DDD RELEASES Q2 MARKET REPORT
The Downtown Development District released the Q2 2023 Market Report earlier this week. From April through June, Downtown hosted an average of 125,000 visitors, residents, and employees a day, welcomed new businesses, and celebrated the completion of a $41 million renovation and reopening of the Audubon Aquarium.
The office market conditions continue to exceed national trends, with a local 12.1% vacancy rate compared to the national average of 17.8%. One notable new tenant is Terry Dental Aesthetics, a newly constructed private dental practice on the ground floor of the Standard Condominiums in the South Market.
When asked what drove his decision to establish his office Downtown, Dr. Terry stated, “I was first attracted to South Market by the volume of economic development and the ever-growing residential population. A hive for trendy dining, entertainment, and cultural destinations, South Market is a vibrant community.”
Retail market conditions reflect an economic upturn and strong consumer spending Downtown. Retail rental rates have continued to increase, and new businesses continue to open their doors. Since the start of the year, at least 17 new retailers opened their doors in the first half of 2023, with five opening in the second quarter. The DDD excitedly welcomed Barrow’s Catfish, Big Little Kitchen, Dahla, French Truck Coffee, and Shaw Art Studio.
New multi-family residential projects were added to the construction pipeline in Q2. A new mixed-use property at 827 Carondelet plans to deliver 34 new apartments, the former site of the Louisiana Children’s Museum, 420 Julia, is being converted into a mixed-use complex that will include 70 new apartments as well as a 43-room hotel, and 1515 Poydras continues to explore converting 300,000 square feet of office space into multi-family housing.
The Q2 market report also details several of DDD’s priority initiatives and how they are being implemented. One of the highlights is a City Code Enforcement Agent and Title Inspector dedicated to Downtown quality-of-life code issues such as sanitation, sidewalks, graffiti, and rodents. Another is the Clan up to Get Down campaign that included a flier mailed to over 3,000 businesses, residents, and property owners outlining City appearance and cleanliness standards and provides resources to help property owners meet those standards.
You can read more about the market conditions in Downtown New Orleans, the factors that drive them, and how DDD is moving the needle toward a world-class Downtown in the Q2 2023 Market Report.