Last week it was reported that the vacant-since-Katrina 197 room Warwick Hotel at 1315 Gravier in New Orleans sold for $8 million, but like so many commercial properties in 300 year old New Orleans, it has a fascinating history including the mysterious death of an owner, a $300 million dollar fraud, Israeli organized crime, a grisly double murder, connections to the president of Israel and also a local prominent attorney, not to mention an uncanny ability to
Can Opportunity Arise From Tragedy? Unless you go back to the 1970’s, New Orleans East has never been an economic driver for the area. Even though it is the largest land area in New Orleans, if you ranked all the cities over 50,000 population by income per capita, the East would rank not in the bottom 10 percent but in the bottom ten. The closest city comparable to its economy is Flint, Michigan. There is
By: Andrew Valenti, Reporter May 17, 2019 Specialty clinics and medical office buildings dot the landscape along Houma Boulevard near East Jefferson General Hospital in Metairie. And along Interstate 10 around the Galleria office building, LCMC Health Ridgelake Health Center, Crescent City Surgical Care and Galleria Medical have opened within the last three years. But while there has been construction related to multifamily housing, extended-stay hotels and retail near the $1 billion University Medical Center
The best single tool that you can use over and over again in a variety of situations to help you make smarter real estate decisions is a mathematical formula called Present Value. You can use it whenever a deposit is made on property to determine the lost income, or when a buyer agrees to pay money sometime in the future to a seller, or in terminating a lease prematurely, or in determining how rent payments might apply
Entergy’s abandoned Market Street power plant Since New Orleans is almost 300 years old, you’d expect some interesting stories behind its more prominent buildings, and the vacant Market Street power plant near the New Orleans Convention Center does not disappoint. Built in 1927, the 5 story coal-fired power plant probably contains asbestos and who knows what else detrimental to life, but it sits on 7 acres just a Mardi Gras bead’s throw from the driving force
Over the last 12 months ending December 2018, inflation, that secretive economic thief that steals your purchasing power, increased 2.2%, continuing to drive the wage price spiral like grandma through a slow school zone, keeping pay raises low and interest rates at the lowest levels in decades. The fat cat donor to this economic bipartisan party has been a decline in energy prices, offsetting the rise in food items, housing and medical care. Not Everybody
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map employment gains
Over the last 12 months, only the large cities with population exceeding 1,000,000 experienced healthy employment gains, according to the latest numbers released by the Department of Bureau and Labor. Employment rose in 76% of the metropolitan areas with a 2010 Census population of 1 million or more, compared to 16% employment growth among all 388 metropolitan areas. Booming Cities Last 12 Months If you are looking for opportunity, these red dot cities are growing.
Employment January 2018 to January 2019
Employment January 2018 to January 2019 The US Bureau of Labor Statistics released the employment numbers as of January 2019, showing employment increased by 304,000 in January, compared with an average monthly gain of 223,000 in 2018. Great news but when you drill down into the data, you will find the news is great for some and not so great for others. You need to add at least 145,000 jobs monthly to keep the economy
industrial price vs SF
by Robert Hand, CCIM, MBA, SIOR Industrial Prices For Lease January 2019 Prices for industrial space for lease in the New Orleans/Metairie Metropolitan Statistical Area averaged $5.28 per square foot as of January 2019, up 1% from 3 months ago and down 3% from 2 years ago. There are 283 industrial properties for sale or lease and, of those, 198 are for lease and 85 for sale. Last month 3 industrial spaces were leased, which is below the 7 average for the
935 Gravier
Louisiana Commercial Realty announces the successful completion of lease negotiations of 9,000 square feet of New Orleans Class A office space to Davillier Law Group, a 10 year old boutique firm with 8 attorneys and plans to expand their current areas of practice which include litigation, real estate, public and commercial finance, mergers and acquisitions, gaming and motion picture tax credit transactions. The law firm’s client list includes national and local real estate developers, entertainers, professional athletes, financial
Baton Rouge vs. New Orleans commercial real estate prices
