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2017 Year-End Office Summary

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2017 Year-End Office Summary Oklahoma City 2017 Year-End Office Market Summary TABLE OF CONTENTS Office Market Summary 1 Central Business District Submarket 2–3 Northwest Submarket 4-7 North Submarket 8-10 Medical Office Submarket 10 Midtown Submarket 11 West Submarket 12–13 Suburban Submarket 13 Submarket Map The information contained herein has been obtained from reasonably reliable sources. Price Edwards & Company makes no guarantee, either express or implied, as to the accuracy of such information. All data contained herein is subject to errors, omissions and changes. Reproduction in whole or in part, without prior written consent is prohibited. Oklahoma City 2017 Year-End Office Market Summary 2017 proved to be another tough year The city’s third largest submarket, North, OKC Total Oce Market Vacancy for landlords in the Oklahoma City also performed poorly with vacancies 30% Market Vacancy CBD Vacancy Suburban Vacancy Office market. The market had negative increasing from 6.9% to 11.0%. Those absorption in 2017 of 166,000 square numbers do not include sublease space, 25% feet; coming on the heels of historically of which approximately 180,000 square 20% bad negative absorption of approximately feet exists at Central Park One & Two. That 520,000 square feet in 2016. Overall, the additional vacancy bumps up the “real” 15% local market’s vacancy rate increased from vacancy rate in this submarket to slightly 10% 15.5% to 18.0%. above 17%. 5% The biggest hits were once again felt in the Although the price per barrel of oil has risen 0% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Northwest submarket which has historically from a low of $29 in January 2016 to it’s been the area of choice for energy current level in the low $60’s, we do not companies. Since the peak oil price in anticipate a significant effect on the office OKC Total Oce Market Inventory June 2014, this submarket has experienced market as many oil companies have held 20 negative absorption of 460,000 square feet. onto shadow space and have also become Occupied SF Vacant SF In the past three years this submarket much more efficient in their operations, alone contributed 62% of the market’s requiring fewer employees than before. 15 overall negative absorption. The vacancy Although some new hires are being made, rate in the Northwest rose from 17.2% to we anticipate the majority of those to be in 10 19.1%. The good news for the Northwest field operations rather than in the office. submarket is that the worst seems behind And, what new white-collar positions arise feet) (millions of square 5 it as even most sublease opportunities have will mostly settle into the shadow space been fully absorbed into primary vacancy, companies have held onto rather than 0 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 eliminating the shadow of an additional create significant increased demand for three to four percentage points of vacancy additional space. that was not included in our reports. This OKC OFFICE MARKET RENTAL RATES is still a very popular area of the city and It should be noted that the market usually $25.00 CBD Northwest North leasing activity appears to be on an uptick, favors one side or another and the tide Midtown Suburban West so this submarket should bounce back in has certainly shifted to the tenant over the the next couple of years. landlord. Landlords have managed to avoid $20.00 slashing rental rates to compete for tenants, The Central Business District’s vacancy rate but there has definitely been an increase rose from 13.8% to 18.1% during 2017 and in tenant-finish allowances, free rent and $15.00 that number should climb dramatically with other concession for qualified tenants. We the addition of the nearly 700,000 square expect that competitive environment to foot BOK Park Plaza in 2018. That building continue through 2018. $10.00 2013 2014 2015 2016 2017 was actually completed just after the first of 2018, but our report is a snapshot taken Please note that due to glitches in the December 31, 2017, so that building’s Oklahoma County Assessor’s office, not full effect has not yet been felt. At least all building sales have been reported to OKC TOTAL OFFICE MARKET ABSORPTION 300000 300,000 square feet of the building is allow us to provide an accurate sales report 200000 currently vacant and Bank of Oklahoma’s for the year. Despite that lack of complete 100000 consolidation into approximately 100,000 data, 2017 was an active year with several 0 square feet in that building actually results buildings