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New Orleans Commercial Real Estate In-depth
New Orleans is a major United States port city and the largest city in Louisiana. It is the center of the New Orleans metropolitan area. By the time Hurricane Katrina approached the city at the end of August 2005, most residents had evacuated. The Census Bureau in July 2006 estimated the population of New Orleans to be 223,000; a
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New Orleans Commercial Real Estate In-depth
New Orleans is a major United States port city and the largest city in Louisiana. It is the center of the New Orleans metropolitan area. By the time Hurricane Katrina approached the city at the end of August 2005, most residents had evacuated. The Census Bureau in July 2006 estimated the population of New Orleans to be 223,000; a subsequent study estimated that 32,000 additional residents had moved to the city as of March 2007, bringing the estimated population to 255,000, approximately 56% of the pre-Katrina population level. Another estimate, based on data on utility usage from July 2007, estimated the population to be approximately 274,000, or 60% of the pre-Katrina population.
Several major tourist events and other forms of revenue for the city have returned. Large conventions are being held again, such as those held by the American Library Association and American College of Cardiology. College football events such as the Bayou Classic, New Orleans Bowl, and Sugar Bowl returned for the 2006-2007 season. The New Orleans Saints returned that season as well, following speculation of a move. The New Orleans Hornets returned to the city fully for the 2007-2008 season, having partially spent the 2006-2007 season in Oklahoma City. In March 2007 a local group of investors began conducting a study to see if the city could support a Major League Soccer team. New Orleans successfully hosted the 2008 NBA All-Star Game, and Tulane University hosted the first and second rounds of the 2007 NCAA Men's Division I Basketball Tournament. The Superdome played host to the 2008 BCS National Championship Game in January 2008.
Major events such as Mardi Gras and the Jazz and Heritage Festival were never displaced.
The city of New Orleans is working to create new opportunities for entrepreneurs and business owners with commercial real estate in New Orleans. Bringing together public agencies and private firms, the office makes policies that make city government more responsive to the needs of businesses and improves the city's image as a place to do business. This is a great time to open or expand a business with commercial real estate in New Orleans.
New Orleans commercial real estate provides the home to one of the largest and busiest ports in the world, accounts for a major portion of the nation's refinery and production of petroleum, has a top 50 research university (in Tulane University) as well as half a dozen other institutions of higher education, and is renowned for its cultural tourism.
New Orleans is an industrial and distribution center and the busiest port system in the world by gross tonnage. The Port of New Orleans is the 5th-largest port in the United States based on volume of cargo handled, second-largest in the state after the Port of South Louisiana, and 12th-largest in the U.S. based on value of cargo. The Port of South Louisiana, also based in the New Orleans area, is the world's busiest in terms of bulk tonnage, and, when combined with the Port of N.O., it forms the 4th-largest port system in volume handled.
New Orleans commercial real estate is the home and worldwide headquarters of a single Fortune 500 company: Entergy Corporation, an energy and infrastructure providing company. Other companies with a significant presence or base with New Orleans commercial real estate include the worldwide headquarters of the Entergy and its subsidiaries, Freeport-McMoRan, AT&T, IBM, Navtech, Harrah's (downtown casino), Popeye's Fried Chicken, Zatarain's, Whitney Bank (corp. HQ), Capital One (banking HQ), Tidewater (Corp. HQ), McMoran Exploration, and Energy Partners (corp.HQ).
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