Right now is a great time to invest in New Orleans commercial real estate. Katrina devastated the region, but they are rebuilding. You can not only find a great deal, but you will also be a participant in the rebuilding process and returning all of New Orleans to its former glory. Real estate agents in the area are seeing an increased interest in commercial property. |
If you are worried about the lack of customers, don’t worry. People are coming back to the city. In early ‘07, Jefferson parish’s population hit about 460,000 and the Orleans parish increased to over 200,000. The people of New Orleans love their city and they want to support the business endeavors that will bring money into their economy.
Now, if you are interested in New Orleans commercial real estate, you may have some work ahead of you. Warehouses and store fronts were all damaged by the flooding and wind that Katrina brought.
Some business owners simply packed up and left with no intentions of coming back and reopening. So, you can get a great deal on the property, but there may be extensive repair and remodeling work ahead. Saving money on the purchase allows you to take care of what needs to be done
If you are concerned about the extent of the damage, bring a contractor with you when you go shopping for New Orleans commercial real estate property. That way you have an idea of how much work is needed and the expenses to get the building in grand opening shape.
Because the city of New Orleans wants your business, they are working with all potential business owners. The Office of Economic Development has worked on providing tax incentives, such as the Renewal Community Tax Incentive, and workforce development opportunities for new businesses.
Under the RCTI, you get credits for employee wages, commercial revitalization credits, equipment deductions and welfare and work opportunity credits. You also qualify for a zero capital gains tax if you keep the property at least five years before selling. You can visit the Business Center to get your licenses and to find out what kinds of programs are available to you as a new business.
The city government is determined to make New Orleans an attractive option for start-ups and business expansions. They know the city is on the way back and it will get the faster as businesses open and the money flows into the economy. The more the city has to offer, the people will return home to New Orleans and entice new people to come and make a life there as well.
Agents predict it will take about 10 years for New Orleans commercial real estate development to return to normal, but it can happen one business at a time. If you have dreams of opening a coffee shop, a bar or a boutique, why not give New Orleans the opportunity to make your endeavor a success? It is a win-win situation for you and the area.
This is the best time to invest in real estate in New Orleans. Real sale will pick up since tax incentives are being offered to attract businesses and property. Visit them online at http://www.realestatelouisiana.com.
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