Corporate Realty is pleased to announce that our 2021 Greater New Orleans Annual Office Market Report is now available. For a decade we have compiled this report to provide a broad overview of the Greater New Orleans office market and specific building information. It includes narratives about the market as well as specific information about occupancy and rental rates for each office building that contains at least 20,000 rentable square feet (rsf). For this tenth year, we have supplemented our report to include more historical information and insights.
The Office Market Report is organized by geographic submarkets which contain occupancy and rental rate graphs that feature data from the past ten years to illustrate both immediate and long-term change. Overall market data from 2012-2021 reveals longer term trends.
While the Greater New Orleans office market has not seen a new high-rise office building built in more than three decades and overall office occupancy levels have remained essentially consistent, there have been changes to the office market landscape. In the past ten years we have seen new office tenants come into our market, and while some of them may have departed or downsized, they have paved the way for other companies that are attracted to our city’s culture, quality of life, and nationally competitive office leasing rates. These rates have also remained consistent over the past ten years, and while we do anticipate a necessary increase occurring during the next three to five years, they will nonetheless remain below the national average. The entrepreneurial spirit has also thrived in our city over this past decade, and we project more non-traditional spaces will be utilized as these creative companies grow and seek individualized spaces. We also anticipate a growth in co-working spaces as a result of COVID and the need for increased flexibility. All these factors bode well for our city.
“Much has happened in our office market over the past ten years, and we expect the pace of change and overall market dynamics to increase even more over the next decade,” said Michael J. Siegel, SIOR, President of Corporate Realty.
In addition to the annual office market report, Corporate Realty publishes quarterly office market reports compiled by leasing director Bruce Sossaman, SIOR. All reports are complimentary: please visit corp-realty.com/reports and enter your email address to download the information.