Women In Commercial Real Estate Are Making Progress!
Even though Women’s History Month has come to an end,
let’s not let the spotlight fade.
Last month, we celebrated Women’s History Month, an annual declaration that spotlights the contributions of women to events in history and our society. We reflected on the amazing accomplishments and resilience of the many women that paved the way for equality, especially in the workforce.
While we still have a great deal of ground to make up, I think it’s important to recognize how far women have progressed. Consider the recent advancement of Louisiana legislation aimed at closing the income gap and gender inequality. News headlines continue to cast a spotlight on gender barriers every day.
A recent comprehensive study commissioned by CREW (Commercial Real Estate Women) Network, 2015 Benchmark Study Report: Women in Commercial Real Estate, found that women in commercial real estate are more satisfied with their career progression than they were a decade ago, a substantial leap for our industry. The improvements included more women filling senior vice president, managing director and partner positions—even women starting their own real estate companies. Women in commercial real estate have achieved equal or close-to-equal standing as men in many aspects. (Read the full report HERE.) This information is a timely and welcomed example of some of the strides women are making.
Also, according to Womenable’s 2016 State of Women-Owned Businesses Report, the number of women-owned real estate firms has exceeded overall growth in the industry by an 11-point gap, and women-owned brokerages have also seen a nearly 30% increase in sales.
Women entrepreneurs are reaching historic achievements. On a national scale, the number of women-owned businesses has grown five times faster than the national average. From 2007 to 2016, the number of women-owned firms increased by 45%, and women started roughly 1,072 new businesses daily! There are now 11.3 million women-owned businesses across the nation, generating more than $1.6 trillion in revenue and employing nearly 9 million people.
The South has seen the greatest growth in women-owned businesses, with eight of the 10 fastest growing states in our region. Locally, the number of women-owned businesses in Louisiana has grown by 48.8% since 2007, ranking our state 10th nationally for growth of such industries. (For more statistics on women in the workforce, view the entire report HERE.)
It’s truly an exciting and rewarding time to be a business owner today. We’re breaking traditional gender molds and showing how women can be effective in leadership positions. Since 2010, Stirling Properties has achieved some of its greatest accomplishments, and I am proud to have played a role in that.
Today, Stirling Properties manages 16.4 million square feet of property, an increase of 50% since 2010. In addition, total gross revenue has increased by 140% and management fees are up 67%! Watch our complete Stirling Properties highlight video HERE.
I have had the pleasure of working in the real estate industry for more than 30 years, and am very involved in the community, as well as numerous nonprofit organizations and networking affiliations. I am one of the founding members of the New Orleans CREW organization and served as President and Board member for many years. I am familiar with the struggles women have faced in this industry, but also appreciate the headway that we have made.
More and more women are exceeding in the workplace, at home and in the community. Women across the Gulf South region are leading businesses and setting a standard of professional and personal excellence on a daily basis. The barriers are coming down. Industries—such as commercial real estate—that were once dominated by men are filling with talented ladies.
If you are interested in pursuing a real estate career, don’t shy away from the possibilities. Establish, strengthen and expand your professional networks. Organizations like CREW offer mentorship and networking functions. There are so many strong, smart, trailblazing women out there that we can look to as role models.
And never underestimate the resilience of women. Following Hurricanes Katrina and Rita, the New Orleans CREW affiliation lost more than half of its membership. But with the help of local commercial real estate businesses and national supporters, we were able to come back stronger than ever…and even increase our membership!
Support and comradery are crucial in any industry. Personally, I rely on my networking circles and business acquaintances often for support, and my affiliations have significantly contributed to my success. I encourage you to get involved. Grow a strong foundation. Lead the way for many more women to follow.
So even though Women’s History Month has come to an end, let’s not let the spotlight fade. As we turn the calendar page and welcome the spring season, let’s celebrate a time for opportunity and growth that will last throughout the year and beyond.
New Orleans: A City for Entrepreneurs
The “Big Three” cities for entrepreneurship—San Francisco/San Jose, Boston and New York—all have a high cost of living, which can be difficult on a startup budget. Resultantly, entrepreneurs are starting to look elsewhere.
Enter post-Katrina New Orleans. Hurricanes Katrina and Rita allowed one of America’s most historic places to reimage itself as a startup city and business destination. The Crescent City’s renaissance has attracted new entrepreneurial talent, boasting a business startup rate 64% higher than the national average.
Not only does New Orleans offer an affordable cost of living, it proposes attractive culture, world renowned food, and a vibrant art, music and entertainment scene. This fun-loving and diversity-embracing ethos attracts people from all over the world.
Furthermore, housing in San Francisco is 227% higher than in New Orleans, groceries cost 25% more, and transportation costs are 33% greater. Likewise, housing in New York is 368% higher, and Boston up 95%. It’s easy to see why New Orleans consistently ranks at the top for cities attracting college graduates in flocks.
New Orleans also recently made the ranks among ‘20 Hottest Startup Hubs in America,’ according to a report from Ewing Marion Kauffman Foundation. You can bet over the next few years, our resilient city will continue to top the lists of thriving marketplaces offering economic opportunities for entrepreneurs.
I could not agree more! We have already witnessed numerous companies—big and small—choosing New Orleans as home. The demand for office and industrial property has surged over the last few years. The city is ripe for opportunity and remains one of Stirling Properties’ most profitable areas for commercial real estate management, development and investment. We look forward to serving the growing commercial real estate needs of New Orleans for many years to come!
Read the entire article, What Makes New Orleans a Startup City to Rival the “Big Three”, by Harvard Business Review.
Is History Repeating Itself?
Over the last few weeks, the spotlight has been on the devastating budget deficit facing the state of Louisiana. Lawmakers are contending with a budget shortfall ranging upwards of $950 million with only 4 months to close it.
