The 2024 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).

At first glance, the numbers suggest a stable and largely unchanged market, as occupancy and rental rates across major submarkets remained mostly flat compared to the previous year. However, beneath the surface level stability, meaningful shifts are underway.

While Class A occupancy in the New Orleans CBD and East Metairie ticked down slightly and rental rate increases were modest, the true story lies in the evolving economics of office ownership. Rising insurance, staffing, and operating costs are starting to push rents upward, with expectations of more significant increases on the horizon—not driven by demand, but necessity.

Equally noteworthy is the potential return of major office building sales, signaling changes in ownership and a potential injection of new energy, capital, and market vision. As we move into 2025 and beyond, we anticipate even more movement—both in pricing and in property ownership—setting the stage for a more dynamic, an perhaps revitalized, future.

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.