Shreveport-Bossier City Retail Market Survey 2016
Stirling Properties is pleased to present the 2nd annual Shreveport-Bossier City Retail Market Survey. This report, compiled by Stacy Odom and Karen Hannigan, Broker Associates of our Shreveport office, is intended to give the reader a broad understanding of the market as well as specific information about the available square footage, occupancy and rental rates of each retail center greater than twenty thousand (20,000) square feet. It was created to be a resource for agents as well as tenants, landlords, developers, lenders, fellow brokers and anyone else looking for information about the Shreveport-Bossier City retail market.
All information provided in this report would not be possible without the cooperation of our staff and colleagues and we would like to thank all of those who contributed.
Mobile Office Market Assessment 1st Quarter 2016
Stirling Properties is pleased to present the 2016 first quarter Mobile Office Market Survey. This report, compiled by Jack Conger and Jill Meeks, Sales and Leasing Executives of our Mobile office, is intended to track the direction of the office market by establishing an absorption rate, a market occupancy rate and an average rental rate for West Mobile and the downtown Central Business District (CBD) on office buildings greater than 20,000 square feet. It was created to be a resource for agents, as well as tenants, landlords, developers, lenders, fellow brokers and anyone else looking for information about the Mobile Office market.
Jack Conger is our newest Sales and Leasing Executive in our Mobile office, focusing on industrial and office brokerage. Jill Meeks has over 27 years’ experience in commercial real estate.
Here’s an excerpt from Jack and Jill’s Market Assessment:
Since the Q3-15 survey, the office buildings surveyed in this report in West Mobile experienced a very modest increase in average occupancy rate from 80% to 80.1%, and the average rental rate decreased from $15.61 to $15.45/per square foot. West Mobile has a fair amount of older, unimproved office space available at below-market rental rates that contributes to low rental rates. We have seen several new Healthcare related expansions in West Mobile and expect that this trend will continue around the hospital campus.
In the CBD, there was a decrease in the occupancy rate from approximately 72% to 65.9%, and average rental rates decreased from $17.42 to $17.29/per square foot. The decrease in the occupancy rate is due in part to a few notable transactions: Regions Bank’s consolidation of its St. Francis Street and Water Street branches, Servis1st Bank’s relocation to the redeveloped Phelps Dunbar office at Royal and Dauphin Street, and lastly, BBVA Compass Bank and Phelps Dunbar’s move into RSA’s recently completed Van Antwerp renovation.
Overall leasing activity in updated CBD office buildings continue to be solid, along with demand for smaller renovated historic properties.
Please click here to view and download the PDF of the Mobile Office Market Survey. This survey provides a good summary of the Mobile office market and my hope is that it becomes a valuable resource in the market.
Stirling Properties Welcomes 1st Northshore Sephora and Announces Updates to River Chase in Covington, Louisiana
Stirling Properties commercial real estate company is pleased to welcome the 1st Sephora to Northshore New Orleans, and announces new updates to River Chase mixed-use development in Covington, Louisiana. 
- The popular national beauty-retail chain, Sephora, will occupy 2,100 square feet inside JCPenney department store. Utilizing a smaller footprint, the retail chain will feature the signature Sephora look and beauty assortment. This will mark the fifth Sephora location in Louisiana, and the first for the Northshore. A grand opening is scheduled for June 17th.
- Pre-leasing opportunities have begun for Phase 1 of the Offices at River Chase, a new Class-A office building that will be located at the southwest corner of Brewster Road and Stirling Blvd. The site is now being cleared, and construction of the first 45,000-square-foot, two-story office building is anticipated to begin in the summer of 2016, with initial tenant occupancies planned for 10 to 12 months later.
- Site work has commenced on the new 36,000-square-foot Rooms-To-Go next to Zoe’s Kitchen. The furniture retailer is relocating from its current store on Hwy. 190 in Covington, and is on track to open in the first quarter of 2017.