But Louisiana’s budget deficit is not a new problem. In fact, over the past 10 years, we have seen the same issue time and time again. History is repeating itself and it’s time to find a long-term solution.
Our budget difficulties stem from a combination of significantly less state revenue—the decline in post-Hurricane temporary economic growth and federal recovery funds, the onset of a national recession, and the sharp decline in oil prices—coupled with years of poor decisions and short-term fixes on behalf of our elected officials.
So here we are, in yet another crisis being heavily—and very publicly debated. We are hearing scare tactics and rhetoric from both sides. Governor Edwards’ plan is to create new revenue from taxes, while many Republicans are advocating for substantial changes in the Louisiana budget structure as a whole. The answer is a balance of both.
Did you know Louisiana’s budget is 44% larger than it was 10 years ago—and our state spends more per capita than any other state in the South? In addition, most of Louisiana’s $25 billion state budget is considered off-limits to annual review or reductions. This budget structure must be reformed. Click here to read more startling facts on Louisiana’s budget problems.
Now, the Governor is proposing as much as $2 billion in new revenue from taxpayers to fund state and local government to continue to operate, but raising revenue alone is not the solution.
While I agree that prudent tax increases are inevitable at this point, before lawmakers look to taxpayers to fill the budget gap, I would encourage them to look within and #FixGovtFirst.
It is critical that short-term fixes do not have negative long-term impacts on our state. We have had too many made in the past that we are still struggling with. Right now, we have a unique opportunity to address these budget issues and prevent this historic cycle from repeating itself.
For example, one specific revenue that can help is e-fairness legislation, such as the Marketplace Fairness Act, that would provide for the collection of state and local sales tax on Internet purchases.
Several sources estimate that Louisiana and its local governments lost nearly $400 million in 2012 from foregone Internet sales tax revenues—and possibly considerably more in the current year as more consumers turn to the Internet to purchase goods and services. These dollars could go a long way in reducing the state’s crippling budget deficit.
This is not a new or increased tax, just a loophole in the law. Under current legislation, consumers and businesses are required to pay sales and use taxes on the goods they purchase, but they are simply not—98% of people choose not to pay or report electronic purchases.
Contact your representatives and make your voice heard. Two bills on e-fairness legislation, House Bills 6 by Rep. Steve Pugh, R-Ponchatoula, and 30 by Rep. Walt Leger, D-New Orleans—and as many as 100 others—could be reviewed by the House Ways and Means Committee as early as this week.
Click here to learn more, see recent legislative updates and Take Action by emailing elected officials about your priorities. Tell #lalege it’s time to #FixGovtFirst.
Stirling Properties Announces New Tenants to Offices at Mid-City Market in New Orleans
Stirling Properties is pleased to announce new tenants Sola Salon and Billes Partners to the Offices at Mid-City Market in New Orleans, Louisiana.
Billes Partners–a planning, project development, architecture, interior design, and graphic design firm–will occupy roughly 3,000 square feet and plans to open by early-March 2016.
Sola Salon Studios, a 4,295-square-foot franchise hair salon plans to open this summer.
Previously announced Gallo Mechanical, LLC and Orangetheory Fitness are currently open and operating. Exceptional Dental and H-3 Aesthetics & Dermatology are on track to open this spring.
A formal ribbon cutting ceremony is being planned and will be announced in the near future.
Offices at Mid-City Market, is a 54,000 square foot, mixed-use complex in the burgeoning Mid-City neighborhood of New Orleans. Located adjacent to Stirling’s recently completed Mid-City Market development, this building was originally constructed in 1954 and was most recently the home of Loubat Foodservice Equipment Company. Throughout the course of this development, Stirling Properties has maintained the historic integrity of the existing structure while renovating the interior into a combination of office and retail space and consequently brought a prominent neighborhood building back into commerce.
For more information and leasing opportunities for Offices at Mid-City Market, contact Joe Gardner at jgardner@stirlingprop.com or 504-620-8140.
Ambassador Town Center Job Fair Today!
With the Grand Opening only a few months away on March 23, Ambassador Town Center is hosting a job fair today at the Wyndham Garden Lafayette on 1801 West Pinhook Road in Lafayette. 17 companies will interview applicants from 9 a.m. until 2 p.m.
Ambassador Town Center is bringing over 1,500 jobs to the Lafayette area. This will be a huge economic boost to Lafayette, during a time when the local job market has been bleak.
Nearly 1,700 people were lined up first thing this morning to interview for jobs ranging from entry level to management positions. The 17 companies participating in the job fair are: BJ’s Restaurants, Blaze Pizza, Costco, Chuy’s Mexican Restaurant, Dick’s Sporting Goods, Dickey’s Barbecue Pit, Field & Stream, Five Below, Freddy’s Frozen Custard & Steakburgers, Homegoods / Marshalls, Off Broadway Shoe Warehouse, Panera Bread, Panda Express, Red Robin Gourmet Burgers and Brews, Subway, Verizon Wireless, and World of Beer.
The job fair is sponsored by LEDA and Louisiana Workforce Commission. For a more detailed list of positions available visit http://www.lafayette.org/Jobfairs
To download a copy of the job fair directory and floor map click here.
Coastal Revenue Sharing: A Letter to the Editor
As chairman of the Coalition for Coastal Resilience and Economy (CCRE), which was formed last year under the umbrella of Greater New Orleans, Inc. (GNO Inc.), our primary mission is to use our business led coalition to ensure that the funds earmarked for coastal restoration are used for that intended purpose. While there are many other very critical needs of the state including infrastructure, none represents the existential threat of coastal restoration.
Please click here to read letter to the editor from our CCRE group.