changing hands; the largest being -100000 in a net loss of roughly 30,000 square feet the 1 million square foot First National -200000 due to the bank leaving behind 80,000 Center for $23 million. The building had -300000 square feet in the CBD and another 50,000 deteriorated due to neglect by previous -400000 square feet in the Northwest submarket. owners and is now undergoing $230 million -500000 We anticipate the downtown vacancy rate in renovations to repurpose the building -600000 2013 2014 2015 2016 2017 could be as high as 23% by the end of 2018. as a hotel, apartments, office, retail and parking. RSF Vacant SF Vacant % Rate 2017 Year-End OKC Office Market Totals 15,042,6767 2,712,557 18.0% $18.92 1 2017 Year-End Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET HISTORICAL CBD VACANCY 2017 YEAR-END CENTRAL BUSINESS DISTRICT REVIEW 25% 20% • Aggregate vacancy rates increased from 13.8% to 18.1% due to the addition of the Sandridge Buildings and The Heritage 15% 10% • Class A vacancy increased from 6.1% to 14.6% 5% • Class B vacancy increased from 20.5% to 22.7% 0% 2013 2014 2015 2016 2017 • Class C vacancy decreased from 13.7% to 12.4% HISTORICAL CBD RENTAL RATES BY CLASS • Aggregate rental rates increased from $20.21 per SF to $21.30 per SF Class A Class B Class C $30.00 • Class A rates increased from $23.35 per SF to $24.61 per SF $26.00 • Class B rates remained level at $17.86 per SF $22.00 $18.00 • Class C rates increased from at $15.47 per SF to $15.89 per SF. $14.00 • The CBD experienced absorption of 27,000 SF during 2017. $10.00 2013 2014 2015 2016 2017 2018 CENTRAL BUSINESS DISTRICT FORECAST CBD OCCUPANCY BY CLASS 100% • Vacancy rates will rise as BOK Park Plaza hits the market. Average rental rates will rise due to the addition of this 80% higher rent building. 60% 40% 20% 0% Class A Class B Class C CENTRAL BUSINESS DISTRICT HISTORICAL CBD ABSORPTION 100000 50000 0 -50000 -100000 -150000 -200000 2013 2014 2015 2016 2017 2 Downtown Oklahoma City 2017 Year-End Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET CBD Year Built Floors RSF Vacant SF Vacant % Rate CAF 100 Park Ave Building 1923/64 12 99,752 21,142 21% $14.50 12% 100 Park Ave 101 Park Avenue Building 1936 14 197,042 80,808 41% $14.50 16.3% 101 Park Ave. 20 N. Broadway 1981 19 307,388 0 0% $20.00 20% 20 N Broadway Bank of Oklahoma Plaza 1972 16 212,816 7,822 4% $18.00 20% 201 Robert S. Kerr Braniff Building 2013 10 90,000 0 0% $24.00 20% 324 N. Robinson Century Center Building 2014 2 98,000 6,750 7% $22.00 20% 100 W Main City Place 1931/85 33 251,449 57,321 22% $18.00 14% 204 N. Robinson Corporate Tower 1980 14 277,849 17,606 6% $20.00 17.6% 101 N. Robinson Cotter Ranch Tower 1971 36 514,317 205,338 39% $18.00 15% 100 N. Broadway Court Plaza 1923/79 10 78,381 20,890 27% $13.00 14% CENTRAL BUSINESS DISTRICT 228 Robert S. Kerr Federal Reserve Building 1922/97 4 71,616 0 0% $18.00 20% 226 Dean A. McGee Avenue Hightower Building 1929 10 107,152 2,060 1% $18.00 15% 105 N. Hudson Leadership Square 1984 21 735,514 45,320 6% $24.00 20% 211 N. Robinson Oklahoma Tower 1982 31 568,960 56,812 10% $24.00 20% 210 Park Ave. Parkside Building 2015 6 76,413 76,413 100% $30.00 0% 120 Robert S. Kerr Robinson Plaza 1992 10 195,702 20,000 10% $17.00 17.8% 55 N. Robinson Robinson Renaissance 1927/88 12 174,840 58,799 33% $18.00 25% 119 N. Robinson Sandridge Center 1973/2008 30 493,185 143,000 29% $28.00 0% 123 Robert S. Kerr Sonic Building 2003 4 100,654 0 0% $26.00 8% 300 Johnny Bench Drive The Heritage 1923/2017 6 102,740 39,925 39% $25.00 20% 621 N. Robinson Totals 4,753,770 860,006 18.1% $21.30 CBD Construction Year Built Floors RSF Vacant SF Vacant % Rate CAF BOK Park Plaza 2017 27 690,000 300,000 43.5% $35.00 0% 499 W. Sheridan 690,000 300,000 43.5% $35.00 3 2017 Year-End Oklahoma City Office Market Summary NORTHWEST SUBMARKET HISTORICAL NORTHWEST VACANCY 2017 YEAR-END NORTHWEST SUBMARKET REVIEW 20% • Aggregate vacancy rates increased from 17.2% to 19.1% 15% • Class A vacancy decreased from 25.7% to 23.1% 10% • Class B vacancy increased from to 14.4% to 18.2% 5% 0% • Class C vacancy increased from 12.7% to 15.5% 2013 2014 2015 2016 2017 • Aggregate rental rates increased from $18.30 per SF to $18.49 per SF HISTORICAL NORTHWEST RENTAL RATES BY CLASS Class A Class B Class C $25.00 • Class A rental rates decreased from $22.74 per SF to $22.47 per SF • Class B rental rates increased from $17.36 per SF to $17.67 per SF $20.00 • Class C rental rates increased from $14.08 per SF to $14.60 per SF $15.00 • The Northwest Oklahoma City submarket experienced negative absorption of 104,000 SF during 2017.
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