On average, listings lease in the $10's per square foot per year. The Elmwood region is experiencing a decline in rates. In the last 3 months, the median rate fell $7 per sqft per year. That's a 27% decline in rent.
Compared to the rest of the Greater New Orleans Region market, the Elmwood submarket has less expensive rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 12 listings have been made available, which means leases most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 183% of the office spaces in the Elmwood are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,390 sqft. Most properties in this market are approximately 2 stories. Most buildings in this market were built in 0 and are Class A.