availablenow

Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929

53 2301 N. Hullen2301 N. Hullen,Suite 103

1,540 100percent

$9.35 175percent

2007 2 9,300 availablenow

Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929

NA=not available/not applicableThe above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, New Orleans CityBusiness Newspaper,111 Veterans Blvd., Suite 1440, Metairie, LA 70005.

RE_trends2009 11/2/09 11:17 AM Page 25


W . Esplanade

Lake PontchartrainMetairie

Davi

d Dr

.Po

wer

W . Metairie Ave.

Airline Dr.

RAILROAD

Jefferson Hwy

Harahan

BrookhollowCitrus

Jefferson

Hwy

S. Claiborne

Metairie Rd.

Evans

Edw

ards

Seve

rn

TolerPlantation

I-610

N. A

rnou

lt

Mounes

Tra

nsco

ntin

enta

lI-10

Caus

eway

Bonn

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Metairie and East JeffersonREAL ESTATE TRENDS 2009

RE_trends2009 11/2/09 11:17 AM Page 26


By Garry [email protected] Writer

Long accustomed to annual increasesin sales and prices, North Shorecommercial real estate agents say theyare getting hit from two sides — over-built office and retail space along withthe effects of a recessed economy.

“To put it bluntly, there aren’t enoughbusinesses right now on the North Shore tosupport all of the existing — new and old —commercial real estate,” said David Wright,a commercial sales associate for ColdwellBanker Commercial TEC Realtors Inc.

Small businesses have been strug-gling this year. And because they aredownsizing, they don’t need as muchspace, Wright said.

“On top of that, some people, toreduce expenses, have closed theiroffices and are doing their work out oftheir houses, which only creates morevacant commercial space.”

To make matters more challenging,said Ted Moses, a real estate adviser forPrudential Gardner Realtors inMandeville, there has been some over-building on the commercial side.

A prominent player in the NorthShore real estate market for more thanthree decades, Moses said older buildingsfilled up after Katrina, driving the con-struction of new ones. Those new build-ings are now experiencing vacancies.

The reason, he said, is because newerproperty costs more to rent.

“People like the nice new spaces butdon’t want to pay the $30 a square foot ittakes to rent them out,” Moses said.

As a result, Moses said he is seeingmore small-tenant space, situations wheretwo tenants occupy 300 or 400 squarefeet as opposed to 5,000 square feet.

“A 2,500-square-foot tenant rightnow would be a big deal,” he said.

The North Shore commercial sectoris also contending with the nationalrecession, which has produced a dropoff in sales for local retailers and demandfor larger commercial space.

But Grady Brame, executive vicepresident of Stirling Properties inCovington, thinks the last quarter of2009 will show improvement over thefirst depressing months of the year.

“With discounters and the foodstores, we did not see as much of a nega-tive dip as we did in some of the clothingor department stores,” he said.

The overall downward trend, Bramesaid, may have run itself out.

“We are actually now seeing sales formany retailers stabilizing and maybeeven trending a little upward.”

That pattern more than likely means

next year is going to be stronger for thecommercial side, Brame said.

Michael Siegel, executive vice presi-dent of Corporate Realty, thinks anotherreason why commercial real estateprospects on the North Shore may belooking promising is their size.

“Yes, there has been some overbuild-ing. But because the market is small, itwon’t take much for it to come backwhen the economy itself improves. Thatmay be already happening a little.”

Moses said St. Tammany Parish’slong-term growth rate, which has seen an18 percent population jump from192,000 in 2000 to 228,000 last year, willalso bolster prospects for a better 2010.

“That rate of growth is one of ourassets up here,” Moses said, “and hasbeen for a long time.”•

Grady Brame, executive vice president of Stirling Properties in Covington, and Gretchen Dauterive, a commercial salesand leasing executive with Stirling, discuss floor plans for an open space at NorthPark Business Park.

