Report: 2020 Was a ‘Time Out’ for N.O. Commercial Real Estate

Colorful Canal Street Cityscape By The French Quarter In New Orleans Louisiana
Getty Images

NEW ORLEANS – The pandemic essentially hit the pause button on the New Orleans commercial real estate market, according to an annual industry report from Corporate Realty.

“For the office market in New Orleans, 2020 was a ‘time out.’ There was little to no new leasing activity throughout our metropolitan area,” said Michael J. Siegel, Corporate Realty president, who added that very few office tenants gave up their spaces directly. “The end result was a flat office market – both in terms of occupancy and rental rates.”

The ninth annual Office Market Report, compiled with the cooperation of property owners and their representatives, is intended to give an overview of the New Orleans office market as well as specific information about occupancy and rental rates of each office building that contains at least 20,000 rentable square feet. The report is organized by geographic submarkets which contain occupancy and rental rate graphs that feature data from the past three years to illustrate both immediate and long-term change. 

In this year’s edition, GNO Inc. President Michael Hecht outlines steps that GNO, Corporate Realty and other partners are taking to develop more professional jobs in the area.

“With a population of more than one million people, the Greater New Orleans region is a burgeoning area that attracts people from all over the country based on its low costs, exciting culture, a diverse workforce and excellent support organizations,” said a Corporate Realty spokesperson. “Unlike other parts of the country, businesses here have been slowly returning to their offices since mid-May, so it is a particularly interesting year to explore the office market.”

Click here to view complete report.

 

Categories: Real Estate, Today’s Business News