- Construction has begun on Springs at River Chase, through a joint venture with Continental Properties. The new 296-unit luxury apartment community will be located at the southwest corner of Interstate 12 and Brewster Road. The property will feature floor plans ranging from studio to three-bedroom, and community amenities will include a clubhouse, resort-style pool, 24-hour fitness center, dog park, attached and detached garages, car care center and a pet spa. The first units will be available in August 2016, with anticipated fully built out completion in first quarter, 2017.
- Plans are also underway for the development of 182 single-family luxury homes, adjacent to Springs at River Chase apartment community, through a joint venture with Southern Lifestyle Development. Phase I will include the completion of 81 luxury homes.
- Salon by InStyle is open inside JCPenney, as part of an exclusive collaboration with the editors of InStyle magazine to reinvent its salons nationwide. The new concept salon features the latest in haircare, styling and products. A grand re-opening was held last week.
- Five Below, a new-to-market bargain retailer, which sells everything for $5 or less, celebrated its grand opening earlier this month. This is one of only three stores located in Louisiana.
River Chase is the premier mixed-use development on the Northshore, located amidst 253 acres of prime interstate property adjacent to the Tchefuncte River, with direct access to Interstate 12 via two interchanges that bound the eastern and western borders of the development and Louisiana Highway 21. The center includes retail, restaurants and entertainment options, as well as a Holiday Inn Express, 14-screen stadium style Regal Cinema and residential apartment units. Additional residential and office developments are coming soon. Anchored by Target, Belk, JCPenney, Best Buy, Marshalls, Ross Dress For Less and Sam’s Club, River Chase shopping center occupies 945,000 square feet, and is the largest open air retail center in Louisiana. River Chase continues to be a leading regional shopping and restaurant destination, as well as a vital economic contributor to the region. Additional tenants include John V Salon & Spa, Carter’s, Cato, Charming Charlie, Chuck E. Cheese’s, Cost Plus World Market, Dickey’s Barbecue Pit, Family Cuts, Fidelity Homestead Savings Bank, Five Below, GameStop, Hibbett Sports, Holiday Inn Express, In Style Salon, Justice, Lane Bryant, Maurices, Men’s Wearhouse, Michaels, Nevada Bob’s Golf, Oreck Vacuums, Pink & White Nails, Regal Cinemas, River Chase Cleaners, rue 21, Sephora (open July 2016), Shoe Carnival, The Children’s Place, ULTA Beauty, Verizon Wireless, Which Wich and Zoe’s Kitchen. Outparcel tenants include Chick-fil-A, LongHorn Steakhouse, Regions Bank, Taco Bell, Texaco and Wendy’s. “Stirling Properties has been at the forefront of commercial real estate investment and development in St. Tammany Parish and surrounding areas of South Louisiana. We were instrumental in bringing large-scale retailers here,” said Townsend Underhill, Stirling Properties Senior Vice President of Development. “St. Tammany remains one of our most important areas and we are proud to call the parish home to our Corporate Office.” Stirling Properties developed River Chase, with Phase I beginning in 2002, and currently holds the contract for management and leasing of the center. Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, and manages nearly 17 million square feet of property, almost exclusively in Louisiana. Other Stirling Properties management and development projects in St. Tammany Parish include Fremaux Town Center (Slidell), Stirling Slidell, The Crossing (Slidell), Premier Centre (Mandeville) and Northpark Corporate Center (Covington), just to name a few. Stirling Properties was also influential in creating supporting infrastructure, such as the I-12 corridor connecting River Chase and Brewster Road to Hwy. 21 in Covington. For more information, please visit stirlingproperties.com. For information on River Chase, visit river-chase.com. For retail leasing and sales, contact Rhonda Sharkawy at (504) 620-8145 or rsharkawy@stirlingprop.com. For office leasing and sales, contact Ryan Murphy at (985) 246-3771 or rmurphy@stirlingprop.com.