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North ShoreREAL ESTATE TRENDS 2009

“A 2,500-square-foot tenantright now would be a big deal.”Ted Moses

real estate adviser for Prudential Gardner Realtors in Mandeville

RE_trends2009 11/2/09 11:17 AM Page 27


North Shore office buildings(ranked by total leaseable square feet)

2009Rank

BuildingnameAddress


Percentoccupied

Quotedrentratehigh

Commonspace




1 NorthparkCorporateCenter109 NorthparkBlvd.

103,222 94percent

$23.50 24percent

1986 5 5,170 immediate Lee M. de la HoussayeStirling PropertiesCovington(985) 898-2022

2 CypressBend OfficeBuilding1001 OchsnerBlvd.

102,198 73percent

$30 12percent

2009 4 20,000 43,689 Marcia D'AmicoMike D'AmicoProperty One Inc.Mandeville(985) 674-1197

3 Mariner'sPlaza200 Mariner'sPlaza

81,762 77percent

$18 NA 1983/2007 2 2,288 NA Ted H. MosesPrudential GardnerRealtorsMandeville(985) 626-8589

4 LakeviewRegionalMedicalOfficeBuilding101 E.Fairway Drive

72,302 NA NA NA 1995 NA NA NA Kim BayerPMB Real Estate(504) 455-9060

5 NorthparkCorporate ll103 NorthparkBlvd.

69,905 78percent

$24 15percent

1998 3 0 NA Lee M. de la HoussayeBarry SpizerStirling PropertiesSRSA Commercial RealEstate Inc.CovingtonMetairie(985) 898-2022; (504)831-2363

6 Covington'sVillage Walk5100 VillageWalk

45,000 NA $20 NA 2001 NA NA NA Rita MoreciPhoenix CovingtonAssociatesCovingtonNA

7 SlidellMemorialHospitalMedicalOfficeBuilding l1051 GauseBlvd.

43,671 93percent

NA NA 1993 4 1,800 NA Elizabeth TeagueNA

8 SlidellMemorialHospitalMedicalBuilding lll1150 RobertBlvd.

41,342 94percent

NA NA 1999 3 NA NA Elizabeth TeagueNA

9 WoodsideEnergyBuilding830 W.CausewayApproach

40,000 80percent

$28 10percent

2008 2 8,000 8,000 Marcia D'AmicoMike D'AmicoProperty One Inc.Mandeville(985) 674-1197

10 Dalwill Place999 DalwillDrive

32,000 0 percent $24 NA underconstruction

2 20,000 Fall '09 NA

11 PontchartrainPlace1501-1535 W.CausewayApproach

25,500 100percent

$20 0 percent 1998 2 0 0 Barry EscherRe/Max CommercialBrokers Inc.MandevilleNA

12 No. 3SanctuaryNo. 3SanctuaryBlvd.

21,000 100percent

$23 NA 2000 3 NA NA Marlene ZahnCindy SaiaMamie HenryNA

RE_trends2009 11/2/09 11:17 AM Page 28



2009Rank

BuildingnameAddress


Percentoccupied

Quotedrentratehigh

Commonspace

Yearbuilt/renovated Floors



13 No. 5SanctuaryBlvd.No. 5SanctuaryBlvd.

21,000 100percent

$22 NA 2006 3 NA NA Marlene ZahnCindy SaiaMamie HenryNA


21,000 98percent

$21 NA 1998 3 1,006 immediate Marlene ZahnCindy SaiaMamie HenryNA


21,000 97percent

$21 NA 2004 3 1,670 immediate Marlene ZahnCindy SaiaMamie HenryNA

16 TheAllstateBuilding111 ParkPlace

20,153 100percent

$20 NA 1998 1 0 NA Barry SpizerSRSA Comercial Real EstateInc.Metairie(504) 831-2363

17 StirlingPlace1321 W.CausewayApproach

20,000 90percent

$22 0 percent 2005 1 2,000 immediate Barry EscherRe/Max Commercial BrokersInc.MandevilleNA

18 SlidellMemorialHospitalMedicalOfficeBuilding ll901 GauseBlvd.

18,522 100percent

NA NA 1997 2 NA NA Elizabeth TeagueNA

19 TammanyHomeCenter2101 U.S.Highway190

17,000 83percent

$11.30 NA 1970 2 1,912 immediate Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695

20 Crossroads1705Highway 59

17,000 80percent

$14 NA NA NA 3,245 immediate Joseph W. Carroll IILatter & Blum, Inc.Mandeville(985) 626-5695


16,000 89percent

$21 NA 1997 3 1,068 immediate Cindy SaiaMarlene ZahnMamie HenryNA

22 Iberia BankBuilding4565LaSalle St.

16,000 100percent

$23 NA 1980 3 NA NA Marcia D'AmicoMike D'AmicoProperty One Inc.MandevilleNA

23 Park PlaceOfficeBuilding106 ParkPlace

15,850 61percent

$21 15percent

1986 3 6,237 immediate Lee M. de la HoussayeStirling PropertiesCovingtonNA

24 111 N.CausewayBuilding111 N.CausewayBlvd.

