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Started By
Message
n
Posted on 4/6/23 at 12:36 pm
Posted on 4/6/23 at 12:36 pm
n
This post was edited on 8/11/23 at 10:00 pm
8
Posted on 4/6/23 at 12:44 pm to MrLSU
The city buys the building and raises property taxes on existing properties to pay for it. Glad I'm not there.
This post was edited on 4/6/23 at 12:50 pm
Posted on 4/6/23 at 12:46 pm to MrLSU
Most big cities have seen a similar increase in office vacancy rates. With the rise in interest rates its made owning underperforming buildings expensive so you'll see many up for sale and likely foreclosures in the next 6 months. This will put more pressure on banks and you may see another few go under.
Posted on 4/6/23 at 12:48 pm to MrLSU
quote:
If Cantrell buys 1615 Poydras that would take 500,000 sq ft of office space out of commerce in downtown NOLA and maybe that is the only answer to stabilizing the office market in New Orleans
That's where DXE is currently paying rent.
If they do this, what happens to the existing City Hall? It's an eyesore anyways. Can that be demolished and replaced with a park?
Posted on 4/6/23 at 12:49 pm to BarryG
quote:
Most big cities have seen a similar increase in office vacancy rates. With the rise in interest rates its made owning underperforming buildings expensive so you'll see many up for sale and likely foreclosures in the next 6 months. This will put more pressure on banks and you may see another few go under.
Humana was smart as frick in how they handled occupancy here in downtown Louisville. During COVID when their folks were WFH, they rented out the space to the local school district to utilize as a "hub" for different services, onsite tutoring, etc during non-traditional/online instruction. Then moved folks back into the office (mostly hybrid) while being able to write off that rent during NTI and COVID.
Posted on 4/6/23 at 12:54 pm to frequent flyer
quote:
f they do this, what happens to the existing City Hall? It's an eyesore anyways. Can that be demolished and replaced with a park?
Move out the history records to some place above sea level, in Central Louisiana.
Then implode the building. Any workers who were on the clock that day but not a work get collected and shot. Any workers who were helping citizens that day....oh, hell, the chance of any of them helping citizens is so remote that there's no reason to finish this sentence.
Posted on 4/6/23 at 1:30 pm to MrLSU
People actually still have enough office jobs in New Orleans to reach 80% occupancy?
I’m shocked.
I’m shocked.
Posted on 4/6/23 at 1:32 pm to real turf fan
I suspect the WFH issue and crime are problems but you have to factor in the cost of insurance for these buildings makes the financial numbers difficult to crunch for prospective tenants who must absorb the landlords insurance costs.
Posted on 4/6/23 at 1:34 pm to frequent flyer
quote:
Can that be demolished and replaced with a park?
Would solve the problem of bum overcrowding at Duncan Plaza
Honestly would make a great spot for a transportation hub of some sort. Get them away from Canal and Rampart/Loyola
This post was edited on 4/6/23 at 1:35 pm
Posted on 4/6/23 at 1:37 pm to MrLSU
quote:
WFH
Is New Orleans even a big enough market for a sustainable WFH model like you would see in other US cities?
It’s not a transient city like a Nashville, Phoenix, Atlanta and Charlotte.
Posted on 4/6/23 at 1:39 pm to Paul Allen
quote:
It’s not a transient city like a Nashville, Phoenix, Atlanta and Charlotte
New Orleans is the definition of a transient city for WFH people. Good enough for a long vacation, not good enough to set down roots.
Posted on 4/6/23 at 1:42 pm to fightin tigers
Not necessarily true. Those cities I listed have a large number of people just passing through and aren’t from there.
There’s a lot of people in New Orleans that are born and raised there or from a surrounding parish in the metro area.
There’s a lot of people in New Orleans that are born and raised there or from a surrounding parish in the metro area.
Posted on 4/6/23 at 1:45 pm to frequent flyer
I’m not sure what the plan is for city hall but I can tel you latoya has been dying to move out of it.
She was going to convert the mahalia Jackson if memory serves me correctly. Current city hall is some nice real estate but the building itself blows.
She was going to convert the mahalia Jackson if memory serves me correctly. Current city hall is some nice real estate but the building itself blows.
Posted on 4/6/23 at 1:46 pm to Paul Allen
I wouldn't say New Orleans is majority transient in any way, but the areas down the sliver are full of people just passing through for a few years. There are many many people who follow the 'charm' and live here for short stints.
My SO works for a <1000 person company with zero attachment to New Orleans. They can work from anywhere in the world, and some truly do that. There are 4 that live in NOLA and WFH. None have any roots here (nor really associate with each other), they just like the city. Beats the hell out of me. But it is cheap, just large enough, and full enough of drugs and weird shite.
My SO works for a <1000 person company with zero attachment to New Orleans. They can work from anywhere in the world, and some truly do that. There are 4 that live in NOLA and WFH. None have any roots here (nor really associate with each other), they just like the city. Beats the hell out of me. But it is cheap, just large enough, and full enough of drugs and weird shite.
This post was edited on 4/6/23 at 1:48 pm
Posted on 4/6/23 at 1:52 pm to GetBackToWork
quote:
People actually still have enough office jobs in New Orleans to reach 80% occupancy?
Yeah
It’s not a surprise to those of us who work downtown and k ow of all the companies that have offices there.
But I do agree, more and more WFH jobs and a declining business environment will continue to lead to more office spaces being on the market
Posted on 4/6/23 at 1:57 pm to notiger1997
Think WSJ reported occupancy (nationwide) was only 40-60% of pre-pandemic levels.
The push to bring people back into the office isn't going as easily as expected. WFH numbers have almost tripled in less than 4 years.
Still a lot of people in offices though.
The push to bring people back into the office isn't going as easily as expected. WFH numbers have almost tripled in less than 4 years.
Still a lot of people in offices though.
This post was edited on 4/6/23 at 1:58 pm
Posted on 4/6/23 at 1:58 pm to GetBackToWork
quote:why would this shock you?
People actually still have enough office jobs in New Orleans to reach 80% occupancy?
I’m shocked.
Posted on 4/6/23 at 2:00 pm to GreatLakesTiger24
Because TD thinks nobody lives in NOLA that is employed or makes a decent living.
Posted on 4/6/23 at 2:03 pm to Swagga
Yeah they tell the baws at the plants and hunting camps that Nola is just Bourbon Street and housing projects. Nothing else exist
Posted on 4/6/23 at 2:07 pm to MrLSU
Plaza tower has 0% occupancy.
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