Cres Gardner
Vice President, Beau Box Real Estate
Winner of Overall Top Producer of 2016 and F. Poche Waguespack Award, Top Landlord Office Lease, Top Tenant Representative Office Lease and Overall Top Office Sale at the New Orleans Metropolitan Association of Realtors (NOMAR) Commercial Investment Division (CID) 24th Annual Achievement Awards ceremony.
Most excited about…
The New Orleans Central Business District (CBD) has experienced an incredible transition over the past 10 years. A significant increase in apartments, hotel rooms and condos spurred retail and restaurant development creating a true “live, work, play” environment.
New Orleans has the environment large companies are looking for to please the growing millennial workforce. Companies that left years ago for the suburbs are now looking to relocate back into the CBD as employees seek to walk to the plentiful dining and entertainment venues.
Marketing the re-emergence of the New Orleans CBD will be critical to translating our progress into jobs. The commercial real estate community must work with economic developers to create enticing incentives to draw new business in the city. Our dynamic environment is what “corporate America” is looking for, and we need to let them know we are here and open for business.
Biggest anticipated challenge…
There is a natural real estate cycle that consistently plays out across the country, and as a market recovers, existing properties become full, spurring new development. As that new development succeeds, more projects are built that ultimately increase supply beyond demand.
This is certainly playing out in multifamily and condo development in metro New Orleans and will create opportunities for savvy operators to pick up failing condo and apartment projects for only a fraction of their construction costs. It will be our job as brokers to encourage our clients to look past the negative headlines and seize opportunities where others are retreating.