15,400 90percent

$13 NA 1980 2 1,000 immediate Joseph W. Carroll IILatter & Blum Inc.MandevilleNA

25 Brookside1011 N.CausewayBlvd.

14,400 83percent

$13 NA NA 1 900 immediate Ted MosesPrudential Gardner RealtorsMandeville(985) 626-8589

RE_trends2009 11/2/09 11:17 AM Page 29



2009Rank

BuildingnameAddress


Percentoccupied

Quotedrentratehigh

Commonspace

Yearbuilt/renovated Floors



26 AllstateInsuranceBuilding2401 N. U.S.Highway 190

14,039 64percent

$13.50 NA 1998 2 5,100 immediate Will BarroisStirling PropertiesCovingtonNA

27 The EdsonBuilding21357 MarionLane

13,222 52percent

$14 NA NA NA 1,780 immediate Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695

28 OPS OfficeBuilding1206 ParkDrive

12,034 72percent

$15 811percent

1998/2003 2 2,953 now Roxie MeyersAvalarMandevilleNA

29 Fountainhead61445Lemieux

7,783 0 percent $10,000 NA NA NA 7,783 immediate Joseph W. Carroll IILatter & Blum Inc.MandevilleNA

30 847 GalvezOfficeBuilding847 GalvezSt.

7,464 86percent

$30 11percent

2009 2 900 immediate Ted MosesPrudential Gardner RealtorsMandeville(985) 674-8887; (985)626-8589

31 BrooksideOfficeBuilding101 BrooksideDrive

5,100 0 percent $10 NA NA 1 5,100 immediate Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695

32 1150 N.CausewayBlvd.1150 N.CausewayBlvd.

5,000 70percent

$18 NA 1988 1 1,500 12/01/08 Jeffrey H. St. RomainNA

33 ProfessionalVillage700 GauseBlvd.

4,750 70percent

$15 NA 1981/2007 3 1,863 4,750 William L. Treadway(985) 626-2954

34 North StarTheater347 Girod St.

3,500 72percent

$13 NA unknown/2006

2 990 NA Ted MosesPrudential Gardner RealtorsMandeville(985) 626-8589

35 880 Lafayette880 Lafayette 3,000 1,000percent $12 NA NA 1 3,000 NA Joseph W. Carroll IILatter & Blum Inc.Mandeville(985) 626-5695

36 220 DalwillBuilding220 DalwillDrive

1,832 100percent

$12 NA 2006 1 NA NA Joseph W. Carroll IILatter & Blum Inc.MandevilleNA

37 1795 W.CausewayApproach1795 W.CausewayApproach,Suite 103A

1,000 100percent

$18.36 200percent

unknown 2 1,000 September1, 2009

Skip WeberNAI/Latter & Blum Inc.RealtorsNew Orleans(504) 887-3929

NA=not available/applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.

RE_trends2009 11/2/09 11:17 AM Page 30


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North ShoreREAL ESTATE TRENDS 2009

West BankREAL ESTATE TRENDS 2009

By Garry [email protected] Writer

Mike Suleiman feels as though he iscaught between good and bad times. “Everything was great,” he said,

when he first laid out plans in 2006 tobuild an 18-store shopping center at2201 Barataria Blvd. “There was allkinds of new commercial building goingon all over the West Bank.”

But by the time that property, official-ly called Barataria Plaza LLC, openedfor business in 2007, Suleiman alreadywas seeing early signs of a recession.

“Then last year the economy col-lapsed, and everything went upsidedown,” Suleiman said, explaining thatfrozen credit has turned out to be hisgreatest challenge.

“People cannot get money to start abusiness and rent out a space, and thosewho might have $50,000 or $100,000

Thomas Naoum of Dover Construction, left, reviews statistics about the former Circuit City location on LapalcoBoulevard in Marrero with David Wright, Coldwell Banker senior commercial executive.

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continued on page 32

RE_trends2009 11/2/09 11:17 AM Page 31



on hand don’t want to risk it.”Even so, Suleiman has managed to rent

out some of his space to tenants, includinga dance studio and a hair and nail salon.And he remains optimistic that by asking$14 per square foot for spaces ranging insize from 1,100 to 6,000 square feet, he isgoing to weather the storm.

“This is a good deal,” Suleiman said.Such deals can be found throughout

the West Bank, said Walter King, a bro-ker with Signature Properties.

