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2013 Mid-Year Office Market Summary TABLE of CONTENTS

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2013 Mid-Year Office Market Summary TABLE of CONTENTS Oklahoma City 2013 Mid-Year Office Market Summary TABLE OF CONTENTS Office Market Summary 1 Central Business District Submarket 2–3 Northwest Submarket 4–6 North Submarket 7–9 Midtown Submarket 10 West Submarket 11 Suburban Submarket 12 Medical Office 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 2013 Mid-Year Office Market Summary The Oklahoma City office market held steady during the anchor tenant for what is reported to be an at least OKC Total Oce Market Vacancy 35% the first half of 2013. Overall, the city’s vacancy rate 20-story tall tower. It is likely that the construction Market Vacancy CBD Vacancy Suburban Vacancy rose from 16.2% to 16.5%. The market’s vacancy of such a building will create offsetting vacancy the 30% stood at 16.4% a year ago. In general, all submarkets anchor tenant leaves behind as we do not believe, and 25% performed fairly well except for the North submarket it certainly has not been reported, that the tenant is 20% which had negative absorption of just over 90,000 new to the market. 15% square feet. That anomaly resulted in total negative absorption of nearly 47,000 square feet. The North The overall suburban vacancy rate ticked upward from 10% submarket experienced some general softening partly 11.8% to 12.4% which was primarily attributable to the 5% due to a reduction of Chesapeake’s leased space previously mentioned changes in the North submarket. 0% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 outside its own campus and some more accurate The Northwest submarket, which is the city’s largest, reporting at the Class C Lincoln Plaza which is now remained level at 7.7% vacant. Class A buildings in OKC Total Oce Market Inventory in receivership after languishing for the past two to the Northwest showed continued tightening with 20 three years under previous ownership. vacancies falling from 4.8% to 3.7%. Larger Class Occupied SF Vacant SF A users currently have very few space alternatives The Central Business District’s vacancy rate decreased in this popular submarket and with Class A rental 15 from 24.6% to 24.3%. However, the CBD should take a rates climbing to $21.80 per square foot, some new hit in the second half of the year when Devon Energy’s construction is inevitable in the next few years. If not 10 lease of approximately 225,000 square feet at First for developers’ fears about the future of Chesapeake National Center expires. The most impressive aspect Energy and the amount of space that would be added feet) (millions of square 5 of the downtown market is the dwindling supply of to inventory, new construction would have likely been Class A space. Class A vacancy shrunk from 4.0% to added to the market by now. As it stands, most of 0 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 2.3% which is likely an all-time low. Consequently, the better quality space that Chesapeake has vacated Class A rental rates increased from $18.36 to $19.55 has been quickly absorbed by the pent-up demand of OKC OFFICE MARKET RENTAL RATES per square foot, which is an all-time high. The impact tenants in need of quality space. Approximately 80% $20.00 Northwest North Suburban of Devon’s vacation of it space at the Class C First of the approximately 100,000 square feet Chesapeake CBD Midtown West National Center will definitely impact the downtown vacated at the Class A IBC Center was leased within market, but not the bellwether Class A buildings. Class six months of it being placed on the market and at C vacancies will likely increase to an all-time high higher rental rates than Chesapeake was paying. We $15.00 of over 65% in the second half of the year. As we expect that similar results will be seen at the Class A have stated before, many of these buildings are faced Valliance Tower where Chesapeake recently vacated with functional obsolescence and it remains to be approximately 25,000 square feet. seen what becomes of them. Given the increase in $10.00 demand for downtown housing, we suspect a few The Memorial Road corridor of the Northwest 2009 2010 2011 2012 2013 may be converted to that or other alternative uses. submarket is particularly strong as Class A space in If these older obsolete buildings were removed from that area is virtually non-existent. In fact, 8 of the 9 OKC TOTAL OFFICE MARKET ABSORPTION the market, the CBD’s vacancy is realistically closer Class buildings in that corridor report full occupancy. 