THE MARKET REPORT
Where work and culture meet what’s possible.
Staff + Board
Davon Barbour
PRESIDENT & CEO
Dr. Michael J. McKnight, Sr.
CHIEF FINANCIAL OFFICER
Ren é Pastorek, AICP
CHIEF ECONOMIC DEVELOPMENT OFFICER
Jared Brossett DIRECTOR OF POLICY & EXTERNAL AFFAIRS
Donald G. Clouse
PUBLIC SAFETY MANAGER
John Roussell
PUBLIC SPACE OPERATIONS MANAGER
Esther Boone
MARKETING & COMMUNICATIONS SPECIALIST
Tyler Correa
ECONOMIC DEVELOPMENT SPECIALIST
Dajuantae Riggins STAFF ACCOUNTANT
Francia Barradas
CHIEF OF STAFF TO THE PRESIDENT & CEO
EXECUTIVE COMMITTEE
Chris R. Ross NAI/LATTER & BLUM, INC | CHAIR
Alex Glaser JONES WALKER | VICE-CHAIR
William Bradshaw II GREEN COAST ENTERPRISES | TREASURER
Scott Polakoff RESIDENT | SECRETARY
COMMISSIONERS
Gregory Curtis WINDSOR COURT HOTEL
Ryan King DELTA UTILITIES
Edwin Murray LSU HEALTH NEW ORLEANS
David Piscola HILTON NEW ORLEANS
Kenny Rubenstein RUBENSTEIN’S
Miles Tully, Jr. CAESARS NEW ORLEANS
Frank Zumbo NEW ORLEANS MARIOTT
The Future of Downtown New Orleans
OUR VISION
Downtown New Orleans will be celebrated as the vibrant hub of America’s beloved city and the engine for the region’s economy. Historic and contemporary buildings glow with new residences and retail as Downtown becomes a magnet for a population involved in industries of the mind such as bioscience, the arts, and digital media. Streets bustle with neighbors and visitors alike participating in the arts, music, dining, shopping, and daily business of Downtown. People from around the world are drawn to a dynamic, seductive Downtown where the unique cultural mosaic of New Orleans comes into focus.
OUR STRATEGIES
To realize our long-term vision for a thriving city center, Downtown Development District (DDD) will prioritize strategies focused on the following areas in partnership with the City of New Orleans, State of Louisiana, and other relevant organizations. The Downtown New Orleans Economic Development Strategy is shaped by the following focus areas:
BUSINESS RECRUITMENT, RETENTION, AND EXPANSION
Facilitate the growth and development of new business across key industries like digital media and the biosciences to ensure Downtown’s role as a center of innovation and entrepreneurship. At the same time, continue to nurture existing businesses through targeted retention efforts and business development assistance.
BUILT ENVIRONMENT
Support a thriving real estate development market by coordinating incentives and tax credits to catalytic redevelopment sites near other areas of investment to maximize impact. Moreover, work with City agencies and the development community to both understand and remove barriers to the production of new uses, especially housing.
WORKFORCE DEVELOPMENT
Encourage development of an inclusive Downtown economy through enhanced partnerships with DBE’s, minority-owned firms, and greater New Orleans youth with a focus on education and training opportunities for future workforce needs.
ADVOCACY AND FUNDING
Advocate at all levels of government for the growth and development of Downtown New Orleans while aggressively seeking grant funds to implement new programs, projects, and incentives.
INFRASTRUCTURE
Advocate for robust, reliable, and predictable public asset management (e.g. traffic control signalization, roadway maintenance, curbs/sidewalks) while developing plans for new and impactful infrastructure projects like iconic parks, stormwater management enhancements, and bicycle and pedestrian safety improvements.
CANAL STREET REVITALIZATION
Utilize all tools available to construct a multi-partnered initiative that transforms Canal Street into a vibrant retail corridor attracting residents and visitors to shop, dine, and connect with the city.
Defining Downtown
The Downtown Development District of the City of New Orleans (DDD) was created by the Louisiana Legislature in 1974 as the nation’s first assessment-based business improvement district
9.2M Total SF of Class A Office Space
26 Transit Routes
Downtown New Orleans stands as the largest center of employment in the State of Louisiana. Moreover, this collection of neighborhoods represents nearly $1B in assessed property value.