“2009 is a great time for any businessto make a move into a new spacebecause they can get things muchcheaper now than when the economywent south,” he said.

What may slow the economic recov-ery of the West Bank, King said, is a lackof space.

“Businesses like brand new places,” hesaid. “But there really isn’t that much ClassA space left. You have a little in Algiers

and along Manhattan Boulevard, andthat’s about it. And the space that is avail-able on Manhattan is moving pretty fast.”

Jack Stumpf, president of JackStumpf and Associates Inc. in Harvey,sees the same problem.

“There are really very few tracts leftfor commercial development,” Stumpfsaid. “If you look at the major arteries,you may have one or two sites on BelleChasse Highway, maybe one or two onLapalco, but nothing really to speak ofon Manhattan or Barataria. The major

arteries are pretty well sold out.”Even so, David Wright, a commercial

sales associate with Coldwell BankerCommercial TEC Realtors, said com-mercial property on the West Bank hasnever been a boom and bust market.

“It stays in the middle area, which isgood,” Wright said.

Greg Lier, executive vice presidentwith the Rathborne Commercial andIndustrial Properties in Harvey, agrees.

“That kind of cycle makes the WestBank a much more stable market,” Liersaid. “We deal primarily with industrialreal estate, and even in this area theWest Bank has been pretty solid. Whatnew building there has been has typical-ly been owner- or user-occupied doingthe construction.”

That sort of stability, Stumpf said,means it will take less for the West Bankto come out of the downturn than otherparts of the country.

“We just don’t know when that’s goingto happen.”•

To Huey Long Bridge

Uptown

Central Business District

Crescent City Connection

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West Bank Expressway

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9

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MAP


continued from page 31

“2009 is a great time for anybusiness to make a move into anew space because they can getthings much cheaper now thanwhen the economy went south.”

Walter Kingbroker with Signature Properties

RE_trends2009 11/2/09 11:17 AM Page 32


West Bank(ranked by total leasable space)

2009Rank

BuildingnameAddress


Percentoccupied

Quotedrentratehigh

Commonspace




1 OakwoodCorporateCenter401 WhitneyAve.

132,454 96percent

$19.50 15percent

1983/2008 6 1,645 immediate Connie YoungChiasson-DouglassThe FeilOrganizationMetairie833-6334

2 TimbersOfficeBuilding3520 GeneralDeGaulleDrive

128,183 90percent

$16 12percent

1984/1995 5 4,815 13,661 Beau JenkinsSecurity NationalPropertiesBaton Rouge368-6556

3 WestparkOfficeBuilding1 SeineCourt

108,889 100percent

$21 NA 1983/1997 6 0 0 Cres GardnerBryan BurnsCres GardnerTranswesternNew Orleans799-3124

4 LapalcoSquare1545 LapalcoBlvd.

48,000 77percent

$12 0 percent 1986 1 5,500 11,000 Jack Stumpf366-6800

5 2550Building2550 BelleChaseHighway

42,120 100percent

$17 5 percent 1983 NA NA NA John Joseph FarrellNA

6 MG Plaza1604 BelleChaseHighway

30,000 96percent

$15 10percent

1984/2006 3 1,200 immediate Jack Stumpf366-6800

7 Mac ArthurProfessionalBuilding3712 MacArthur Blvd.

27,439 75percent

$14 NA 1971/1991 2 3,394 NA Stephanie HilfertySRSA CommercialReal EstateMetairie831-2363

8 CypressPark405 GretnaBlvd.

24,248 100percent

$15 4,351percent

1976/2006 2 14,290 NA A. K. GordonCrown Properties,Inc.Gretna366-4001

9 MarreroLand OfficePlaza5201WestbankExpressway

23,310 100percent

$14.75 15percent

1971/1991 4 0 NA Vincent VastolaMarrero Land &ImprovementAssociation Ltd.Marrero341-1635

10 3221BehrmanPlace3221BehrmanPlace

16,500 95percent

$16.50 0 percent 1970/2000 2 800 Nov. 1. 2009 Jack Stumpf366-6800

11 Plaza West3201 GeneralDeGaulleDrive

16,000 100percent

$14 0 percent 1983/2006 2 NA NA Jack Stumpf366-6800

12 1141Building1141Whitney Ave.

