Bruce reports that the greater office market occupancy at end of 3rd quarter was 87% leased, with negative 75k square feet of absorption year to date. The Westbank class A market has been the strongest performing market in 2016, with 120k square feet of positive absorption year to date (3 quarters of positive absorption). The Metairie class A market continues to be the strongest market in the greater New Orleans area at 93% leased. The greater New Orleans market continues to feel the negative impact of lower energy prices and the winding down of the BP claims operation.
To learn more about the New Orleans CBD and Metairie office markets, download this report, as well as our historical market reports, on our reports page.