listen to this articleIf an office building on New Orleans’ North Shore were to take the test, it would have received many perfect scores in 2023.
According to , 6 of 7 Class A office buildings and 15 of 24 total office buildings across the North Shore reported 100% occupancy. 2023 Greater New Orleans Office Market Reportpublished by local commercial real estate company Corporate Realty.
Overall, the North Shore office market’s occupancy rate reached 91.3% in 2023, with only 53,974 square feet available for rent out of a total of 1.3 million square feet in the market. Rents in the North Shore office market average $22.75 per square foot. In the 2022 Corporate Realty report, North Shore had an occupancy rate of 94.22% and rents averaged $23.02 per square foot.
Corporate Realty is in its 12th year reporting office market statistics for the GNO metro area. This report includes office occupancy and rental rates for office buildings with at least 20,000 square feet available for rent.
The Class A Chevron building at 100 Northpark Blvd has a total of 290,500 square feet of fully occupied leasable area, joining Cypress Bend’s fully occupied Class A office building at 1001 Ochsner Blvd. (99,809 rsf); 1625 W. Causeway Approach Gray Insurance Building (55,000 rsf). Bode Place I, 1155 Hwy. 190 East Service Road (50,000 rsf); office in River Chase, 16564 East Brewster Road (42,671 rsf). and 300 Holiday Square Blvd. (40,500rsf).
The only Class A building with vacant space is the NorthPark Corporate Center at 109 NorthPark Blvd., which is reported to have 94.5% occupancy and 5,675 square feet of leasable space. An additional 19,000 square feet of leasable space will also be available at NorthPark Corporate Center as Starling announced it will move into a new Class A office building planned for North Shore.
In November 2023, commercial real estate company Starling and contracting company Kent Design-Build announced: Construction of River Chase Office II has beguna Class A office building in Covington, measuring 50,000 square feet and costing $20 million.
A building near the intersection of I-12 and LA. Hi. On the 21st, it will become the headquarters of both companies. The design by architecture firm EskewDumezRipple features a rooftop terrace, a bookable meeting room for tenants, and a geothermal air conditioning system. The new construction will also include a 5,444-RSF suite on his first floor that will be available for rent to additional tenants. Completion is scheduled for the end of 2024.
In the North Shore non-Class A office market, nine buildings are reporting 100% occupancy, including: (100,000 RSF); Northpark Corporate II, 103 Northpark Blvd. (69,905 RSF); 830 W. Causeway Approach (40,000 RSF); Zen-Noh Grain Building at 1127 Hwy. 190 East Service Road (39,000 RSF); Greengate Two Office Building at 1404 Greengate Dr. (35,386 RSF); Loop Building (137 Northpark Blvd) (30,000 RSF); No. 3 Sanctuary Blvd. and No. 5 Sanctuary Blvd. (both 21,000rsf); and the Allstate Building at 111 Park Place (20,153rsf).
“One of the largest spaces available on the North Shore is subleased at 1625 West Causeway Approach,” said Randall White, tenant representative for Sales and Leasing at Corporate Realty. “Up to 31,388 RSF may be available for leases through November 30, 2029. This is not counted as open space in this report, but should be considered when evaluating the market. there is.”
