Although leasing activity is down 63% from pre-pandemic levels, the pace of new vacancies is slowing, reducing unoccupied space from 58 million to 44 million square feet over the past year.Multifamily PropertiesHigh mortgage rates have boosted demand for rental units, with net absorption up 90% year-over-year.

@Remington Lyman yes that's the direction we are headed, but do you think zoning will impact (if its marked as commercial, but used as residential??)

Think traveling nurses—they often need a place for 1-3 months and need fully furnished spaces.

Due to the size of these stores it makes it very difficult to rent these locations and in most centers you have to divide the space which requires significant modifications to hvac, electrical, plumbing and storefronts.While this doesn’t answer the questions gives things to consider if buying one.

@Mark Brauer I am Interested in learning more about the company.

They could be looking at the space to check legal egress, ceiling heights, window location and size, fire separation between units/hazardous areas (like boiler rooms, etc.) or a whole host of other things.

Some of our rents are a touch low yes, but a good number of them are above the area average... it's hard to put all of this into a single post because we have everything from small 1 bedroom efficiency apartments to large 3 bedroom/2 bath homes with additions, big yards and multiple space garage areas. 

For investors, patience and strategic planning will be crucial in identifying profitable opportunities amidst the challenges.ConclusionThe Greater New Orleans real estate market in August 2024 is marked by shifting buyer preferences, evolving investment strategies, and challenges for sellers.

@ Mark thank you for the webinar link. 

Don't buy your first property sub to or seller finance...there are enough question marks on your first deal.