15,000 100percent

$8 0 percent 1981/2002 2 0 NA Jack Stumpf366-6800

13 2766 BelleChasse2766 BelleChasseHighway,Suites A-07and A-10

2,220 0 percent $9.84 0 percent unknown 2 1,220 immediate Skip WeberNAI/Latter & BlumInc. RealtorsNew Orleans887-3929

NA=not available/noy applicable The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, NewOrleans CityBusiness Newspaper, 111 Veterans Blvd., Suite 1440, Metairie, LA 70005.

RE_trends2009 11/2/09 11:17 AM Page 33


Commercial leasing companies(ranked by commercial square feet leased)

CompanyAddress

Commercialsquare feetleased

Leasing breakdown insquare feet (office/retail/other)

Top local executiveTitlePhoneFax

Top three leases (lessee,square feet)

Stirling Properties109 Northpark Blvd., Suite300Covington 70433

2,700,000 office 2.1 million; retail600,000

Martin A. Mayerpresident and CEO(985) 898-2022(985) 898-2077

WND

Corporate Realty Inc.201 St. Charles Ave., Suite4411New Orleans 70170

2,676,000 retail 1.2 million; office 1.47million

Michael J. Siegelexecutive vicepresident581-5005581-2605

Liskow & Lewis, 70,364;Regions Bank, 56,222; Dick'sSporting Good 50,000

Max Derbes Inc.5440 Mounes Blvd., Suite100Elmwood Business ParkNew Orleans 70123

2,375,000 industrial 2.33 million; office44,000

David B. Quinnpresident733-4555733-5518

Almonaster Ave. 115,000(industrial); Harbor Circle56,000 (industrial); TimesaverAve. - 48,000 (industrial)

SRSA Commercial RealEstate2555 Severn Ave., Suite 200Metairie 70002

2,257,903 office 668,470; retail 955,034;industrial 354,973; other279,426

Barry Spizer, SteveReisig, DonSchwarcz, KirstenEarlyprincipals831-2363456-8995

Allstate, 46,866; Wells Fargo,32,814; Ostler Int., 27,752

Bridgewater Properties5612 Jefferson HighwayElmwood 70123

1,920,400 office 72,000; retail 41,600;other 1,806,800

Robert D. BridgewaterJr.managing broker andowner733-9638734-1897

WND

Sealy and Company150 James Drive E., Suite140St. Rose 70087

1,725,553 146,365 office; 1.69 millionindustrial

Daniel P. Poulinsenior regionaldirector463-5600463-5650

Ostler d.b.a. Certifit, 27,752;Kongsberg, 27,636;Progressive, 27,687

Jones Lang LaSalleAmericas Inc.1515 Poydras St., Suite1970New Orleans 70112

1,668,541 WND Greg Rierasenior vice president585-2670585-2674

WND

Latter and Blum Cos.430 Notre Dame St.New Orleans 70130

1,321,904 industrial 659,897; office159,152; retail 502,855

Robert W. Merrickchairman and CEO525-1311569-9336

WND

CB Richard Ellis701 Poydras St., Suite 3870New Orleans 70139

1,256,991 office 1.21 million; retail41,788; other 5,000

Russell Marchandsenior propertymanager323-7000323-7052

Shell Oil, 701,759; Adams &Reese, 99,078; Liskow Lewis,70,764

Rathborne Cos. LLCP.O. Box 157Harvey 70059

1,122,000 office 16,000; warehouse1,106,000

J. CorneliusRathbornepresident and CEO368-6355368-6388

WND

Marrero Land andImprovement AssociationLtd.5201 WestbankExpressway, Suite 400Marrero 70072

1,031,567 office 125,000; retail 500,000;other 406,567

N. Buckner Barkleypresident341-1635340-4277

WND

Kailas Cos. / Tower Realty3525 N. Causeway Blvd.,Suite 1040Metairie 70002

726,767 office 204,251; retail 490,416;other 32,100

Mohan Kailaspresident and CEO828-9700828-9717

First NBC, 49,357; RegionsBank, 10,531; Regions Bank,28,907

Coldwell BankerCommercial TEC RealtorsInc.400 Poydras St., Suite 2650New Orleans 70130

519,200 80 percent office; 10 percentretail; 10 percent other

Mark E. Inmanmanaging broker566-1777566-1775

WND

The above information was provided by the companies themselves. Any additions or corrections should be sent on company letterhead to Research, New Orleans CityBusiness Newspaper,111 Veterans Blvd., Suite 1440, Metairie, LA 70005.

RE_trends2009 11/2/09 11:17 AM Page 34

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