486 Retail Businesses
7 Coworking Spaces and 9 Incubators / Accelerators
115 Hotels and 22,399 Rooms
6,370 Condos / Apartments
Moving Downtown Forward
Momentum Continues on Canal Street
Revitalization of Downtown’s main artery continues to gain attention through the dedicated work of various groups and city agencies.
Celebrate Canal!, a new citizenled coalition aimed at revitalizing Canal Street, hosted its inaugural meeting on October 16th, 2024, to unveil the organization’s vision to bring together a cross section of citizens, business owners, and city leaders to restore Canal Street as a cornerstone of life and commerce in Downtown New Orleans. The coalition’s aim is to transform Canal Street into a world-renowned, vibrant, diverse, and pedestrian-friendly hub that celebrates its rich cultural heritage, fosters economic growth, and creates a welcoming experience for residents and visitors alike.
The launch meeting welcomed attendees to Downtown’s Sazerac House to hear from a series of involved speakers, including Celebrate Canal! Founder Sandra Herman, District B Councilmember Lesli Harris, Downtown Development District President & CEO Davon Barbour, New Orleans Chamber of Commerce President & CEO Sandra Lombana Lindquist , and
the Historic New Orleans Collection President & CEO Daniel Hammer
DDD continued the work by gathering over 50 stakeholders in December to provide updates on various infrastructure projects and quality of life enforcement. Speakers included representatives from DDD, Greater New Orleans, Inc., New Orleans Police Department, Mayor’s Office of Homeless Services and Strategy, Regional Transit Authority, Office of Nighttime Economy, Department of Code Enforcement, and the City Planning Commission. Together, this impressive list of City leaders provided listeners with updates and initiatives surrounding the continued revitalization of Canal Street – a core component of DDD’s Economic Development Strategy.
Finally, DDD and Celebrate Canal! continue to work with the City Planning Commission on refreshed direction and recommendations to revitalize Canal Street. Set to begin in Q1 2025, this new study will detail actions that various partners can take related to retail attraction, upper floor occupancy, placemaking, multi-modal connectivity, landscaping, lighting, public safety, and wayfinding.
Something to Celebrate
DOWNTOWN RIBBON CUTTINGS
Each quarter, DDD joins the New Orleans Chamber of Commerce to host ribbon cuttings for new businesses and projects across Downtown. During Q4, we proudly celebrated the following openings!
Copped - Canal Place
We Dat’s on the River - Riverwalk
Museum of Southern Jewish Experience Research Center
Willie Mae's NOLA Feels
DDD Partners with Canal Place and O’Connor Capital
This quarter, Downtown’s luxury shopping destination – Canal Place – continued to see activity with new offerings and a special event aimed at showcasing leasing opportunities to local real estate professionals. In partnership with O’Connor Capital and Canal Place management, DDD hosted a Brokers Happy Hour in the 24 Frames Bar at the Prytania Theatres. Attendees networked while enjoying bites from BRG Hospitality and drinks from the bar. This emerging DDD networking series brings together the top innovators and changemakers in Downtown real estate to connect and discuss the issues and successes of our neighborhood – from safety and sanitation programs to capital projects and more. DDD looks forward to the sustained partnership and future events highlighting Downtown leasing opportunities.
In addition to information presented at this event, Canal Place continues to welcome high-quality luxury retailers to the heart of Downtown and Canal Street. In Q4, DDD joined the New Orleans Chamber of Commerce to celebrate the grand opening of Copped, a luxury shoe resale store featuring brands like Travis Scott and Air Force 1. The brand prides itself on delivering excellent customer service, offering cash for sneakers in-
store, and cultivating a knowledgeable, energetic space dedicated to sneakers in the heart of Downtown New Orleans. Meanwhile, construction activity continues at the future location of worldrenowned crystal manufacturer Swarovski. The new space will feature jewelry and other crystal offerings on the 1st floor just next to Tiffany & Co. and Jack Sutton Fine Jewelry. Be on the lookout for a grand opening in Q1 2025!
