As WWL continues its look at the economic health of downtown New Orleans, we talked with a local real estate expert about how the downtown market is doing.
New Orleans has seen its fair share of offices turning vacant, says local real estate analyst Arthur Sterbcow.
"Many of the leases had long-term leases, and as those leases expire, they're looking to either downsize space or relocate," said Sterbcow.
The Downtown Development District says the office vacancy rate is about 12 percent. Sterbcow says he sees some takers for that vacant space, but at the moment, those going out outnumber those coming in.
"Vibrant market, still good, I mean, New Orleans is still New Orleans," Sterbcow said, but "right now, it's a little bit lopsided to those looking to find cheaper venues."
Sterbcow says after a boom in apartment and condo construction, condo sales have come down. But he says activity continues because a lot of condos are being rented to visitors.
"The short-term rental market has seem to have really prospered well, and the condominium market has kind of slowed down," he said. "A lot of those condos are being converted to short-term rentals."
This week, WWL is exploring important local issues concerning New Orleans downtown, and this Sunday at 10:00am we present an hour long Audacy News special about "The State of Downtown” in America.