Is New Orleans the better real estate investment compared to Baton Rouge? The definitive answer is: It depends. For sellers, you want a higher price, measured by square foot. For buyers, you want a lower price. Let’s examine the 5 main categories of commercial real estate. Each category commands a different price because each has a different feasibility, capital investment and return on investment: RetailShopping CentersIndustrialOfficeMulti-Family Retail In the retail sector, which encompasses over 100 categories including clothes,
Louisiana Commercial Realty is a top-rated commercial real estate company, instrumental in rebuilding New Orleans with some of the largest transactions ranging from office leasing to building new affordable apartments and developing French Quarter hotels, but we are a small boutique working mostly from referrals so when our website was hacked it was a real surprise hearing our webmaster say it could be Russians. The hacker got in, bypassed security with encrypted passwords, only to
money bale billboard
One Billboard Outside Ebbing, Missouri Putting a billboard on your commercial property might be the easiest $50,000 you ever made, but, first, don’t let the billboard laws surprise you. Billboards located near a highway are highly regulated and competition is cutthroat among advertising companies because billboards are still a growing advertising medium, even with the decline of brick and mortar and the rise of social media ads through Facebook, Google, Snapchat, Instagram and Pinterest. The best
by Robert Hand, MBA, SIOR, CCIM Lease prices for office space in the New Orleans/Metairie Metropolitan Statistical Area averaged $17.68 per square foot as of April 1, down 1.12% from last month but exactly the same price as one year ago, despite the fact that supply increased 1.53% with 3,749,980 square feet for lease compared to 3,693,478 square feet one year ago. There are 1,101 office properties for sale or lease and, of those, 961 are for
chart: prices of new orleans retail
by Robert Hand, MBA, CCIM, SIOR Louisiana Commercial Realty uses the latest technology to help clients uncover opportunities in commercial real estate, and we are constantly analyzing prices so our clients can be ahead of changes in trends. This article is the first in a series to provide an overview of average prices of commercial real estate. We will drill down into prices and trends in New Orleans, Metairie and Baton Rouge, and review the top
code violations can be managed
Louisiana Commercial Realty has authored more real estate articles than any broker in the state, published by the top commercial real estate and financial organizations, including CCIM, SIOR, Chief Executive Officer, and Personal Financial Planning who distribute articles to thousands of their members. This week, Louisiana Commercial Realty published another article, “8 Things To Do When You Get Code Violations“,  helping commercial real estate brokers advise their clients when properties encounter city code violations, and President Robert Hand
$130 million New Orleans East Hospital
  Louisiana Commercial Realty recently helped Dr. Rashonda Dean, Tulane University graduate and OB-GYN, open a new office in New Orleans East to provide badly needed women’s health care services to the 60,000 people in the area. Dr. Dean has admitting privileges at Touro University and is one of 49 doctors there who specialize in Obstetrics and Gynecology, but she is the only Touro doctor to have an office in New Orleans East. New $130
Office Market For Lease In New Orleans-2014 to 2018
by Robert Hand, MBA, CCIM, SIOR In business school we are taught when the supply of any good or service increases, it will cause prices to fall, but even if you haven’t studied economics you know when there is more of something, prices eventually drop. This is a basic law of economics, introduced in 1691 by philosopher John Locke and refined by Adam Smith in 1776 ; however, somebody forgot to tell New Orleans because for the last 4 years, despite the increase in
chart of prices of office sales
  Prices for sales of office property have increased almost 20 percent per year the last few years while the office lease rate trend has stagnated, according to the latest research from the commercial property database Catylist. That’s good news for new companies looking to get started with an address and lease office space and for existing companies who are outgrowing their current space. It is great news for office property owners who purchased just
Recently the heavy rains caused high water in the streets of New Orleans which seemed to take forever to drain away, and since businesses were impacted by the lack of access by customers and also water damage to their equipment and inventor, TV station WWL interviewed Louisiana Commercial Realty for their expert opinion.