ACTIVE RETAIL DEVELOPMENTS
45,206 11,399 6 11,968 4 Projects | SF
2 68,573 12 Seeking Entitlement Total
Source: City of New Orleans Department of Safety & Permits
RETAIL MARKET CONDITIONS
Food and Beverage Dominates Retail Growth
The Downtown retail market saw a few changes during the final quarter of 2024. While total retail square footage remained steady at 7.5 million square feet, vacancy rates increased from 8.1% to 11.0%, reflecting shifting occupancy trends. Additionally, asking rents dipped by 1.6% to $31.53 per square foot, while the cap rate saw a slight increase to 7.8%.
In terms of development, a new 500-square-foot space came online at 604 Baronne Street , a mixeduse multifamily and retail project and new home of Forbidden Pizza. The project reinforces the trend of integrating retail with residential developments, which continues to be a focus for Downtown growth.
Downtown also welcomed a wave of new restaurant openings, further strengthening the city’s reputation as
a premier dining destination. A total of 12 new food and beverage establishments launched this quarter, bringing fresh energy to the district. Notable additions include Kilwins Ice Cream, Chocolate, and Fudge, which opened at the corner of Bourbon and Canal Streets, and Lyon’s Corner, a stylish café and cocktail bar located within Hotel Theo New Orleans, Tapestry Collection by Hilton. Lyon’s Corner aims to attract both locals and visitors with its curated selection of coffee, cocktails, and small bites.
Despite shifts in vacancy rates, the retail market in Downtown New Orleans continues to show resilience. The steady influx of new retail and restaurant concepts reinforces the district’s appeal to both businesses and consumers, ensuring that Downtown remains a vibrant hub for commerce, hospitality, and entertainment.
Photo Credit: Canal Place
Photo Credit: Design Engineering, Inc.
BIO on the BAYOU 2024 and BioChallenge Highlights
On October 29th-30th, 2024, senior executives and decision-makers from global companies convened on Canal Street for BIO on the BAYOU 2024. This annual conference fosters collaboration among biotech leaders and advances cutting-edge research through expert panels, networking, private meetings, and scientific presentations from Gulf South researchers. The 2024 program took place in the recently designated New Orleans BioDistrict at both Tulane University’s Tidewater Building and the New Orleans BioInnovation Center (NOBIC).
Following the conference, NOBIC hosted the highly anticipated BioChallenge. This global pitch competition provides entrepreneurs and startups with a platform to showcase groundbreaking ideas and health security solutions. 2024 BioChallenge finalists included: Vocxi Health, SiVEC Biotechnologies, Anvil Diagnostics, Informuta, Vaxess Technologies, Inc., and EriVan Bio.
Informuta, a firm created out of Tulane University, emerged as the first-place winner, earning a $50,000 grand prize and an additional $10,000 audience favorite award for their innovative approach to predictive diagnostics for drug-resistant infections. Vaxess Technologies secured second place and received a $25,000 runner-up prize, while SiVEC Biotechnologies claimed third place. These awards underscore the high caliber of innovation presented at the competition.
DDD extends congratulations to the winners and all participants for their contributions to advancing biotechnology. Events like BIO on the BAYOU and the BioChallenge highlight the growing prominence of the New Orleans BioDistrict on the global biotech stage.
Photo Credits: New Orleans BioInnovation Center
Downtown Welcomes Feels: Merging Innovation and Generosity
Downtown New Orleans continues to establish itself as a hub for technological and innovative advancements, as evidenced by establishment of a new start-up specializing in “giving.”
Feels, an online app revolutionizing charitable giving, celebrated its ribbon-cutting event in Downtown at Common House located at 420 Julia. The app empowers companies and individuals to send money to recipients that can then be donated to over 1.5 million charities quickly and efficiently. As a locally grown startup, Feels has received coaching and support from the Idea Village, as well as through the Tulane Innovation Institute. A recent feature by the Times-Picayune further described this venture as “an opportunity to scale their business by convincing companies to give philanthropy instead of gift baskets and other physical gifts. Co-founder Chase Mattison went on the say, “We’re going after corporate clients because of the scalability...we’re hoping to get the most traction possible.”
