The 2023 Greater New Orleans Annual Office Market Report is now available. This report is produced each year by the team of office brokers at Corporate Realty. It is intended to give a broad overview of the Greater New Orleans office market and specific building information. It also 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 its twelfth year we are including an overview of the River Parishes office market as presented by Henry W. “Hank” Tatje, III, MAI, head of our River Parishes office in LaPlace.
While the New Orleans office market faced trends like other office markets throughout the country, occupancy rates remained relatively stable and rental rates continued to slowly increase. “Work from home” and space efficiency put downward pressure on office demand, rising interest rates and lack of liquidity adversely affected all types of commercial real estate, and increased insurance costs cut into building profits and values. However, both tenants and landlords worked on quality-of-life improvements, from renovating space to adding amenities. There were also some notable occurrences in our market. 1615 Poydras was the first sale of Class A office building in New Orleans since 2015. Additionally, Shell Oil announced that it will be moving to a new office building being constructed in the River District New Orleans. After more than fifty years of continuous occupancy in one of our iconic Class A office buildings, this is a significant example of changing office needs in our current market.
“Corporate Realty is pleased to provide each year this state-of-the-office-market for our city,” said Michael J. Siegel, SIOR, President of Corporate Realty. “Despite the challenges that the Greater New Orleans office market has been experiencing that reflect many of the challenges experienced nationwide, I remain confident that the incredibly positive factors in our community will help propel our office market forward.”
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.