DOWNTOWN NEW ORLEANS DEMOGRAPHIC PROFILE APRIL 2018
April 1, 2018 On behalf of our Board of Commissioners and Downtown stake holders, I would like to welcome you to Downtown New Orleans. The Downtown Development District of New Orleans has compiled their annual demographic profile and an overview of statistics that defines the unique collection of neighborhoods that make up Downtown. We are excited that you are interested in exploring the opportunities in this wonderful part of the city. Downtown s redevelopment progress is impressive, with $7 billion in private investment over 10 years and the addition of major projects and retailers such as South Market, the Outlet Collection at Riverwalk, Neiman Marcus, Tiffany and Co, True Religion, MAC and Arhaus. In 2018, we are especially proud to see the opening of the new JUNG Hotel and the commencement of construction on the new Four Seasons Hotel, the Hard Rock Hotel and Residences, the new Sazerac Museum. As always, the DDD is eager to work with our partners to build on these successes. We continuously strive to improve quality of life Downtown. In addition to our cleaning and public safety programs, we are actively working to bring new word-class ammenities to Downtown. Notably, we are working to redevelop Duncan Park in the city s civic center and to expand our successful efforts to reduce homelessness. We hope you find this packet helpful in addressing your questions and needs. I personally encourage you to stay up on the latest Downtown news by signing up for the DDD newsletter, following us on Twitter and Instagram, and liking us on Facebook. We look forward to working with you. Best Regards, Kurt M. Weigle President & CEO Downtown Development District of New Orleans
DOWNTOWN NEW ORLEANS TODAY Downtown has been the commercial and residential heart of New Orleans for most its 300 years. In the past decade, Downtown has had an explosion of new activity: new apartments and condos, expanded museums, new hotels, renovated theatres, unprecedented retail expansion and a revitalized Mercedes Benz Superdome and Morial Convenion Center. There has never been a more exciting time to live in, work in or visit Downtown New Orleans. THE NEIGHBORHOODS OF DOWNTOWN Downtown is a collection of neighborhoods, each with its own spirit, attitude, and style. Whether a modern flat in the Central Business District or an urban Warehouse District condo is calling you home, there s something for everyone. Each of our neighborhoods Lafayette Square, Warehouse District, Canal Street Historic District, Central Business District, Arts District, Gravier-Common, South Market, Picayune Place, Riverfront, Sports & Entertainment District and the Medical District contribute to the variety and richness of Downtown. 8,928,318 SQUARE FEET OF CLASS A OFFICE 17,740,000 MILLION VISITORS ANNUALLY $7 BILLION OF INVESTMENT SINCE 2005 23 MUSEUMS AND ART GALLERIES 6,775 APARTMENTS AND CONDOS 59 SIDEWALK CAFES 175 RESTAURANTS AND BARS 142,764 RESIDENTS, WORKERS AND VISITORS DAILY 241 RETAILER STORES 7 PARKS AND SQUARES 20,355 HOTEL ROOMS Downtown New Orleans is a walkable 1.2 square mile collection of neighborhoods that has benefited from significant investment and redevelopment since 2005. 5 STREETCAR LINES 23 BUS LINES 3
PROFILE OF DOWNTOWN S POPULATION Downtown New Orleans has long been the economic, cultural and entertainment center for the region and a must-visit destination for millions of tourists. In addition to serving as the hub for hospitality, office and retail, Downtown has become a major residential neighborhood. DOWNTOWN BY THE NUMBERS Greater New Orleans population: 1,253,300. The regional market, which includes Lake Charles LA, Lafayette, LA Baton Rouge, LA, Jackson MS, Biloxi-Gulfport, MS, Mobile, AL and Pensacola, FL has a combined population of 5,000,000 people located within two hours of New Orleans. Estimated daily population in Downtown is 142,764 persons. The average household income of the Downtown resident is $89,000 annually. Downtown is the largest employment center in the region with over 62,000 jobs. Downtown is at the center of twelve neighborhoods that are home to almost 40,000 residents with a strong income and education profile. 6,775 residential apartments and condos in Downtown, commanding the highest rates per square foot for residential units. HOSPITALITY AND CONVENTION INDUSTRY 17,740,000 million people visited Downtown New Orleans for business and leisure in 2017, the highest visitor count on record and an increase of 5.7% compared to 2016. 2017 visitor spending was $8.7 billion, the highest level of spending on record. Downtown is home to the Morial Convention Center - one of the top ten convention centers in the US - as well as seven major museums and cultural attractions, including The National WWII Museum, Audubon Aquarium of the Americas, Audubon Insectarium, and Ogden Museum of Art. Downtown is home to 20,355 hotel rooms. In 2017, Louis Armstrong International Airport served 12,009,512 passengers, an all-time record and the 7th consecutive year of continued passenger growth. New Orleans international air connections continue to grow. In 2017, British Airways began a direct flight from London to New Orleans and Condor Airlines began a seasonal direct flight from Frankfurt, Germany to New Orleans.