Attendees at the DDD/Chamber of Commerce ribbon-cutting each received 5 Feels ($5) to donate to a charity of their choice, symbolizing the app’s mission of fostering community and generosity. Feels embodies the spirit of Downtown New Orleans—a blend of innovation, philanthropy, and connectivity; we look forward to hearing more about their growth in the coming years.
Photo Credits: Feels
A New Era for Hospitality: Caesars New Orleans
This quarter marked a significant milestone in the transformation of Downtown’s hospitality sector with the official unveiling of Caesars New Orleans.
On Tuesday, October 22nd, city officials and Caesars leaders gathered for an opening celebration featuring a vibrant second line outside the Canal Street casino, a fixture in the city for over 25 years. This event marked the completion of a $435 million renovation and brand transformation that has redefined this iconic Downtown destination.
The redevelopment includes:
• Hotel Enhancements - More than 800 upgraded hotel rooms across two towers, offering luxury accommodations to visitors from around the world.
• Expanded Experiences - Over 150,000 square feet of upgraded gaming and dining spaces.
• Unique Features - Three outdoor gaming courtyards that blend elegance with entertainment.
• Culinary Excellence - A slate of new restaurants, including the renowned NOBU, Emeril’s Brasserie by Emeril Lagasse, and Octavia, which showcase the diverse flavors of New Orleans and beyond.
“Synonymous with the Caesars name, our new resort is pure elegance, and we’re excited to introduce a luxury brand like this to New Orleans,” said Caesars New Orleans General Manager Samir Mowad in a press release. “We are extremely grateful for the support of the community, our team members, and our guests as we come to the finish line of this tremendous transformation.”
The launch of Caesars New Orleans exemplifies Downtown’s ability to blend tradition and modernity, creating spaces that are both innovative and deeply rooted in the city’s rich culture. Explore more at Caesars New Orleans and experience this new era of hospitality firsthand.
Photo Credits: Caesars New Orleans
The Economic Impact of Taylor Swift’s Eras Tour
Downtown New Orleans was filled with visitors Halloween weekend as Taylor Swift brought her record-breaking Eras Tour to the Caesars Superdome for three sold-out performances. Over three nights, more than 191,000 fans filled the venue—an average of 64,000 attendees per night—setting a new record for the iconic stadium, according to ASM Global .
Swift’s tour, which has been hailed as a global cultural phenomenon since its launch in March 2023, has driven a surge in commerce and tourism in every city it visits. For New Orleans, the financial impact was extraordinary. The U.S. Travel Association estimates that Swift’s fans spend an average of $1,300 on concert-related expenses. With these figures in mind, the economic infusion into the local economy is estimated at $195 million—a number that experts believe could surpass $200 million when factoring in additional spending.
Between October 25th and 27th, Downtown New Orleans saw record visitation levels. Placer.ai data shows that over 544,000 people visited the area during the three-day period, with Saturday alone drawing 298,100 visitors. Nearly 60% of attendees traveled from over 250 miles away, contributing to 100% occupancy rates across 26,000 hotel rooms in Downtown and the French Quarter. Experts likened the financial boost to events like Mardi Gras and the Super Bowl.
NEW ARRIVAL: HOTEL PERLE
Adding to Downtown’s growing roster of luxury accommodations, Hotel Perle officially opened its doors at 757 St. Charles Avenue. With some features like a café still under construction, this boutique hotel combines classic New Orleans charm with modern amenities, featuring spacious suites complete with chef’s kitchens, hardwood floors, exposed brick accents, and
“It’s clear that it exceeds $200 million, and that’s just direct spending,” said Walt Leger III, President & CEO of New Orleans & Company to the TimesPicayune. The ripple effects extend to restaurants, retail, and transportation, with businesses reporting all-time high revenues during the weekend.
Taylor Swift’s historic weekend not only highlighted the city’s capacity to host large-scale, world-class events but also underscored its role as a premier destination for entertainment and tourism. The unparalleled success of the Eras Tour serves as a testament to the vibrancy and resilience of Downtown New Orleans, setting the stage for future marquee events such as Super Bowl LIX in February 2025.
state-of-the-art bathrooms. Situated in the heart of the Central Business District, Hotel Perle offers an elevated experience for visitors seeking sophistication and comfort in the Crescent City. With 11 rooms, developer SVN Urban Properties adds a new experience for travelers looking for high-quality accommodations in the Lafayette Square neighborhood.
