Main menu

Pages

The NOMAR Symposium provides guidance on weathering uncertainties in today's business world. Organizer: NOMAR

featured image

The New Orleans Metropolitan Association of REALTORS® (NOMAR) is back with one of 12 major events.th The Annual Economic and Property Forecasting Symposium: Perceiving Risks in an Uncertain World takes place October 13 at the Jefferson Performing Arts Center.

Speakers include experts from real estate, finance, government and academia, providing a comprehensive mix of content. The face-to-face conference comes as the New Orleans real estate industry begins to show signs of stabilization after his two-plus years of unprecedented turmoil.

“There was an inflection point in the market,” said NOMAR President David Favret. “We were in a very aggressive sellers market and buyers were desperate to secure properties. We have seen a change and are now in a healthier market. There is, and things are progressing at the right pace for all aspects that we haven’t seen in the last two years.”

According to Favret, one of the key indicators of this change is the increase in months of inventory for New Orleans residential real estate. Over the past two years, that number has either been less than a month’s worth of inventory, or has slowly increased. There are now about 2.9 months of inventory in the market, which Favret said shows a balanced number of buyers and sellers.




Many homebuyers are locals looking for homes that better meet their needs, but others are entering the market. Bob Bergeron, owner of Crescent Title, LLC, said some people have moved to New Orleans because they can now work fully remotely. Others are from New Orleans, returning home to be closer to family, where the condo market has been stronger than in some other cities, so Bergeron said he wanted a New Orleans condo in his home. Some people buy it as a second home and spend long periods of time near their family all year round.

Regardless of the buyer’s situation, Bergeron said it is always recommended to work with local industry members who are up to date with the market.

“A lot of people look at homes online to get a feel for what’s there, and agents can help identify the right property for you,” Bergeron said. They may know about properties that aren’t officially listed, or they may guide you to areas you didn’t know. and can help you find a good lender who can help you have a positive experience.”




While the housing market is stable, New Orleans’ commercial market is still volatile. Melissa Warren, president of NOMAR’s commercial investment division at CCIM, said retail is starting to pick up in New Orleans, but the parishes of Jefferson and St. Tammany are still strong and demand is growing. New Orleans’ tourism and hospitality industry is gaining momentum with a resurgence of large-scale events, sure to propel the post-pandemic economic recovery. However, Warren noted that office occupancy remains below pre-pandemic levels. That’s why some people seek her space in smaller offices or low-cost options.

According to Warren, the biggest change in New Orleans right now is in industrial real estate, a trend expected to continue through at least 2023. New distribution facilities in the West Bank and an Amazon distribution center in Slidell are under construction, giving New Orleans an edge among supply chain and delivery challenges. Additionally, the Louisiana International Terminal at St. Bernard, a project led by the Port of New Orleans, is expected to have a significant impact on industry and the workforce in the region.

“We see construction costs impacting lease payments every day, no matter what sector we are in,” Warren added. “Tenants don’t want to front-load costs, so landlords are offering more tenant improvement allowances and long-term contracts.”

If investors are looking to enter the commercial market, Warren urges them to consider which industries they want to work with and which geographies they are most interested in. Investors should also have a diverse mix of tenants, she added. Tenants, on the other hand, need to make sure their finances are in order, especially after many tenants receive fresh cash from government funding sources.

“There is no doubt that people are scaling up their investments and making sure everything is stable,” she said. “We have seen investors looking at properties, but they have concerns about tenants and their credit, so they move on. Everyone wants that long-term stability now. increase.”

The symposium will include presentations on seeking such stability, the current state of the economy, long-term sustainability, the environment, and upcoming projects that could transform New Orleans.

Others describe how industry leaders must adapt to a rapidly changing world. Guy Williams, president of Gulf Coast Bank, said there needs to be a discussion about how crime in New Orleans affects both businesses and quality of life. But he said he hopes positive change will happen, especially with the formation of the NOLA Coalition, a diverse group of more than 350 organizations working to address the city’s crime problem. rice field.

“It’s a time of embarrassment, and we have a problem to solve. If we don’t solve it, people with the ability to move will,” Williams said. But that’s an issue we’ve addressed before, it can and should happen, and if you’re a seller who can afford to wait, it’s an option you might want to consider. There are so many people who love the city and want it to be the best it can be, and they are committed to doing what they can to make it happen.”

Williams said he hopes the October 13th symposium gathering will serve as a catalyst to inspire more people to do their part to help New Orleans thrive. Gulf Coast Bank is his sponsor of the symposium title.

“I always enjoy networking and interacting with people. It’s completely different from being virtual,” he said. “Great line-up. Lots of high-level information, but also a fun opportunity to reunite and make new friends.”

The symposium will run from 12:00pm to 4:30pm with a business networking reception at the end of the presentations. All participants must have a ticket. To purchase tickets or learn more, visit www.nomar.org.

.

Comments