The article below describes some of the commercial real estate opportunities in New Orleans.
COMMERCIAL REAL ESTATE IN LOUISIANA
One of the best spots for commercial real estate in Louisiana is in New Orleans. It is a bustling city, even after Hurricane Katrina, that attracts lots of tourists, companies and builders. It is an ideal location to find great commercial real estate.
The two often overlooked areas of New Orleans, New Orleans East and the West Bank ,offer slightly different, but promising options in real estate space. Hence it would be quite helpful to learn more about each of these areas.
New Orleans East
The East side is defined as everything inside the region created by the intersection of Lake Forest Boulevard, Crowder Boulevard, and Paris Road. It is a very fertile area for single family and multi-unit residential real estate as well as for light industrial, general commercial and retail properties.
Major retail properties started cropping up in East New Orleans back in the 1970s when they flooded to surround and fill in the 1.2 million square foot regional mall shopping center. Since then retail buildings have spread around the area into many smaller strip malls, with movie theaters and big name department stores attracting lots of customers and traffic.
The area is also home to a large piece of hospital health care commercial real estate, including an actual hospital and many individual health care providers’ offices nearby.
New Orleans West bank
The West bank area also includes the regions of Algiers and West Jefferson Parish and really saw its commercial real estate development jump dramatically after 1957 when the completion of the Greater New Orleans Bridge made the area much more accessible to customers and businesses.
Since that time, retail and commercial companies have flourished in the West bank, and saw even better traffic after the completion of the Crescent City Connection, a new bridge parallel to the Greater New Orleans Mississippi River Bridge that opens up more driving lanes and reduces commuter congestion.
Now most of the commercial real estate growth is along General DeGaulle Drive with lots of retail space and five and six-story mid-rise office buildings. There is also a sizable medical center in the West bank with plenty of nearby residential real estate and independent health care practitioner offices.
Commercial real estate can be a great investment, and New Orleans is certainly a prime place to make that investment. Tourism is New Orleans number one industry. It is a city that attracts plenty of visitors each year for general tourism as well as the annual Mardi Gras festival.
The region is also very well known and visited for its musical past and traditions. As the birthplace of Jazz, New Orleans remains a great center for modern jazz and bluegrass and the annual Jazz and Heritage Festival.
And even after the horrible tirade of Hurricane Katrina that displaced a great deal of the population, there are still several hundred thousand residents in the city making it a great place to start or expand a commercial business or invest in real estate where property values are relatively affordable and likely to rise in future years.
In the city of New Orleans, Louisiana real estate can be a great investment. The developing tourism and the annual Jazz and Heritage Festival make it an attractive place for investment. For details, visit them at http://www.realestatelouisiana.com.
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