2023 Office Space Rent & Sales
- $20.03 2023 Avg. Asking Rent
- 4.39% Y-o-Y Avg. Asking Rent Change
- 6.15% 2023 Office Vacancy Rate
New Orleans office price per square foot in 2023 was $20.03 on average. This marked a +4.39% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 6.15% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- New Orleans Class A & A+ Office Space$20.81
- New Orleans Class B Office Space$18.18
- New Orleans Class C Office Space$17.75
- Louisiana Class A & A+ Office Space$21.52
- Louisiana Class B Office Space$18.84
- Louisiana Class C Office Space$19.96
New Orleans, LA Office Asking Rents by Class
Average office rent in New Orleans rested at $20.03 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in New Orleans averaged $20.81 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.18 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.75 per square foot, on average. Comparably, statewide Louisiana average office rents by class in 2023 were: $21.52 per square foot for class A office space; $18.84 per square foot for class B office space; $19.96 per square foot for class C office space.
2023 Office Vacancy Rates in New Orleans
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| New Orleans - Uptown | $27.52 | 36.82% |
| New Orleans - Central Business District | $20.05 | 6.25% |
| Elmwood | $18.94 | 11.43% |
Office Spaces for Rent in Louisiana
Coworking Spaces in Louisiana
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2023 Office Construction in New Orleans, LA
| Office building | Address | SF | Completed |
|---|---|---|---|
| 3001 Tulane Ave | 3001 Tulane Ave, 70119 | 14,154 | 2008 |
| IP Building | 643 Magazine Street, 70130 | 84,585 | 1996 |
| First Bank and Trust Tower | 909 POYDRAS ST, 70112 | 545,145 | 1986 |
| Place St. Charles | 201 St. Charles Avenue, 70170 | 1,004,484 | 1984 |
| 400 Poydras Tower | 400 Poydras, 70130 | 606,000 | 1983 |
| 1515 Poydras | 1515 Poydras Street, 70112 | 529,474 | 1983 |
| Poydras Center | 650 POYDRAS ST, 70130 | 453,255 | 1983 |
| Entergy Corporation Building | 639 Loyola Avenue, 70113 | 511,600 | 1982 |
| 1555 Poydras | 1555 Poydras Street, 70112 | 467,671 | 1982 |
| Uptown Office/Retail Space for Lease | 2633 Napoleon Ave, 70115 | 75,600 | 1980 |
Worth noting among recent office completions on the New Orleans market is 3001 Tulane Ave, which is currently the largest new office development in the city, at 14,154 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all New Orleans commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.