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% |
Coworking Spaces in Louisiana
- Houston Coworking Space
- Dallas Coworking Space
- Austin Coworking Space
- Nashville Coworking Space
- San Antonio Coworking Space
- Kansas City Coworking Space
- Plano Coworking Space
- New Orleans Coworking Space
- Fort Worth Coworking Space
- Birmingham Coworking Space
- Memphis Coworking Space
- Irving Coworking Space
- Tulsa Coworking Space
- Arlington Coworking Space
- Frisco Coworking Space
- Baton Rouge Coworking Space
- Addison Coworking Space
- Shreveport Coworking Space
2022 Office Construction in New Orleans, LA
- New Orleans, LA Total SF under construction in 2023 50,000
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.
See reports for other markets
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- Metairie Office Rent Price
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- San Antonio Office Rent Price
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.