Photo Credit: SVN Urban Properties
Photo Credit: ASM Global
Market
Multifamily
New Development at 604 Baronne Street
The Downtown multifamily market saw stable inventory this quarter, with 6,370 residential units available, unchanged from Q3. The average residential vacancy rate rose slightly from 5.7% to 6.0%, while the average price per unit for sale declined by 5.8%, settling at $195,000. Rental rates also dipped, with the average rent per unit decreasing by 2.1% to $2,004. Absorption slowed significantly, with just 7 units absorbed this quarter compared to 36 in Q3.
A significant addition to Downtown’s multifamily and retail landscape, the newly completed project at 604 Baronne Street offers a modern blend of residential and commercial spaces. The three-story development features five residential units designed with contemporary living in mind, complemented by 500 square feet of retail space on the ground floor. This retail space is now home to Forbidden Pizza , a pizzeria specializing in authentic New Yorkstyle slices, adding a vibrant culinary element to the neighborhood. The project benefited from a matching DDD Facade Grant that supported exterior improvements, enhancing its curb appeal and reinforcing the importance of mixed-use developments in Downtown’s ongoing revitalization. With a total footprint of 6,000 square feet and a construction cost just under $1 million, this development reflects a strategic investment in urban growth.
The demand for mixed-use spaces in Downtown remains high, with more projects expected to emerge in the coming months. These developments not only provide essential housing but also contribute to the overall character and economic vitality of the district, ensuring Downtown remains an attractive destination for residents, businesses, and visitors alike.
Photo Credits: Design Engineering, Inc.
Catalysts of Change: New Investments Downtown
Downtown New Orleans is solidifying its role as a destination for innovation and business growth with a series of strategic investments and expansions this quarter.
Copado, a Chicago-based technology company specializing in AI-powered DevOps software, has opened an innovation office in New Orleans. This expansion underscores the city’s appeal as a hub for high-wage, high-skill tech jobs. Supported by GNO, Inc., Copado’s presence strengthens Downtown’s tech ecosystem while highlighting the city’s unique blend of innovation and quality of life.
Delta Utilities has secured 48,000 square feet of office space across two floors at 201 St. Charles Avenue, establishing its new corporate headquarters in Downtown New Orleans. With assets valued at $1.7 billion and a customer base nearing 600,000 across the Gulf South, Delta Utilities’ investment includes creating
200 new jobs. The company’s forthcoming acquisitions of CenterPoint Energy and Entergy gas systems position it among the top 40 natural gas providers in the United States, generating substantial economic impact for the region.
In other news, DDD is excited to welcome the local offices of global real estate firm CBRE to the Shop at CAC. With offices around the world, CBRE is a leader in all areas of commercial real estate. Specifically, the local office provides leasing and brokerage services as well as appraisal services for lenders and Right of Way/Condemnation valuations throughout Louisiana. We look forward to their continued growth Downtown.
These developments reflect Downtown’s continued momentum as a nexus for creativity, technology, and business innovation, positioning the neighborhood as a key driver of regional economic growth.
Office Market Data
The Downtown New Orleans office market experienced a slight increase in vacancy rates in Q4 2024, rising from 12.9% in Q3 to 13.1%. Class A office vacancy saw a larger increase, moving from 15.5% to 16.2%, reflecting continued challenges in the high-end office sector. Despite this, asking rents remained stable, with an overall increase of 0.1% to $21.05 per square foot, while Class A office space saw a minor decline of 1.5%, bringing rates to $19.08 per square foot. The cap rate also increased slightly, reaching 13.2%.
Nationally, office vacancy rates have remained elevated, with major metropolitan areas struggling to recover pre-pandemic occupancy levels. However, New Orleans' relatively stable office footprint, combined with a steady corporate presence in key industries such as energy, finance, and real estate, provides resilience against broader macroeconomic trends. The demand for adaptable and well-located office spaces in Downtown continues to present opportunities for repositioning and investment in the sector.
