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Office Fundamentals Peak in Greater New Orleans

NEW ORLEANS-The road back has been far from easy for the Big Easy, but the office sector now surpasses pre-Katrina levels in occupancy and rental rates.

By Connie Gore | Updated on March 25, 2008

[IMGCAP(1)]NEW ORLEANS-With attention focused on residential and retail, the Greater New Orleans’ office market has been overlooked by outsiders in the post-Katrina analyses. But, the fact is most metros would envy its fundamentals: 91.5% class A occupancy in the CBD and suburbs and $1.50-per-sf to $3-per-sf rent increases since the 2005 hurricane.

“The increases in rental rates are due strictly to increased operating costs and haven’t really flowed through to the bottom line,” Richard P. Stone, vice president and director of commercial sales and leasing for locally based NAI/Latter & Blum Inc., explains to GlobeSt.com. “Any increase in the next year will be due to real market conditions.” He is one of the featured speakers at the University of New Orleans’ annual real estate forecast, slated for April 3 in the Hilton New Orleans Riverside at Two Poydras St. in the Downtown.

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