State of Commercial Real Estate
GNOEA met via Zoom on Tuesday September 1 for organization updates and to discuss the state of Commercial Real Estate with Richard Juge, GNOEA member and Broker for Re/Max Commercial Brokers, Inc. Re/Max Commercial Brokers, Inc.
In the commercial real estate business since 1988 and a Certified Commercial Business Real Estate designation (CCIM), Richard provided industry statistics for commercial real estate locally and nationally. Re/Max handles all real estate types to include retail, industrial, land, office, multifamily, farm & ranch and hospitality. The pandemic has rocked the hospitality and retail sectors leaving hotels and retailers at a loss. The need for office space continues to shrink as larger organizations move toward allowing employees to work from home. Real estate numbers have decreased by 50% for July year to date. However, industrial property is doing quite well as vacant space becomes available due to legacy retailers closing such as JC Penney leaving room for micro distribution centers. It is projected that one billion square feet of industrial real estate will be in demand by 2025 with the increase in online shopping.
The outcome of whether or not companies will continue allowing employees to work from home is uncertain and some may change the way employees are scheduled to work, i.e., shifts and alternating days in the office. Office buildings may consider automation such as touchless or automated doors, etc. Multifamily real estate demand has increased because of working from home but employees miss out on mentoring, brainstorming, socialization, team bonding, and collaborating done in an office environment.
It is projected that inflation and mortgage rates will remain low through 2021 with rates ranging from 3.5 – 4.5% depending on the term.
New Executive Director introduced
Cathy Vienne, Professional Association Services, Inc., an Association Management Company
Cathy has been managing maritime industry associations/organizations for 15 years and can be contacted by email at [email protected] or by phone 504-779-5671.
Yur Event Rentals
Category: Event Rentals
If you have a prospect, please have them connect with Julie Couret at [email protected]
A list of open classifications can be found here.
4Q Dues will be $50
Plans to establish a Paypal account to allow members to pay online.
2021 Dues amount will be determined by the board.
Upcoming Meeting Schedule
9/8 – NO MEETING
9/15 – Virtual – Philip Rebowe, CPA, Postlethwaite & Netterville and Tim Scott, Labor Attorney, Fischer & Phillips
9/22 – Virtual – Ed Webb, World Trade Center
9/22 – Virtual – BOARD MEETING
10/6- Virtual (Time Change 11:00A – 12:00P- Gassan Korban, Executive Director, New Orleans Sewerage & Water Board
Please login and view the Calendar for meeting login details.
Please contact Brien Lundin, President-Elect / Programs Chair if you would like to be added to the presentation schedule or would like to recommend a speaker.