Calculating Office Space Rent Prices Can Be Tricky
Office space for lease is priced per square foot and calculated as an annual expense, so you need to know the square foot of space involved. The typical office is 10 feet by 12 feet. If you are leasing three offices, that amounts to 120 square feet per office, totaling 360 square feet; but you also include hallways, elevator landings, and restrooms in you commons area square footage. Typical you do not include stairs and elevators, which are called vertical penetrations in your common area square footage.
The added charge for common space is called CAM. For example, if office rents in New Orleans average $16 per square foot, and you rent 1,000 square feet, the total annual rent is $16,000, or $1,333 per month. CAM charges could easily be $2-$5 extra per square foot. For more information on office leasing including CAM charges, read our article Office Market Trends.
Prices For Each Commercial Property Type In New Orleans & Metairie MSA
Average market rates per square foot in New Orleans & Metairie MSA are as follows:
- Industrial: $45
- Office: $107
- Retail: $133
- Shopping Center: $114
- Industrial: $5.38
- Office: $17.64
- Retail: $17.13
- Shopping Center: $10.93