The typical asking rate per listing is in the $20's per square foot per year. The Elmwood submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 5% decline in rent.
Compared to the rest of the Greater New Orleans Region market, the Elmwood region has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 8 listings have been made available, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,030 sqft. Most properties in this area are around 2 floors. Most buildings in this area were built in 0 and are Class Class A.