New Orleans Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $19.19 2022 Avg. Asking Rent
  • 0.15% Y-o-Y Avg. Asking Rent Change
  • 4.59% 2022 Office Vacancy Rate

New Orleans office price per square foot in 2022 was $19.19 on average. This marked a +0.15% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 4.59% across all asset classes combined.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • New Orleans Class A & A+ Office Space$21.73
  • New Orleans Class B Office Space$16.89
  • New Orleans Class C Office Space$15.50
  • Louisiana Class A & A+ Office Space$23.52
  • Louisiana Class B Office Space$19.21
  • Louisiana Class C Office Space$15.73

New Orleans, LA Office Asking Rents by Class

Average office rent in New Orleans rested at $19.19 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in New Orleans averaged $21.73 per square foot. Across all submarkets, class B office space recorded an average asking rent of $16.89 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.50 per square foot, on average. Comparably, statewide Louisiana average office rents by class in 2022 were: $23.52 per square foot for class A office space; $19.21 per square foot for class B office space; $15.73 per square foot for class C office space.

2022 Office Vacancy Rates in New Orleans

Submarket Asking Rents Vacancy Rates
New Orleans - Uptown $27.52 10.99%
New Orleans - North $19.52 5.43%
New Orleans - Central Business District $19.06 5.02%
Elmwood $18.93 6.25%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the New Orleans market was 4.59% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in New Orleans was 5.02% in the New Orleans - Central Business District submarket, while the highest office vacancy in the market was 10.99%, recorded in New Orleans - Uptown.

Office Spaces for Rent in Louisiana

Coworking Spaces in Louisiana

2022 Office Construction in New Orleans, LA

  • New Orleans, LA Total SF under construction in 2023 50,000
Largest Office Properties Recently Completed in New Orleans
Office building Address SF Completed
1320 Magazine Street Ste 103 1320 Magazine Street Ste 103, 70401 2,063 2019
Orthopaedic Associates of New Orleans 3434 Prytania Street, Units 430 & 430-A, 70115 4,256 1991
First Bank and Trust Tower 909 POYDRAS ST, 70112 545,145 1986
Place St. Charles 201 St. Charles Avenue, 70170 1,004,484 1984
400 Poydras Tower 400 Poydras, 70130 606,000 1983
Poydras Center 650 POYDRAS ST, 70130 453,255 1983
Entergy Corporation Building 639 Loyola Avenue, 70113 511,600 1982
1250 Poydras 1250 Poydras Street, 70113 422,890 1978
Orleans Tower 1340 Poydras Street , 70112 378,895 1977
3505 Behrman Pl 3505 Behrman Pl, 70114 10,074 1975

Worth noting among recent office completions on the New Orleans market is 1320 Magazine Street Ste 103, which is currently the largest new office development in the city, at 2,063 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all New Orleans commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.