New Orleans Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $18.84 2024 Avg. Asking Rent
  • 15.15% 2024 Office Vacancy Rate

New Orleans office price per square foot in 2024 was $18.84 on average. The local office market recorded an average vacancy rate of 15.15% 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

2024 Average Office Rent per Square Foot

  • New Orleans Class A & A+ Office Space$17.57
  • New Orleans Class B Office Space$24.01
  • New Orleans Class C Office Space$17.75
  • Louisiana Class A & A+ Office Space$18.41
  • Louisiana Class B Office Space$19.03
  • Louisiana Class C Office Space$16.94

New Orleans, LA Office Asking Rents by Class

Average office rent in New Orleans rested at $18.84 per square foot in 2024. 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 $17.57 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.01 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 2024 were: $18.41 per square foot for class A office space; $19.03 per square foot for class B office space; $16.94 per square foot for class C office space.

2024 Office Vacancy Rates in New Orleans

Submarket Asking Rents Vacancy Rates
New Orleans - Uptown $33.77 27.07%
Elmwood $20.23 12.51%
New Orleans - Central Business District $18.19 18.55%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the New Orleans market was 15.15% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in New Orleans was 12.51% in the Elmwood submarket, while the highest office vacancy in the market was 27.07%, recorded in New Orleans - Uptown.

Office Spaces for Rent in Louisiana

Coworking Spaces in Louisiana

2024 Office Construction in New Orleans, LA

Largest Office Properties Recently Completed in New Orleans
Office building Address SF Completed
3001 Tulane Ave 3001 Tulane Ave, 70119 14,154 2008
IP Building 643 Magazine Street, 70130 84,585 1996
Place St. Charles 201 St. Charles Avenue, 70170 1,004,484 1984
1515 Poydras 1515 Poydras Street, 70112 529,474 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
1250 Poydras 1250 Poydras Street, 70113 422,890 1978
Orleans Tower 1340 Poydras Street , 70112 378,895 1977
Touro Medical Office Building 3525 Prytania Street, 70115 128,439 1976

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.

Data provided by Commercial Edge

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.