Congratulations to the Saints.
Still, after a long drawn out and possibly more festive Mardi Gras this year, New Orleans will face the same reality--it´s an increasingly irrelevant city except for its French Quarter party environment. A quick trip through the Garden District and a few hurricanes in a Bourbon Street dive, and you´ve been there, done that. Big Oil and other energy businesses had been moving out long before Katrina, an exodus that won´t be reversed. Sorry, the Super Bowl victory may provide a shot of painkiller, but that´s all.
Poor Indianapolis lost the game and has its own problems stuck as it is off the global pathways and mired in the dismal manufacturing heartland. At least New Orleans enjoys temperate winters. To put it charitably, this city has few prospects for getting on a high growth track.
Only two NFL markets have never gone to the Super Bowl, let alone won it-ironically they are Cleveland and Detroit. Know any investors headed into these two woebegone centers, which make Indy look downright prosperous? Their football foibles just make locals feel that much worse.
Back in New York, the Yankees big World Series win proves to be a lingering distraction. The vibe is Wall Street bonuses will provide a near-term jolt to the local upscale co-op/condo market.
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Jonathan D. Miller
A marketing communication strategist who turned to real estate analysis, Jonathan D. Miller is a foremost interpreter of 21st citistate futures – cities and suburbs alike – seen through the lens of lifestyles and market realities. For more than 20 years (1992-2013), Miller authored Emerging Trends in Real Estate, the leading commercial real estate industry outlook report, published annually by PricewaterhouseCoopers and the Urban Land Institute (ULI). He has lectures frequently on trends in real estate, including the future of America's major 24-hour urban centers and sprawling suburbs. He also has been author of ULI’s annual forecasts on infrastructure and its What’s Next? series of forecasts. On a weekly basis, he writes the Trendczar blog for GlobeStreet.com, the real estate news website. Outside his published forecasting work, Miller is a prominent communications/institutional investor-marketing strategist and partner in Miller Ryan LLC, helping corporate clients develop and execute branding and communications programs. He led the re-branding of GMAC Commercial Mortgage to Capmark Financial Group Inc. and he was part of the management team that helped build Equitable Real Estate Investment Management, Inc. (subsequently Lend Lease Real Estate Investments, Inc.) into the leading real estate advisor to pension funds and other real institutional investors. He joined the Equitable Life Assurance Society of the U.S. in 1981, moving to Equitable Real Estate in 1984 as head of Corporate/Marketing Communications. In the 1980's he managed relations for several of the country's most prominent real estate developments including New York's Trump Tower and the Equitable Center. Earlier in his career, Miller was a reporter for Gannett Newspapers. He is a member of the Citistates Group and a board member of NYC Outward Bound Schools and the Center for Employment Opportunities.