DOWNTOWN NEW ORLEANS RETAIL Downtown offers a number of locations for retail growth. The Outlet Collection at Riverwalk and Canal Place serve as hubs for the retail community. South Market District has transformed an entire section of Downtown, adjacent to the Sports and Entertainment District. The story of Canal Street s return to glory is told through the retail renaissance that is underway today. Already a shopping destination for millions of people each year, Canal Street continues to see investment from large and small, national and local retailers. In the past two years, Canal Street has attracted national brands including, True Religion, MAC Cosmetics and Fogo de Chao, among others. 5
DOWNTOWN PEDESTRIAN STATISTICS The Downtown Development District instituted a new technology to count pedestrians beginning in 2016. The organization is currently tracking pedestrians on Canal and Poydras Streets and in South Market District. Here is a summary of daily and monthly pedestrian counts at major intersections during the first three months of 2018: ASTOR HOTEL, January 2018 Canal Street @ Bourbon Street 24,105 weekday 34,624 Saturdays 674,926 monthly RUBENSTEINS, February 2018 Canal Street @ St Charles Avenue 13,731 weekday 19,553 Saturdays 425,649 monthly HARRAH S CASINO NEW ORLEANS, March 2018 Canal Street @ Tchoupitoulas Street 6,553 weekday 9,548 Saturdays 203,129 monthly CANAL PLACE, January 2018 Canal Street @ North Peters 9,538 weekday 12,726 Saturdays 295,670 monthly SOUTH MARKET DISTRICT, February 2018 Girod Street @ O Keefe Street 3,505 weekday 4,463 Saturday 98,226 monthly PAN AMERICAN LIFE CENTER, March 2018 Poydras Street @ St. Charles Avenue 2,173 weekday 2,111 Saturdays 67,355 monthly
DOWNTOWN NEW ORLEANS OFFICE MARKET 2018 CLASS A OFFICE 87.60% occupied $19.26 rent average (per square foot) 8,928,318 total leasable square feet 2018 CLASS B OFFICE 59.37% occupied $16.27 rent average (per square foot) 1,670,240 total leasable square feet TOP OFFICE TOWERS OCCUPANCY RANKED BY TOTAL LEASABLE SQUARE FEET: 1. One Shell Square 92% 1,256,991 SF 2. Place St Charles 91% 1,004,484 SF 3. Energy Centre 90% 761,500 SF 4. Pan-American Life Center 85% 671,833 SF 5. One Canal Place 83% 630,581 SF 6. Regions Center/400 Poydras 85% 608,608 SF 7. First Bank & Trust Tower 85% 545,157 SF 8. Benson Tower 97% 540,208 SF 9. 1515 Poydras Building 65% 529,474 SF 10. One Poydras Plaza 97% 526,041 SF MAJOR NEW ORLEANS CORPORATIONS: Adams and Reese Barker Donelson Caesar s Entertainment Canal Barge Capital One DXC Technology Entergy Ernst and Young Fidelity Bank First NBC Bank Game Loft HRI Properties Iberia Bank Iberia Bank Jones Walker KPMG LUCID McGlinchey Stafford McIlhenny Corporation Ochsner Health System Pan American Life Center Peter A Mayer Advertising Phelps Dunbar Royal Dutch/SHELL Superior Energy Services, Inc. Tidewater Tulane Medical School Whitney Bank GE Capital 7
DOWNTOWN RESIDENTIAL STATISTICS Downtown New Orleans offers a robust residential market. Over the past 25 years, Downtown has become a dynamic collection of residential neighborhoods, offering an impressive collection of restaurants, retail, galleries and entertainment. Downtown has become one of the fastest growing residential neighborhoods in Metropolitan New Orleans and boasts some of the highest occupancy rates and prices per square foot. Total Number of Residential Units in Downtown New Orleans(Includes both apartments and condominiums), 6,775 APARTMENTS: Average Cost Per Square Foot, $1.94 RECENT APARTMENT DEVELOPMENTS: The Hibernia The Howard The Saratoga The Giani Building The Maritime Four Winds The Beacon (under construction) The Strand Gallier Court 800 Magazine Elk Place Paramount at South Market The Pythian CONDOMINIUMS: Average Price, $489,000 Average Size, 1,070 square feet Average Price Per Square Foot, $457 MAJOR DEVELOPMENTS: One River Place 425 Notre Dame 625 St. Charles Magazine Place Federal Fibre Mills The Bakery Cotton Mills The Henderson 1201 Canal Condos 700 South Peters Residences Union Lofts 734 Union Residences The Standard