589,959 0 2 13,394 2 Under Construction Entitled
0 603,353 4 Seeking Entitlement
DDD Receives Safe Streets for All Award to Advance Transportation Safety
This past quarter, DDD was awarded a grant from the U.S. Department of Transportation (DOT) Safe Streets and Roads for All (SS4A) Planning Program for a Downtown Transportation Safety Plan Funded by the Infrastructure Investment and Jobs Act/Bipartisan Infrastructure Law (IIJA/BIL), the grant represents a major step forward in addressing traffic safety challenges around the urban core.
The $150,000 Supplemental Planning Grant focuses on the unique needs of the Central
Business District (CBD). This project will analyze Downtown-specific safety concerns, such as conflicts between pedestrian, bicycle, and vehicular traffic. The plan will aim to identify capital projects and policies to improve safety for all road users, particularly pedestrians and those with mobility impairments, while improving safe access for businesses, and addressing conflicts between curbside transit, freight, passenger, and parking zones that negatively impact that safety.
DOWNTOWN NEW ORLEANS TOTAL VISITORS, WORKERS AND RESIDENT COUNTS
A Season of Celebration: Q4 2024 Events
The fourth quarter of 2024 was a festive period filled with dynamic events that underscored Downtown New Orleans’ cultural vitality and community spirit. The Krewe of Boo Parade kicked off the season on October 19th, drawing thousands of revelers to its Halloween-themed floats and festivities. Soon after, the Contemporary Arts Center revitalized its celebrated EXPOSE exhibition during Art for Arts’ Sake, featuring striking works from local artists displayed in its iconic Camp and St. Joseph Street windows.
LUNA Fête, presented by Arts New Orleans, illuminated the heart of Downtown from November 10th to 17th, transforming Gallier Hall and its surroundings into a vibrant spectacle of light and art. This year’s installations included new features and activations that delighted
visitors nightly, solidifying LUNA Fête’s reputation as a cornerstone of the city’s artistic calendar.
Rounding out the season, the 51st Annual Bayou Classic welcomed nearly 285,000 visitors to Downtown for a weekend of football and fanfare. Highlights included the Battle of the Bands and the highly anticipated Grambling State versus Southern University game, both hosted at Caesars Superdome. This event not only showcased the city’s capacity for large-scale celebrations but also delivered substantial economic impact through increased tourism and commerce. These events collectively celebrated the unique traditions and innovative spirit that define Downtown New Orleans, drawing visitors and residents alike to experience the city’s unparalleled vibrancy.
Photo Credits: Arts New Orleans
Active Developments
Retail/ Hotel/ Office 1010 Common Renovation Kalias Companies
Hotel Stay Heirloom Expansion Stay Heirloom
Hotel The George Hotel WestCems Corp
Residential The Gravier Apartments Koobehi Properties LLC
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LET’S MOVE FORWARD TOGETHER ABOUT
THE DDD
Downtown Development District of the City of New Orleans
201 St. Charles Ave, Ste 3912
New Orleans, LA 70170 | 504.561.8927
Created by the Louisiana Legislature in 1974 (LA Rev Stat § 33:2740.3) as the nation’s first assessmentbased Business Improvement District, the Downtown Development District of the City of New Orleans (DDD) provides enhanced economic development and public space services to Downtown New Orleans. It accomplishes its mission through initiatives such as employing dedicated city planners to assist Downtown property and business owners, administering multiple grant programs, employing Public Safety Rangers and Clean Team sanitation workers, providing significant funding for outreach to the homeless and additional New Orleans Police Department patrols and armed private security throughout the District. The DDD services the area bounded by Iberville Street, the Pontchartrain Expressway, Claiborne Avenue, and the Mississippi River.
DDD is funded by a property tax millage assessed on each non-exempt property within the District. DDD’s lifespan was initially ten years, and on December 8, 1979, a successful citywide referendum secured longevity for DDD. It authorized DDD to raise its property tax rate to as much as 22.9 mills (a privilege the DDD has never exercised); it gave DDD the authority to sell up to $7.5 million in bonds for use in capital improvement projects; it extended DDD’s lifespan for an additional 25 years to December 31, 2005; and it provided for a future election in which voters could extend DDD for an additional 25 years beyond 2005. An election was held on April 7, 2001, with 60% voting in favor, and DDD’s lifespan was extended through 2030.