The Shreveport/Bossier City housing market remained steady in 2012.
Along with it, the commercial market followed suit.
Much of the new construction in the commercial real estate market was seen in the private sector. Multi-family housing, like the Jamestown Place Apartment complex, have been built and/or renovated. Brown Builders in Bossier City spent Thursday afternoon putting the finishing touches on their phase II project at Jamestown Place. Brown Builders Vice President Kristen Brown says that many local builders saw an uptick in business this year.
“We’ve really seen the market on both the Bossier and Shreveport sides pick up for multi-family,” said Brown.
With figures still pending release for 2012, early numbers are showing that this year differed greatly than 2011. According to U.L. Coleman’s 2012 Spring Commercial Review, commercial construction in the Shreveport/Bossier City area took a dip in 2011, with 102 building permits. That is a slight decrease from 2010, which saw 142 permits. That equates to a 28.2% decrease and a $15 million dollar decrease in permit value.
Another private sector entity that has seen a boost in construction in 2012 is the retail commercial front. Kings Crossing Shopping Center at the intersection of Youree Drive and E. 70th Street has seen three restaurants break ground almost simultaneously late in 2012. Realtor Raymond Alley with Walker-Alley & Associates says the new construction is adding to an already booming area.
“That intersection has become the busiest retail corridor this side of Dallas, Texas,” said Alley.
Coupling that addition with the expansion of the Airline Marketplace strip mall on Airline Drive shows an increase of commercial retail than in previous years. In U.L. Coleman’s report, commercial retail occupancy was at 89% in 2011, which is a 1% decrease from 2010. Sale of retail buildings saw an overall decrease of 5.9% from figures in 2010.
With big ticket jobs in the public sector, like Virginia College, which was completed during the summer of 2012 and the Margaritaville Casino which is slated for completion in 2013, realtors like Alley say 2013 is expected to top a successful 2012.
“It’s been a good year overall, but in particular the end of the year, post election and going into 2013 looks very promising,” said Alley.
As for builders, like Brown, the upcoming additions to the Port of Caddo-Bossier and the A.R. Teague Parkway extension, both slated for a 2013 completion date should bring more business for local builders.
“We’re not back up to the levels we were three or four years ago, but it’s picking back up and we’ve got pretty good strong work,” said Brown.
While both the commercial and residential real estate fronts have stayed steady in our area. It has also provided more employment for those in the construction field. A recent report shows the state of Louisiana employed more than 121,000 people in construction, as of August 2012.
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