New Orleans’ Office Market Appears Healthy Based on Past Performance

Office markets nationwide have been struggling in the post-pandemic era but, as of the third quarter of 2023, the New Orleans metropolitan area has one of the lowest office vacancy and availability rates among the top 60 U.S. markets, at 6.9% and 7.4%, respectively. At 4 million square feet, the total amount of office space listed as available for lease across the market is well below its historical average of 5.8 million square seen on a given quarter between 2007 and 2019 and is half of the peak of 8.1 million square feet of available space the office market hit in 2011.