NEW ORLEANS — The authors of Corporate Realty’s 2023 Greater New Orleans Annual Office Market Report said that the local market faced the same challenges as other cities nationwide, but occupancy rates remained relatively stable and rental rates continued to slowly increase.
“Remote work 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,” said a spokesperson. “However, both tenants and landlords worked on quality-of-life improvements, from renovating space to adding amenities.”
The 2023 sale of 1615 Poydras was the first Class A office building transaction in New Orleans since 2015. Also last year, Shell Oil announced that it will be moving to a new office building being constructed in the River District New Orleans.
“Corporate Realty is pleased to provide each year this state-of-the-office-market for our city,” said Michael J. Siegel, president of Corporate Realty in a press release. “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.”
This year’s report includes an overview of the River Parishes office market presented by Henry W. “Hank” Tatje, head of Corporate Realty’s River Parishes office in LaPlace. In addition to the annual office market report, Corporate Realty publishes quarterly office market reports compiled by leasing director Bruce Sossaman.
Corporate Realty is a commercial real estate agency based in New Orleans, Baton Rouge and LaPlace that serves the Gulf region.
