New Orleans Office & Commercial Space
Widely considered to be one of the United States’ most important port cities, the city of New Orleans is the largest city and metropolitan area in the state of Louisiana. Featuring a residential population of over 344,000 in the city proper and 1.2 million in the larger metropolitan area, New Orleans hosts a wide array of economic and cultural opportunities that are serving as valuable resources on which this unique and historic community continues to grow and develop. Business owners who are interested in securing rental properties for lease in this city will find that they are advantageously positioned for prosperity and further development throughout the region. Office space for rent and commercial space for rent can be found throughout the various neighborhood zones of New Orleans, many of which offer an appealing blend of functionality and affordability. Thanks to prime location along the Mississippi River, New Orleans is poised for an economic and cultural renaissance.
New Orleans Economic Overview
Median household income levels in New Orleans are approximately $35,000, significantly below state averages. As is common with many of the largest cities in the United States, however, a large number of high-wealth individuals who carry on professional activities within New Orleans have chosen to live within the greater metropolitan area as opposed to the city itself. A wide variety of affluent suburbs can be found throughout this region of the state. Some of the more popular industries in which New Orleans’ professionals are employed include construction, educational services, health care, and the professional, scientific and technical services.
As could be expected, the devastation caused by both the 2008 financial crisis and Hurricane Katrina have led to serious economic setback for the city of New Orleans. Not only have a large number of jobs disappeared due to the poor health of the US economy, but significant structural damage has occurred to many regions of the city. That being said, New Orleans has vigorously pursued rebuilding efforts and is slowly returning to its former levels of prosperity. Unemployment levels in New Orleans remain slightly above both state and national averages.
The numerous higher education institutions found throughout the city have proven to be a significant economic resource here. Not only do these colleges and universities bring in thousands of students on an annual basis, but they also offer a vast array of employment opportunities for professionals and academics.
New Orleans At A Glance
The city of New Orleans offers individuals the opportunity to immerse themselves in a fascinating world of history that cannot be found anywhere else in the United States. Amongst the numerous cultural entertainment opportunities found here include museums, festivals and performing ensembles, such as the New Orleans Opera, the New Orleans Literary Festival, the New Orleans Jazz & Heritage Festival, and the New Orleans Museum of Art. One of the most iconic attractions found in New Orleans is the Mardi Gras festival, which takes place each year in recognition of the Christian liturgical season of Lent.
New Orleans is also home to a number of professional sports teams, including the New Orleans Saints (football) and the New Orleans Pelicans (basketball). Visitors to New Orleans will, undoubtedly, be able to find enriching and inspiring entertainment opportunities throughout the year. Many of these attractions also serve as economic stimulus, helping to draw in thousands of tourists on an annual basis.
New Orleans History
Prior to becoming a city within the state of Louisiana and the United States, New Orleans was colonized by both the French and the Spanish. These early European influences have proven to be a formative cultural stimulus which has largely shaped a variety of facets of daily living in the city. Thanks to a bustling port economy, New Orleans grew rapidly throughout the formative years of US development, and served as a vital component of the new country’s economic infrastructure. That being said, New Orleans has faced a significant number of hurdles in recent years, most notably a shrinking population base that began prior to Hurricane Katrina and has continued since. In recent years, a number of social improvement and reconstruction plans have been launched, many with the goal of revitalizing the city and making it appealing yet again for businesses and residents alike.
New Orleans Population
By and large, the majority of the population of New Orleans proper is African American, with over 60% of residents classified within this particular ethnic group. The numerous universities and colleges found throughout New Orleans are slowly helping to expand and diversify the local population, as both domestic and international students arrive here and, following graduation, often choose to pursue employment opportunities in this region of the country. New Orleans continues to face a poverty crisis, due largely to the fact that a substantial portion of the local population that had previously engaged in manufacturing-related work can no longer find employment opportunities. There are currently upwards of 200,000 households in New Orleans.
Trends of New Orleans
Although the city of New Orleans has had its fair share of setback, the community continues to persevere, slowly rebuilding its internal economy and strengthening the community through an increasingly skilled and competent workforce. Although tourism remains one of the most important industries here, the city has continued its investment in lucrative industries, such as higher education, healthcare and port trade.
Many experts are optimistic that New Orleans has begun a revitalization process that will lead the city to increased prosperity over time.
Where to Lease in New Orleans
Due to the fact that the city of New Orleans caters to a substantial tourism base throughout the year, those hoping to establish a retail-focused operation in the city are advised to focus on their searches in the downtown area of the city. Those interested in more manufacturing-related enterprises may find suitable properties near the port area of New Orleans or on the outer perimeter of the city within the larger metropolitan area.
Learn More About New Orleans
Real time and historical data on commercial real estate listings in New Orleans.