Corporate Realty is proud to publish this 1st Quarter 2014 Office Leasing Report prepared by Bruce Sossaman, Leasing Director of the Lakeway Center and Broker Associate, in cooperation with building owner representatives. Bruce reports that in the first quarter we saw positive absorption in the greater New Orleans and Jefferson office markets of approximately 10,000 square feet. Metairie class A market surpassed 95% occupancy in the first quarter. The Elmwood market had the largest positive absorption in the greater area, approximately 18,600 square feet, followed by approximately 4,900 square feet in the CBD class B market and 3,500 square feet in the Metairie class A market. The CBD class A market had negative absorption of approximately 11,000 square feet, followed by the class B Metairie market 2,800 square feet, Kenner/West Metairie 1,700 square feet and West bank 1,100 square feet. We expect to see positive absorption in the Metairie and CBD class B markets next quarter.
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