Large retailers sometimes have to pay the landlord a percentage of revenues, over and above a base rent rate, plus a pro-rata share of common area expenses such as landscaping and property taxes and hazard insurance.
Retail Market In New Orleans and Metairie As Of May 2019
There are 581 retail properties for sale and for lease, with 434 for lease at an average price of $16.30 per square foot leaving 147 for sale at an average price of $104.93. The amount of time it has taken to sell or lease retail property averaged 281 days, but the average time over the last 2 years has been 247 days. This can be a shock to residential property buyers and sellers, as well as agents, since residential property usually sells within a week in popular areas or, at most, 3-4 weeks in unpopular areas. Commercial transactions are more complicated since they involve businesses and permits and employees and higher dollar financing, so days on the market numbers are not as relevant.