New Orleans Office Sector is in Rightsizing Mode as Tenants Downsize Footprints

With the recent influx of young talent, combined with the area’s thriving economy and renowned vibrant culture, the Greater New Orleans region is poised for growth. Although the office market sector is slow to show any significant gains, this signifies a potential undervalued opportunity for users. The metro area has nearly 20 million square feet of office space, including over 11 million square feet of Class A space with a published occupancy rate exceeding 87 percent. The predominant …

Tight Multifamily Occupancy in New Orleans Leads to 2,285 Units in the Pipeline

New Orleans (also known as Crescent City, The Big Easy and NOLA) is unique in many ways. The cuisine, architecture and music all set the city apart, but for the real estate industry, the geography is most important. In fact, it’s uniqueness among the great Southern cities is that the Mississippi River, Lake Pontchartrain and the wetlands to the east and west have created a barrier to entry unlike any other multifamily market in the country. These factors have limited development to a select …

New Orleans Adds Another Chapter to its 300-Year History Book of Multifamily Growth

How many cities can boast a multifamily history that goes back 300 years? New Orleans can, as it is celebrating its Tricentennial.New Orleans is home to the first apartment building in the United States. Historians have noted the “oldest continuously rented” multifamily development in the country is the Pontalba Apartments. Built in 1849 by the wealthy Baroness Michaela Pontalba, the iconic apartment’s crown molding, sconces, iron railings and balconies are now synonymous with New …

Adaptive Reuse in Core New Orleans Pushes Industrial Activity Westward

When real estate professionals think of the New Orleans industrial market, oil companies, the Port of New Orleans (recently rebranded Port NOLA) and distribution companies come to mind. That thought is currently undergoing an evolution.The historically industrial areas of New Orleans are being absorbed seemingly daily by an insurgence of retail and entertainment-based business. As traditional retail in American shopping and strip malls is on the decline, developers are rushing to buy …

New Orleans’ Suburban Class A Office Space Still Outperforms U.S. Average

The greater metropolitan New Orleans office market contains approximately 15 million square feet of office space segregated into five distinct submarkets. Two major submarkets, the Central Business District (CBD) and Metairie (a suburban market), represent 94 percent of the total square footage. The occupancy rates of Class A properties in these two markets are 87.7 percent and 88.7 percent, respectively. These rates are 1.56 percent lower and 3.01 percent higher than the respective downtown …

Restaurants Prove to be New Orleans Retail Market’s Bread and Butter

Take a look at the current retail landscape, not only in New Orleans, but far beyond the Big Easy, and you will find this sector has changed drastically over the past decade. Some argue retail is dead, while others cling to the notion that every market goes through cycles, and this has been going on long before the dawn of any Tricentennial festivities.Somewhere between these two extremes is the confluence of trends, data, outliers, gossip and pontificating cries, that when carefully …

Multifamily Investors, Developers Find Hidden Opportunities in New Orleans

Sometimes there is a “herding” mentality in real estate investment activity, but markets that do not make the headlines of news stories or appear on the top market lists are the ones investors should focus on.New Orleans is one such market, and while it might not be on everyone’s radar, it has the fundamentals and dynamics that are attracting investors’ attention. With a total inventory of approximately 55,000 units, demand for multifamily acquisitions in New Orleans and the Gulf …

Despite Challenges in Marketplace, New Orleans Office Activity Has Picked Up

New Orleans may be The Big Easy, but when it comes to understanding this unique Southern city’s commercial real estate marketplace, very little is easy or simple.The numbers, at least, are fairly straightforward. New Orleans currently has around 8.8 million square feet of Class A office space and 1.6 million square feet of Class B. Average rental rates are approximately $19.00 per square foot and $15.50 per square foot for Class A and Class B, respectively, with current occupancy rates at …

New Orleans’ Metro Multifamily Market is Humming an Upbeat Tune

There is a popular song from the HBO show Treme written and performed by Steve Earle titled “This City Won’t Wash Away”. Ten years ago the wind and water of Hurricane Katrina threatened to destroy almost a third of the multifamily market in metro New Orleans. After a decade of rebuilding, the multifamily market has emerged as one of the most dynamic and resilient markets in the country. For 10 straight years this world-class city has seen strong demand, increasing rents and stable …

Following Massive Conversions, New Orleans’ Office Market is Taking Shape

The New Orleans office market remains dynamic. The city has obviously changed dramatically in the 10 years since Hurricane Katrina and is on a continued path of change going forward. Positive change.In the past 12 to 18 months, more than 1 million square feet of what used to be considered office space in downtown New Orleans has been converted to retail, hotel, residential or multifamily use. Projects such as 225 Baronne Street, the 1100 block of Tulane Avenue, 600 Carondelet Street, …

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‣ NAI Global
‣ Walker & Dunlop

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