Market Overview

In the New Orleans|Metairie Metropolitan Statistical Area there are 623 retail properties for sale and for lease, 53 fewer properties than 6 months ago, but 5 more than one year ago, with 2 million square feet in 463 properties for lease at an average price of $17.26 per square foot and 1.9 million square feet in 160 properties for sale at an average price of $157. In the last 30 days, 15 properties were leased and 5 were sold.

The amount of time it has taken to sell or lease retail property averaged 429 days, up over 100% percent from last 12 months’ 202 days. Taking 14 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.