The New Orleans area has seen a wave of investment activity from outside and local developers to restore and put historic, underused and dilapidated properties back into commerce. But a proposed tax reform package from the Trump administration could put future projects in jeopardy. The tax plan doesn’t include the Federal Historic Rehabilitation Tax Credit Program, which currently offers developers a 20 percent credit on qualified rehabilitation expenditures for a building that the National Park
4001 Division
“Third time’s the charm” is the saying, used usually after the first two failures, but Louisiana Commercial Realty has been successful three times in a row at helping engineering companies find the perfect home for their growing company. Recently, Infinity Engineering, a highly successful and growing expert in marine construction with projects including a $25 million mooring dock and a $25 million bio-diesel plant, found a home at 4001 Division Street in a $1.48 million purchase
New Orleans District Attorney
Recently Louisiana Commercial Realty teamed with Orleans Parish Assistant District attorney Michael Danon to get one more criminal off the streets of New Orleans. The crime occurred in 2014, and it took 3 years to get the criminal arrested and to court which culminated this month in a trial before Judge Camille Buras in Orleans Parish Criminal Court where criminal Christopher Karl Stephan pleaded guilty to felony theft and fraud, waiving his right to a trial and
CCIM, the Certified Commercial Investment Member Institute, recently interviewed Louisiana Commercial Realty for their publication on entrepreneurs in commercial estate. Founded over 50 years ago, the CCIM Institute is commercial real estate’s most influential professional organization, with members closing $200 billion annually in commercial real estate deals. The CCIM designation represents the highest achievement in commercial real estate because it usually takes members 3 years to earn due to its rigorous education and testing requirements. The
University of Southern Mississippi
Louisiana Commercial Realty and its sister company Mississippi Commercial Realty recently talked with the University of Southern Mississippi to explore helping new medical research companies get a fast start with office space in the only Class A medical office building available in the Hattiesburg, Mississippi area. Mississippi Commercial Realty is exclusive leasing agent for the One Lincoln Parkway Medical Center and is holding talks with dialysis companies, laboratory research groups, cialis 5mg prix en pharmacie physicians
New Orleans District Attorney
Civil District Court Judge Bruno listened to both attorneys then made some notes and concluded “I find Louisiana Commercial Realty testimony credible and find the defendant, James Ramsey, tried to conceal the sale of property from the listing agent.” The controversy occurred after seller Ramsey hired the listing agent but then secretly sold the 10 acre property on Read Road without disclosing it to the listing broker they hired. The lawsuit is compounded by the fact that the sale
chart labor force decline
A plunging Louisiana unemployment rate to 5.2 percent means good times are back, right? Not so fast. Even through the low unemployment rate was promoted not only by Governor Edwards, but also the Louisiana Workforce Commission, CNN Money, and US News & World Report, the fact is: things actually have gotten worse. If you work through the math and look at the facts, you will see why Louisiana has millions of disgruntled workers and why
lease problems
The state of Georgia is one of the most efficient managers of its 2,000 office leases, with only a staff of 10 people each managing a portfolio up to 300 properties including renewals and expansions, plus new lease transactions. Solutions To The Challenges of Managing Thousands Of Leases  Today, Louisiana Commercial Realty met with the State Properties Commission to discuss challenges and solutions to managing the multitude of lease contracts with such a small staff. Since the Properties Commission
job pie
The hotel and restaurant industries are the driving forces of the New Orleans non-government economy, employing over 75,000 people according to the latest numbers from GNO Inc. and Economic Modeling Specialists International. These hotel workers are an integral part New Orleans’ ability to satisfy current tourism and while future growth requires even more hotels, that doesn’t mean any old carpet bagger can build a hotel just anywhere in this city. According to the National Travel and
mandatory lease items
