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Commercial Real Estate in New Orleans, LA - 80 Properties Available

New Orleans, LA Economic Overview

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New Orleans is located in southern Louisiana and has a population of 390,000, according to 2013 U.S. Census Bureau estimates. Known as one of the biggest port cities in the world, New Orleans is a center of maritime industry. The city also attracts impressively large crowds of tourists, as well as businesses.

The economy of New Orleans revolves around a well-established maritime industry, but is steadily accepting other industries, such as tourism and technology, bioscience, and other specialized research. As the city moves to drive development forward, it must be noted that in the wake of Hurricane Katrina, the devastation that was unleashed on locals and businesses is still present today and much of the development that is ongoing has also been part of the effort to rebuild the area.

New Orleans, LA Commercial Real Estate Market

Since 2010, New Orleans has seen more than 200 public and private development projects, nearly $1 billion investment in public and charter schools, and $423.7 million in capital investment throughout New Orleans. It comes to a total of approximately $7.04 billion in major public and private investment. The city is undergoing major development, which makes New Orleans commercial real estate increasingly attractive to investors.

New Orleans East Bank: Confusing to out-of-towners is that that much of the East Bank is actually on the north side of New Orleans. Most the New Orleans metro population resides in East Bank. Some noteworthy neighborhoods in East Bank include the French Quarter, which is one of the oldest neighborhoods in the area.

New Orleans West Bank: Some important developments in the West Bank area include luxury homes and planned communities. This is new for locals, because most don't consider the West Bank to be luxurious. That said, there is a push to change this perception, as new developments arise.

Downtown New Orleans: Filled with art, music, dining, shopping, and festivity, Downtown New Orleans is a hotspot for local and tourist business. People come here from all over the world, to participate in the culture that is unique to New Orleans.

The Downtown Development District (DDD) has been managing retail attraction and development efforts since 2007. The DDD actively researches and pitches downtown trends, to assess which industries are ideal to bring into the area. Development in Downtown New Orleans is both highly sought out and carefully selected.

BioDistrict: Located in Downtown New Orleans, the BioDistrict deserves recognition all on its own. It is easily the largest development that New Orleans has seen in the past decade. The BioDistrict has 1,500 acres of space and focuses on development in the bioscience industry. The goal is to provide world-class research in bioscience and to aid development in healthcare, as well as provide stable jobs and education opportunities for students. Research institutions, private companies, government agencies, and independent foundations are partnering with New Orleans to create opportunities for training and research. Development plans also include space for office and research labs, as well as retail and residential space.

New Orleans, LA Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

New Orleans, LA Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

New Orleans, LA Commercial Inventory Breakdown

Office Spaces

Total: 15,433,328 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 1,264,143 SF / 8.19% of total office
  • 100k to 500k SF: 5,017,029 SF / 32.51% of total office
  • 500k to 1M SF: 6,414,944 SF / 41.57% of total office
  • > 1M SF: 2,737,212 SF / 17.74% of total office

By class:

  • Class A: 10,284,876 SF / 66.64% of total office
  • Class B: 4,687,889 SF / 30.38% of total office
  • Class C: 57,109 SF / 0.37% of total office

Employment in New Orleans, LA

Employment

Listed below are the top 5 professions represented in the local economy, as well as the percentage of New Orleans residents they:

  • Sales, Office, Administrative Support (21.19%);
  • Construction, Extraction, Maintenance/Repair (20.35%);
  • Management, Business, Finance (11.79%);
  • Food Preparation, Serving (10.51%);
  • Education, Library (8.27%).

The unemployment rate here is 5.1%, slightly below the national average of 5.2%. Top employers include Ochsner Health System, Tulane University, Acme Truck Line, Al Copeland Investments, and Vinson Guard Services.

Education in New Orleans, LA

In 2013, New Orleans ranked 49th in percentage of adults with a college degree with 33.7% of its residents holding a bachelor's degree or higher. There are 16 colleges within 50 miles of New Orleans, including Tulane University, Loyola University, Xavier University, The University of New Orleans, and Our Lady of Holy Cross College.

Commuting Time in New Orleans, LA

The average commute time in New Orleans is 22 minutes, which is slightly below the national average of 24.8 minutes. Public transportation is highly accessible and New Orleans is an easily walkable and bikeable city.

New Orleans Demographics

Population

  • Total Population388,182
  • Male Population(47.7 %) 185,063
  • Female Population(52.3 %) 203,119
  • Median Age35.90

Income/Financial

  • Average Household Income$67,224
  • Median Household Income$38,721
  • Median Income Under 25$17,914
  • Median Income 25-44$42,097
  • Median Income 45-64$42,213
  • Median Income Over 65$30,590

Residential Rents in New Orleans, LA

When choosing the best place for a business, location research is very important – not only for the office, but also for the employees’ convenience.

The average cost for an apartment is $1,050/month. The average studio apartment is $994/month, for a one bedroom the average is $980/month, and 2-bedrooms go for $1,137/month. The average size of an apartment in New Orleans is 930 square feet. A studio apartment is 489 square feet, a one bedroom is 701 square feet, and a 2 bedroom is 1,022 square feet.

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