Market Overview

In the New Orleans|Metairie Metropolitan Statistical Area there are 623 retail properties for sale and for lease, down 10 percent from 6 months ago, with 2.3 million square feet in 456 properties for lease at an average price of $15.82 per square foot and 1.8 million square feet in 167 properties for sale at an average price of $167. The last 30 days, 15 properties were leased and 7 were sold.

The amount of time it has taken to sell or lease retail property averaged 330 days, up 50 percent from last 3 months’ 216 days. Taking 12 months to lease or sell property can be a shock to the average seller as well as agents, since residential property usually sells within a few weeks in most areas but commercial transactions are more complicated.