Whether you rent office space, a warehouse, or a retail store, your lease probably has language that ties rent you pay to the Consumer Price Index. The idea is meant to benefit only the landlord, because the rental income retains its purchasing power. The problem is that there is more than one Consumer Price Index and there are different ways to calculate each, so make sure your lease agreement contains language that is very specific. One example of lease
FEMA Flood Maps
Katrina, Harvey and Irma Increase Flood Insurance Awareness Normally when people ask if an area floods they are talking about heavy rains causing water to pool in the streets until the city pumps can suck the water down the drains and into the Mississippi River, but since Hurricane Katrina caused the levees to fail and flood the city with water from Lake Pontchartrain, and Harvey soaked Houston with 50 inches for 4 days, and Irma storm-surged
In addition to the loss of life, jobs, savings, and disrupted families, the victims of Hurricane Harvey will have to deal with the loss of their property and the numbers are staggering. Satellite maps from Reuters show 30,000 properties flooded valued at 23 billion, with 26 percent land only but 74 percent are homes and commercial properties including shopping centers, office buildings and warehouses. The University of Colorado research shows flooding in Harris County over
flood cleanup costs
FEMA is on the ground now visiting damage by Hurricane Harvey and processing claims with aid per house up to $33,000 but each home FEMA claim can be different. For homeowners, it can feel like a deer caught in headlights, and you just don’t know what to do. Mold sets in within 24 hours so you need to take action. This article outlines what victims of flooded property need to do right now, and what it will
cpi since 1913
Whether you rent office space in Class A towers or a warehouse to store inventory or retail space for your coffee shop, your lease with the landlord probably has terms that are not good for you but that you agreed to anyway. Just make sure your lease renewal doesn’t have the three most common mistakes. Even small mistakes can be very costly unless your lease language is clear on every detail. Most Leases Include Price Increases Tied To
Hattiesburg Lincoln Parkway Medical
Louisiana Commercial Realty and its sister company, Mississippi Commercial Realty, were hired recently to market the only Class A medical office center in Hattiesburg, Mississippi, known as One Lincoln Parkway Medical Center. The ADA compliant medical office building is 85,000 square feet on three floors and is home to the major health providers in the Hattiesburg area. The building was constructed in 2005 and offers wrap-around parking for 200 cars, and portico access on all
Louisiana Commercial Realty has been ranked among the top 100 commercial-only real estate brokers in the Gulf South area, including northwest Florida, Alabama, Mississippi and Louisiana, having been inducted into the Society of Industrial and Office Realtors, which is an invitation-only international organization of the top ranked commercial real estate brokers in 630 cities and 34 countries. SIOR members are specialists in the office and industrial markets and must meet stringent requirements certifying their expertise. Of
skool bus
Sometimes we forget that behind the everyday tasks of waking up, getting dressed, eating breakfast, and just getting to school or work are people making alarm clocks, clothes, frozen waffles and driving buses to help us along the way. In higher level economics courses, it is called the “Multiplier Effect“, where a change in input, or spending, causes a larger effect on output, or Gross National Product. For the average person, we don’t think about all the
New Orleans contracts out all the transportation work including streetcars, city buses and public school buses to outside vendors, who are mostly from out of state, so carpetbaggers are always asking where can I find a lot to park my buses. Not so fast. Any old vacant lot just won’t do. Residential zoning won’t work. What about commercial zoning? Nope. Of the 83 zoning districts in Orleans Parish, only 3 permit school bus parking: light or heavy industrial and marine
Start-ups 68% higher in New Orleans than national average   For decades prior to 2005’s Hurricane Katrina, new businesses fled New Orleans in mass for greener pastures with more high-tech employees and payroll tax incentives, but after Katrina many residents launched their entrepreneurial spirit and started their own businesses, resulting in a doubling of new businesses that is 68% higher than the national average and has lasted for more than a decade. Among these entrepreneurs are high
After unsuccessful attempts by Latter & Blum, the largest commercial real estate firm in the south, to sell his property, the owner of the largest office property for sale near Ochsner Baptist Hospital decided to try a different approach and hired a small boutique commercial real estate firm, Louisiana Commercial Realty to market his property. Ethical Standards and Conflicts of Interest President Robert Hand explains, “Many commercial property owners come to us to help them sell