DOWNTOWN DEVELOPMENT DISTRICT RESIDENTIAL PROJECTS 1. 334 Carondelet, 33 units 2. 925 Common, 108 units 3. 450 J.C. Chase, 31 units 4. 1201 Canal, 233 units 5. 200 Carondelet, 190 units 6. 621 Canal, 4 units 7. 1039 Constance, 9 units 8. 835 Julia, 23 units 9. 930 Poydras, 250 units 10. 1041 Constance, 50 units 11. 927 Poeyfarre, 76 units 12. 800 Common, 100 units 13. 212 Loyola Ave., 155 units 14. 400 St. Joseph, 63 units 15. 1501 Canal, 114 units 16. 900 Poydras, 12 units 17. 308 Magazine, 3 units 18. 636-644 Julia, 28 units 19. 916 Lafayette. 1 unit 20. 625 St. Charles, 32 units 21. 3 Poydras, 93 units 22. 837 Gravier, 131 units 23. 344 St Joseph, 191 units 24. 601 Baronne, 12 units 25. 633 Tchoupitoulas, 12 units 26. 700 Commerce, 60 units 27. 1111 S. Peters, 67 units 28. 1107 S. Peters, 130 units 29. 330 Julia, 68 units 30. 333 Julia, 101 units 31. 402 Julia, 24 units 32. 448 Julia, 48 units 33. 441 Gravier, 14 units 34. 920 Poeyfarre, 286 units 35. 700 S. Peters, 93 units 36. 528 Baronne, 16 units 37. 760 Magazine, 55 units 38. 801 St. Joseph, 21 units 39. 856 Carondelet, 5 units 40. 828 St. Charles, 13 units 41. 840 Tchoupitoulas, 43 units 42. 410 Natchez, 13 units 43. 900 S. Peters, 23 units 44. 610 John C. Chase, 29 units 45. 416 Common, 10 units 46. 225 Girod, 11 units 47. 714 Girod, 6 units 48. 703 Carondelet, 30 units 49. 313 Carondelet, 175 units 50. South Market District, 681 units 51. Iberville, 913 units 52. The Jung, 1500 Canal, 175 units 53. 225 Baronne, 225 units 54. 800 Magazine, 9 units 55. 144 Elk Place, 96 units 56. 339 Carondelet, 18 units 57. 1113 Canal, 32 units 58. 600-604 Canal, 44 units 59. 210 Baronne, 260 units 60. Civic Lofts, 521 Baronne, 72 units 61. St Joe Lofts, 923 Constance, 63 units 62. 855 Baronne, 8 units 63. 452 Notre Dame, 48 units 64. 730 St. Charles Ave., 8 units 65. 842 Camp, 7 units 66. 711 Tchoupitoulas, 20 units 67. 333 Girod, 18 units 68. 909 Lafayette, 12 units 69. Carriage Hse, 821 Perdido, 14 units 70. 1000 St Charles Ave., 12 units 71. 1021 Tchoupitoulas, 5 units 72. 825 Lafayette, 12 units 73. Gallier Ct., 127 Carondelet, 8 units 74. 833 Howard Avenue, 15 units 75. 701 S. Peters, 36 units 76. 1111 Tulane Avenue, 155 units 77. 822 Perdido, 49 units 78. 822 Howard Avenue, 15 units 79. 234 Loyola Avenue, 69 units 80. 326 Camp, 12 units 81. 201 Magazine, 39 units 82. 1551 Canal, 330 units TOTAL UNITS: 9 6,775 IN NEW ORLEANS DOWNTOWN DEVELOPMENT DISTRICT
DOWNTOWN NEW ORLEANS HOTELS New Orleans is in the midst of an urban renaissance. Downtown and Canal Street in particular, are at the center of this newfound energy and demand generators for the hospitality industry continue to grow. The hotel, lodging and entertainment industry continues to play a major role in Downtown s real estate growth. There were eight hotel projects under construction at the time of this publication. 30 hotel projects have been completed over the past 10 years representing an additional 10,690 hotel rooms in the Downtown market. Currently, Downtown New Orleans boasts 20,355 hotel rooms. THE 10 LARGEST HOTELS IN NEW ORLEANS INCLUDE THE FOLLOWING (RANKED BY NUMBER OF ROOMS): 1. Hilton New Orleans Riverside 1,622 Rooms 2. New Orleans Marriott 1,329 Rooms 3. Hyatt New Orleans 1,193 Rooms 4. Sheraton New Orleans 1,100 Rooms 5. Astor Hotel 693 Rooms 6. Ritz-Carlton 527 Rooms 7. The Roosevelt 504 Rooms 8. J.W. Marriott 487 Rooms 9. Intercontinental New Orleans 479 Rooms 10. Harrah s New Orleans 450 Rooms DOWNTOWN NEW ORLEANS HOTEL PROJECTS UNDER CONSTRUCTION AND RECENTLY COMPLETED: Four Seasons Higgins Hotel and Conference Center Hard Rock The NOPSI The JUNG Cambria Inn and Suites Marriott Residence Inn Hostelling International The Canopy Virgin Hotel B The Ace Hotel Expansion
Information compiled in this report was provided by ESRI, GCR and Associates, Corporate Realty, Incorporated, New Orleans Tourism Marketing Corporation, Louis Armstrong International Airport, New Orleans Convention and Visitors Bureau, Latter and Blum, Zillow and the Downtown Development District of New Orleans. 11
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