200000 to a reasonably healthy rate of 13.5%. Parking woes 150000 continue to be an issue for the CBD, but help is on the In general, we expect the market to remain healthy 100000 way with the construction of an 830-space garage on for the next few years. There will be fits and starts 50000 the west side of downtown. Several other new garages as corporate relocations within the market create 0 and garage expansions are still in the planning stages, inventory and opportunities for other large users. So -50000 but further relief is anticipated. long as the local and national economies continue to -100000 improve and remain healthy and new construction is The biggest news for the CBD is the recent report that undertaken at a moderate rate, the local office market -150000 -200000 a new office tower is on tap for the land currently should remain in a reasonable balance. 2009 2010 2011 2012 2013 occupied by the Stage Center which is catty-corner to the Devon Tower. Speculation is rampant regarding RSF Vacant SF Vacant % Rate 2013 Mid-Year OKC Office Market Totals 14,963,868 2,472,968 16.5% $16.48 1 2013 Mid-Year Oklahoma City Office Market Summary Central BuSiness District SubmarkeT HISTORICAL CBD VACANCY 2013 MID-year CENTRAL BUSINESS DISTRICT REVIEW 25% • Aggregate vacancy rates decreased from 24.6% to 24.3% 20% 15% • Class A vacancy decreased from 4.0% to 2.3% 10% • Class B vacancy increased from 22.7%to 23.4% 5% 0% • Class C vacancy remained flat at 51.7% 2009 2010 2011 2012 2013 • Aggregate rental rates increased from $15.49 per SF to $16.47 per SF HISTORICAL CBD RENTAL RATES BY CLASS • Class A rates increased from $18.36 per SF to $19.55 per SF Class B $21.00 Class A Class C $18.00 • Class B rates increased from $14.74 per SF to $16.20 per SF $16.00 • Class C rates increased from $13.13 per SF to $13.19 $13.00 • The CBD experienced positive absorption of 15,000 SF during the first half of 2013 $11.00 CT i $9.00 2009 2010 2011 2012 2013 2013 CENTRAL BuSINESS DiSTRiCT FOReCaST STR i • Vacancy rates will continue to increase as more Devon space hits the market in 2013. CBD OCCUPANCY BY CLASS 100% SS D 80% INE S 60% u B 40% AL 20% TR EN 0% Class A Class B Class C C HISTORICAL CBD ABSORPTION 120000 100000 80000 60000 40000 20000 0 -20000 -40000 -60000 -80000 -100000 2009 2010 2011' 2012' 2013 2 Downtown Oklahoma City 2013 Mid-Year 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 23,991 24% $15.00 12% 100 Park Ave 101 Park Avenue Building 1936 14 197,042 61,253 31% $14.50 16.34% 101 Park Ave. 20 N. Broadway 1981 19 307,388 0 0% $16.00 20% 20 N Broadway Bank of Oklahoma Plaza 1972 16 233,808 25,109 11% $14.50 20% 201 Robert S. Kerr Chase Tower 1971 36 514,317 202,009 39% $17.00 15% 100 N. Broadway City Place 1931/85 33 251,449 70,715 28% $14.50 14% 204 N. Robinson Corporate Tower 1980 14 277,849 13,462 5% $17.00 17.6% 101 N. Robinson Court Plaza 1923/79 10 78,381 38,668 493% $12.00 14% 228 Robert S. Kerr Dowell Center 1926 20 205,000 205,000 100% $14.00 15% 134 Robert S. Kerr First National Center 1931 32 972,267 478,027 49% $13.00 18.9% 120 N. Robinson Hightower Building 1929 10 107,152 21,371 20% $15.00 15% 105 N. Hudson Leadership Square 1984 21 735,514 15,050 25% $20.00 20% 211 N. Robinson Oklahoma Tower 1982 31 568,960 24,477 4% $20.00 20% Cen 210 Park Ave. One North Hudson 1927 11 73,000 0 0% $12.00 12% tr 401 W. Sheridan Robinson Plaza 1992 10 195,702 35,833 18% $22.00 17.8% al Bu 55 N. Robinson Robinson Renaissance 1927/88 12 174,840 39,382 23% $13.50 25% 119 N. Robinson S ine Sonic Building 2003 4 100,654 0 0% $24.50 8% 300 Johnny Bench Drive ss The Reserve 1922/97 4 71,616 0 0% $16.00 20% 226 Dean A. McGee Avenue Di str Totals 5,164,691 1,254,347 24.3% $16.47 i ct 3 2013 Mid-Year Oklahoma City Office Market Summary nORTHWEST SubmarkeT HISTORICAL NORTHWEST VACANCY 2013 MiD-YeaR Northwest SubmarkeT ReVIEW 15% • Aggregate vacancy rates remained at 7.7% 12% 9% • Class A vacancy decreased from 4.8% to 3.7% 6% • Class B vacancy increased from 6.0% to 6.7% 3% 0% • Class C vacancy increased from 15.8% to 17.9% 2009 2010 2011 2012 2013 • Aggregate rental rates increased from $17.20 per SF to $17.31 per SF HISTORICAL NORTHWEST RENTAL RATES BY CLASS $25.00 Class A Class B Class C • Class A rental rates increased from $21.33 per SF to $21.80 per SF • Class B rental rates remained level at $16.35 per SF $20.00 • Class C rental rates decreased from $13.52 per SF to $13.47 per SF $15.00 • The Northwest Oklahoma City submarket had zero net absorption.
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