New Orleans-based brokerage firm Corporate Realty, Inc. released it seventh annual Greater New Orleans Office Market Report last week.
The report is the comprehensive study of the Greater New Orleans office market, including occupancy and rental rates of specific buildings of over 20,000 square feet, submarkets, and detailed analysis.
The report notes that suburban office markets are well leased and continuing to show signs of slow growth, but that “the most positive aspect of the CBD office market…is that it has now reached equilibrium…The end result is now a smaller but well leased (87.36%) CBD Class A office market.”
The metro area has over 19,000,000 square feet of office space, including over 11,000,000 square feet of Class A space. The price per square foot for Class A space averaged $20.87, which the overall average was $19.57/square foot.
Three Lakeway Center in Metairie has consistently had the highest lease rate for years, and currently tops out at $25 per square foot.