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 office building rental rates in New Orleans are among the lowest, if not the lowest, in the 50 largest cities in the United States.
The highest submarket leasing rates and occupancy rates are the Northshore at $22.92 per square foot and a 92.88% occupancy, and East Metairie at $22.23 per square foot and 89.35% occupancy. Asking rents in Class A buildings, which make up 86% of the total CBD office inventory, averaged $19.78 per square foot in 2019, far below the average asking rent in other Southern cities of comparable size.
Some of the major leases signed in 2019 include 26,000 square feet for International-Matex Terminals at 400 Poydras Street, 49,000 square feet for Capital One at Place St. Charles, and 23,000 square feet for Ernst & Young and 23,000 square feet for Mouledoux and Bland, both at the Hancock Whitney Center.
This is the premier office market research and report for New Orleans and you can check out the full report from the Corporate Realty website here.