Stirling Properties Commercial Real Estate Agents Among Top Producers At Annual NOMAR CID Awards Ceremony
Stirling Properties commercial real estate agents were honored during the New Orleans Metropolitan Association of Realtors (NOMAR) Commercial Investment Division (CID) 23rd Annual Achievement Awards ceremony, held Friday, April 8th at the Audubon Tea Room.
Chris Abadie, Rhonda Sharkawy, Gaines Seaman
Leading the way was Rhonda Sharkawy, Senior Retail Leasing and Development Executive, with more than $28 million in sales volume for 2015. Sharkawy was inducted into the CID Hall of Fame after having received the prestigious F. Poche Waguespack Award for highest volume of sales and leases in the greater New Orleans area for the last five consecutive years. She is one of only a handful of women to receive this esteemed award since its inception in 1964.
Gaines Seaman, Sales and Leasing Executive, received the Overall Top Landlord Office Lease, Top Tenant Rep Office Lease and the Overall Top Office Producer, with nearly $19 million in production for 2015.
Joe Gardner, Sales and Leasing Executive, Beezie Landry, Senior Investment Sales Advisor, Sharkawy and Seaman were also among Achievement Award recipients, for obtaining total commercial credit sales and leasing in excess of $2.5 million.
The goal of the Commercial Investment Division (CID) Awards is to review and recognize individual achievement among commercial real estate practitioners who are members in good standing of the New Orleans Metropolitan Association (NOMAR) of REALTORS®.
Women In Commercial Real Estate Are Making Progress!
Even though Women’s History Month has come to an end,
let’s not let the spotlight fade.
Last month, we celebrated Women’s History Month, an annual declaration that spotlights the contributions of women to events in history and our society. We reflected on the amazing accomplishments and resilience of the many women that paved the way for equality, especially in the workforce.
While we still have a great deal of ground to make up, I think it’s important to recognize how far women have progressed. Consider the recent advancement of Louisiana legislation aimed at closing the income gap and gender inequality. News headlines continue to cast a spotlight on gender barriers every day.
A recent comprehensive study commissioned by CREW (Commercial Real Estate Women) Network, 2015 Benchmark Study Report: Women in Commercial Real Estate, found that women in commercial real estate are more satisfied with their career progression than they were a decade ago, a substantial leap for our industry. The improvements included more women filling senior vice president, managing director and partner positions—even women starting their own real estate companies. Women in commercial real estate have achieved equal or close-to-equal standing as men in many aspects. (Read the full report HERE.) This information is a timely and welcomed example of some of the strides women are making.
Also, according to Womenable’s 2016 State of Women-Owned Businesses Report, the number of women-owned real estate firms has exceeded overall growth in the industry by an 11-point gap, and women-owned brokerages have also seen a nearly 30% increase in sales.
Women entrepreneurs are reaching historic achievements. On a national scale, the number of women-owned businesses has grown five times faster than the national average. From 2007 to 2016, the number of women-owned firms increased by 45%, and women started roughly 1,072 new businesses daily! There are now 11.3 million women-owned businesses across the nation, generating more than $1.6 trillion in revenue and employing nearly 9 million people.
The South has seen the greatest growth in women-owned businesses, with eight of the 10 fastest growing states in our region. Locally, the number of women-owned businesses in Louisiana has grown by 48.8% since 2007, ranking our state 10th nationally for growth of such industries. (For more statistics on women in the workforce, view the entire report HERE.)
It’s truly an exciting and rewarding time to be a business owner today. We’re breaking traditional gender molds and showing how women can be effective in leadership positions. Since 2010, Stirling Properties has achieved some of its greatest accomplishments, and I am proud to have played a role in that.
Today, Stirling Properties manages 16.4 million square feet of property, an increase of 50% since 2010. In addition, total gross revenue has increased by 140% and management fees are up 67%! Watch our complete Stirling Properties highlight video HERE.
I have had the pleasure of working in the real estate industry for more than 30 years, and am very involved in the community, as well as numerous nonprofit organizations and networking affiliations. I am one of the founding members of the New Orleans CREW organization and served as President and Board member for many years. I am familiar with the struggles women have faced in this industry, but also appreciate the headway that we have made.
