Are You Overpaying for Your Office Space in New Orleans?

Most tenants don't find out until it's too late.

If you're in an office lease right now, there's a decent chance your terms don't reflect what the market actually looks like today.

As of Q3 2025, Class A office vacancy in the New Orleans CBD sits at nearly 22%. Class B is closer to 30%. That's a lot of empty space, and landlords know it. When supply is high and competition for tenants is real, the people who benefit most are the ones who know how to negotiate.

Most tenants don't find that out until they're already mid-renewal.

What's actually worth reviewing in your lease

• Your base rent rate compared to current market comps. Rates in the CBD are averaging around $20-21/sf for Class A. If your lease was signed a few years ago at the top of the market, you may have room to renegotiate before your next term.
• Your renewal options and notice deadlines. Missing a notice window can lock you into unfavorable terms automatically. It happens more than you'd think.
• Your tenant improvement allowance. The market has shifted enough that many landlords are offering more concessions to retain and attract tenants. If you're renewing, this is worth asking about.
• Whether your space still fits. A lot of businesses came out of 2020-2022 with more space than they need. Right-sizing your footprint can be a significant cost reduction, and in a market with this much vacancy, landlords have reason to work with you.

Why this matters more right now

SRSA has been tracking office occupancy and absorption across Metro New Orleans for 35 years, and we put out a quarterly report covering every major submarket, from the CBD to Metairie to the West Bank. The numbers from Q3 2025 tell a clear story: tenants who know the market have leverage. Tenants who don't are leaving money on the table.

If you'd like a free review of your current lease, we're happy to take a look. We'll tell you where your terms stand relative to current market conditions, no obligation.

Book a free lease review

And if you want to stay up to date on what's happening in the local office market, you can sign up for our quarterly market updates and newsletter here.

Stephanie Boyd | Senior Sales + Leasing Specialist

(504) 293-5800 | sboyd@srsa-realestate.com

Duval Hilbert | Sales + Leasing Specialist

(504) 293-5804 | duval@srsa-realestate.com