New Orleans Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $18.84 2024 Avg. Asking Rent
  • 15.15% 2024 Office Vacancy Rate

New Orleans office price per square foot in 2024 was $18.84 on average. The local office market recorded an average vacancy rate of 15.15% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • New Orleans Class A & A+ Office Space$17.57
  • New Orleans Class B Office Space$24.01
  • New Orleans Class C Office Space$17.75
  • Louisiana Class A & A+ Office Space$18.41
  • Louisiana Class B Office Space$19.03
  • Louisiana Class C Office Space$16.94

New Orleans, LA Office Asking Rents by Class

Average office rent in New Orleans rested at $18.84 per square foot in 2024. 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 $17.57 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.01 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.75 per square foot, on average. Comparably, statewide Louisiana average office rents by class in 2024 were: $18.41 per square foot for class A office space; $19.03 per square foot for class B office space; $16.94 per square foot for class C office space.

2024 Office Vacancy Rates in New Orleans

Submarket Asking Rents Vacancy Rates
New Orleans - Uptown $33.77 27.07%
Elmwood $20.23 12.51%
New Orleans - Central Business District $18.19 18.55%
Data provided by Yardi Research
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 15.15% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in New Orleans was 12.51% in the Elmwood submarket, while the highest office vacancy in the market was 27.07%, recorded in New Orleans - Uptown.

Office Spaces for Rent in Louisiana

Coworking Spaces in Louisiana

2024 Office Construction in New Orleans, LA

Largest Office Properties Recently Completed in New Orleans
Office building Address SF Completed
Campus Federal Credit Union - New Orleans Biomedical Branch 2200 Tulane Ave, 70118 10,404 2015
1582 Magazine St. New Orleans, LA 1582 Magazine Street, 70130 5,856 2014
IP Building 643 Magazine Street, 70130 84,585 1996
3201 General De Gaulle Dr 3201 General De Gaulle Dr, 70114 14,369 1985
1555 Poydras 1555 Poydras Street, 70112 467,671 1982
MacArthur Professional Building 3712 Macarthur Blvd, 70114 27,796 1982
MacArthur Professional Building 3712 Macarthur Blvd, 70114 27,796 1982
Uptown Office Space for Lease 2633 Napoleon Ave, 70115 75,600 1980
1250 Poydras 1250 Poydras Street, 70113 422,890 1978
Orleans Tower 1340 Poydras Street , 70112 378,895 1977

Worth noting among recent office completions on the New Orleans market is Campus Federal Credit Union - New Orleans Biomedical Branch, which is currently the largest new office development in the city, at 10,404 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.