The last 6 months brought changes to the New Orleans retail sector. Total number of listings fell 20 percent, with the largest drop of 600,000 square feet for sale. Asking sale prices only fell $5 PSF to $151 and asking lease prices fell $1 PSF to $16.46. In the New Orleans|Metairie Metropolitan Statistical Area there are 505 retail properties for sale and for lease, 118 fewer properties than 6 months ago, with 1.8 million square feet in 375 properties for lease at an average price of $16.46 per square foot and 1.3 million square feet in 130 properties for sale at an average price of $151. In the last 30 days, 15 properties were leased and 8 were sold.
The amount of time it has taken to sell or lease retail property averaged 378 days, up 15% percent from last 12 months’ 327 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.