Earlier this week Corporate Realty, Inc., the New Orleans-based brokerage firm that’s known for its office expertise, released its second annual Greater New Orleans Office Market Report.
The report contains statistics about the Greater New Orleans office market at the end of 2013 and does a pretty good jobof giving an overall understanding of the market and specific info about occupancy and rental rates for many of the city’s buildings.
The report contains every non-medical office building greater than 20,000 square feet in the Greater New Orleans region.
In the entire region, 85.54% of all office space was leased at the end of 2013. Average rental rates increased across the board, from $17.74 in 2012 to $18.73 per square foot in 2013. While Non-Class A rental rates rose from $16.97 to 17.14 per square foot, the Class A rental rate decreased, from $20.57 to $19.83 per square foot.
The East Metairie sub market maintained the highest occupancy at 93.67%, up from 92.56% in 2012.
Overall, the Corporate Realty report is a comprehensive and fantastic resource for any company, landlord, developer, broker, and anyone else involved in commercial real estate.
You can download the entire report here.
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