by Robert Hand, CCIM, MBA, SIOR
Prices for industrial space for lease in the New Orleans/Metairie Metropolitan Statistical Area averaged $5.28 per square foot as of January 2019, up 1% from 3 months ago and down 3% from 2 years ago. There are 283 industrial properties for sale or lease and, of those, 198 are for lease and 85 for sale. Last month 3 industrial spaces were leased, which is below the 7 average for the last year. The average industrial property is on the market for 162 days.
There are 85 industrial properties for sale in the New Orleans-Metairie MSA, compared to just 20 in the city of New Orleans, with 2,900,000 square feet available for sale, 12% below the average for the last 2 years. The average sale price was $62 for the 2 industrial properties sold last month, a 50% increase in compared to the $41.63 average price for all 85 industrial properties listed for sale.
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