More and more women are exceeding in the workplace, at home and in the community. Women across the Gulf South region are leading businesses and setting a standard of professional and personal excellence on a daily basis. The barriers are coming down. Industries—such as commercial real estate—that were once dominated by men are filling with talented ladies.
If you are interested in pursuing a real estate career, don’t shy away from the possibilities. Establish, strengthen and expand your professional networks. Organizations like CREW offer mentorship and networking functions. There are so many strong, smart, trailblazing women out there that we can look to as role models.
And never underestimate the resilience of women. Following Hurricanes Katrina and Rita, the New Orleans CREW affiliation lost more than half of its membership. But with the help of local commercial real estate businesses and national supporters, we were able to come back stronger than ever…and even increase our membership!
Support and comradery are crucial in any industry. Personally, I rely on my networking circles and business acquaintances often for support, and my affiliations have significantly contributed to my success. I encourage you to get involved. Grow a strong foundation. Lead the way for many more women to follow.
So even though Women’s History Month has come to an end, let’s not let the spotlight fade. As we turn the calendar page and welcome the spring season, let’s celebrate a time for opportunity and growth that will last throughout the year and beyond.
Stirling Properties Celebrates Team Members At Annual Stirling Honors Event
Stirling Properties commercial real estate company recently celebrated its 17th Annual Stirling Honors to recognize the successes and accomplishments of the Stirling Team over the past year. The Stirling Honors luncheon was held at the beautiful Civic Theatre in New Orleans. A Commercial Celebration Dinner was also held to honor Commercial Agents and to grant Commercial Production Awards at the Hotel Monteleone in New Orleans. 
Although fierce weather conditions engulfed the area, Stirling employees were treated to a day of fellowship, food and festivities. A flash-mob dance troupe from Dancing Grounds kicked off the morning with high-energy and excitement. Sonny Lee, Founder and President of Son of a Saint nonprofit organization, delivered the keynote speech and renowned New Orleans musicians, Tanya & Dorise, closed out the event. Marty Mayer, Stirling Properties President & CEO, served as the event host and emcee, and discussed the importance of seizing opportunities within the industry. OPPORTUNITY remained the overarching theme of the day, inspired by the famous quote from basketball coaching legend, John Wooden: “When opportunity comes, it’s too late to prepare.” 
Commercial Award recipients received recognition for Bronze, Silver, Platinum, Diamond and Ruby production levels based on individual Adjusted Gross Commission figures for 2015. Special recognition was given to Rhonda Sharkawy, Senior Retail Leasing and Development Executive in New Orleans, for being the Top Commercial Agent in 2015!
COMMERCIAL DIVISION AWARDS
Ruby Award 2015:
Emerald Award 2015:
Diamond Award 2015:
Platinum Award 2015:
Gold Award 2015:
Silver Award 2015:
Bronze Award 2015:
Also recognized were employees and agents who achieved special anniversaries with the company. Service Awards were given to 5, 10, 15 and 20-year milestones.
SERVICE AWARDS
5 Years of Service Ed Moore – Covington, LA Office Ryan Murphy – Covington, LA Office John Reynolds – Covington, LA Office Mike Washburn – Covington, LA Office Jimmy Gomez – New Orleans, LA Office Gregory Gautreaux – New Orleans, LA Office Nancy Rome – New Orleans, LA Office Joseph Kimble – New Orleans, LA Office Solomon Lewis – New Orleans, LA Office 10 Years of Service Marcia McGarrity – Covington, LA Office Laura Wallace – Covington, LA Office Dick Cyr – Covington, LA Office 15 Years of Service Lynn Blanchard – Baton Rouge, LA Office Tina Crouchet – Covington, LA Office Chris Abadie – Covington, LA Office Elizabeth Schmelling – Covington, LA Office Beezie Landry – Covington, LA Office Nancy Stallings Dischler – Covington, LA Office 20 Years of Service Lee de la Houssaye – Covington, LA Office