With over 4,000 known blighted properties in New Orleans, and probably an additional 10,000 not yet declared blighted, city officials have recently discovered they can bring in new revenues from code violation fines. One commercial property at 1532 Robert E. Lee Boulevard was assessed $100,000 in fines, which were paid in order for Ochsner to have a clinic there. The fines force property owners to make repairs which eventually brings in more revenue to the City because repairs
Construction starts on $61M ‘Canal Crossing’ development downtown By: Andrew Valenti, Reporter, January 31, 2017 Construction has begun on a massive mixed-use development at the site of a former Canal Street surface parking lot led by a real estate development partnership with ties to Missouri billionaire sports mogul Stan Kroenke. According to plans filed with the city, Provident Realty Advisors of Dallas and The Kroenke Group of Columbia, Missouri are partnering in a development at
At first glance, imposing tariffs or quotas appear to be the perfect solution to get American industries back on track to prosperity, but the reality is that tariffs steal money out of consumers’ pockets by causing prices to increase, stifle creativity, reward inefficiencies and destroy the competitive drive that allows a free market economy to deliver cheaper, smarter and innovative products to you. If you skipped college or avoided a business degree, you missed the
The recent sale of 2537 Tulane Avenue for $5.6 million set a record highest price for property closest to the new $2 billion hospital development, so Citybusiness reached out to Louisiana Commercial Realty broker Robert Hand to discuss the trend on Tulane Avenue apartments and hotels: Commercial broker Robert Hand, president of Louisiana Commercial Realty, said that he feels either project would do extremely well in that area due to high demand for those services.
The city’s criteria for building a hotel on the New Orleans airport north terminal property will shock you. The hotel is part of the $800 million new terminal on the massive stretch of land on the north end near Veterans Boulevard. That will be good news for the tourism industry which is a powerful economic driver to the area, witnessed by last year’s 10.6 million passengers,  up 9.1% from the previous year. The new development will demolish concourses A, B
The Times-Picayune first broke the story that no bidders stepped forward to lease 22,000 square feet of city land to build an 8-story, $17 million, 140 room hotel on the $807 million airport terminal development on the north side of the existing Louis Armstrong, so they reached out to Louisiana Commercial Realty president Robert Hand for an explanation. September 28, 2016 at 2:50 PM By Katherine Sayre, | The Times-Picayune Louis Armstrong International Airport’s plan
The largest development in the history of Jefferson Parish, and the one having the biggest impact on the future of New Orleans, is the development of the $807 million dollar north terminal at Louis Armstrong Airport, which will include a 140 room hotel on land leased from the city. CityBusiness recently interviewed Robert Hand, president at Louisiana Commercial Realty on the hotel development. September 29, 2016 By: Lance Traweek, Managing Editor Louis Armstrong International Airport doesn’t plan to scrap plans
Whether you rent office space, a warehouse, or a retail store, your lease probably has language that ties rent you pay to the Consumer Price Index. The idea is meant to benefit only the landlord, because the rental income retains its purchasing power. The problem is that there is more than one Consumer Price Index and there are different ways to calculate each, so make sure your lease agreement contains language that is very specific. One example of lease
The City Has A Process That Fosters Blighted Property It’s not a conspiracy, but the result is the same: New Orleans still has thousands of blighted houses. What it can be called is a dysfunctional system that created an organized effort that actually encourages blighted property, and uses your tax dollars to take away your tax dollars. The effect of thousands of blighted properties is two-fold: one, a loss of property taxes, which could be used to
With a 77% increase in price, the gold medal for New Orleans’ commercial real estate goes to the apartment sector, far outpacing every other sector of commercial real estate over the past year. The silver medal goes to the office sector with a 21% increase in average sale price, and the bronze goes to the industrial lease sector with an 18% increase in price. Prices This Past Year for Major Sectors of New Orleans Commercial Real