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Oklahoma Citycity Office Market Summary Year End 2006 Oklahomaoklahoma Citycity Office Market Summary

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Oklahoma Citycity Office Market Summary Year End 2006 Oklahomaoklahoma Citycity Office Market Summary OklahomaOklahoma CityCity Office Market Summary Year End 2006 OklahomaOklahoma CityCity Office Market Summary The Oklahoma City office market closed out 2006 on a very successful note. The Contents market absorbed nearly one-half million square feet and experienced a reduction Office Market Summary ............ 2-3 in the total market vacancy of 2.3 percentage points – ending the year at 15.7% Office Submarket Map ................ 3 vacant. Central Business District ............ 4-5 The suburban markets fared well in almost every submarket and building Northwest ................................ 6-9 classification. The overall suburban vacancy rate fell from 11.7% to 8.8%. Class A suburban space is a particularly healthy market with a vacancy rate of only North .................................. 10-12 5.6%. As a frame of reference, at the end of 2002 the Class A suburban vacancy Midtown ................................... 13 rate stood at 34.6%. As it stands, there are virtually no large blocks of available West ................................... 14-15 Class A space in the suburban submarkets and very few large blocks of Class B Suburban Analysis .................... 15 availabilities. With options that limited, it is only natural that the suburban markets are seeing construction of additional inventory. So far, the local developers have taken a very methodical approach to new construction, with only 42,000 square feet added in 2006 and only 120,000 square feet or so either under construction or on the drawing board for 2007. The market should be easily able to absorb the additional space with no adverse effect. The continued improvement in the suburban markets is also reflected in rental rates. At the end of 2006 the average asking rate for suburban space had risen to $14.87 per square foot, with Class A rates averaging a robust $19.84 per square foot. Although the local market has never experienced average rates at the current levels, they are still a bargain compared to the rest of the country. As in the last few years, the Class A rate increase is pulling Class B and C rates up as well. Class B rates increased from $13.79 to $14.30 per square foot and Class C rates rose from $11.24 to $11.52 per square foot. Although the Central Business District’s vacancy decreased from 29.1% to 27.7%, that improvement is tempered by the uncertain status of the former Kerr- McGee headquarters building. The possibility that 450-500,000 square feet could be added to the downtown market is not a pleasant thought for owners and brokers alike. While rumors persist that more than one company is considering the building for its headquarters, any other scenario would put downward pressure on rents and occupancy levels. It should also be noted that similar to past years, The information contained herein has been obtained from reasonably reliable sources. Price Edwards & more than 57% of the CBD’s available space lies within its older, less functional, Company makes no guarantee, either express or Class C buildings. The Class A vacancy rate is actually only 14.9% and the Class implied, as to the accuracy of such information. All data contained herein is subject to errors, omissions B vacancy rate is 16.0%. The outlook for 2006 should be more of the same. The and changes. Reproduction in whole or in part, without better buildings will continue to perform well and the lesser buildings will continue prior written consent is prohibited. to flounder. 2 Oklahoma City Office Submarket Map Oklahoma City Office acancyv 35% 30% 25% 20% 15% 10% urnpike 5% Kilpatrick Turnpike Turner T 44 0% Lake Hefner Parkway 97 98 99 00 01 02 03 04 05 06 3 Market Vacancy CBD Vacancy Suburban Vacancy Northwest Expr 77 35 urnpike essway North Submarket Kilpatrick T Northwest 40 Submarket 235 State Capital Oklahoma City Office inventory Complex 20 44 Midtown 15 CBD 40 10 Interstate 40 West (Millions) Submarket Interstate 40 Squre Feet 5 35 0 97 98 99 00 01 02 03 04 05 06 Sq.Ft. Occupied Sq.Ft. Vacant Interstate 240 240 4 Interstate 4 Office Market acancyv 25% 20% 15% While 2006 showed only moderate movement in the CBD in terms of vacancy 10% rates and rental rates, physical movement was another story as several 5% downtown users played a small game of musical chairs. The law firm of 0% Phillips McFall McCaffrey McVay & Murrah PC relocated from Leadership 2002 2003 2004 2005 2006 Square to 40,000 SF in Corporate Tower. Grant Thornton doubled its leased space by taking a portion of the space at Leadership Square that was vacated by Phillips McFall. And, Tronox, a former subsidiary of Kerr-McGee, relocated from its former parent’s headquarters to slightly over 100,000 square feet at Leadership Square. In addition to those moves, Devon Energy Corporation Total Market Absorption which is headquartered at 20 N. Broadway expanded into nearly 90,000 square feet at Corporate Tower. 2002 2003 2007 should prove to be another positive year for the local office market, although probably not quite as strong as 2006. The national economy 2004 is experiencing a steady recovery and leasing activity is brisk. The local 2005 economy, which is still influenced by the petroleum industry should remain 2006 strong and outpace the national economy. Existing tenants continue to expand -300000 -100000 0 100000 300000 500000 Square Feet and more new companies are opening offices in Oklahoma City. 3 OklahomaOklahoma CityCity Central Business District CBD Vacancy 35% 30% 25% 20% 15% 10% 5% 0% 2002 2003 2004 2005 2006 CBD Rental Rates $13 2006 OKLAHOMA CITY CENTRAL BUSINESS DISTRICT REVIEW $12 • Aggregate vacancy rates decreased from 29.1% to 27.7%. $11 • Class A vacancy decreased from 18.4% to 14.9%. • Class B vacancy increased from 16.1% to 16.0%. $10 2002 2003 2004 2005 2006 • Class C vacancy decreased from 61.1% to 60.0%. • Aggregate rental rates increased from $13.23 per SF to $14.22 per SF. • Class A rates increased from $15.93 per SF to $16.67 per SF. • Class B rates increased from $12.62 per SF to $13.06 per SF. CBD Occupancy • Class C rates increased from $10.84 per SF to $12.98 per SF. 100% • The Oklahoma City Central Business District experienced absorption of 80% 89,000 SF during 2006. 60% 40% 20% 2007 OKLAHOMA CITY CENTRAL BUSINESS DISTRICT FORECAST 0% • Vacancy rates should remain near current levels throughout 2007. Class A Class B Class C • Rental rates will also remain near current levels. • The CBD’s future remains cloudy with the unknown status of the 450,000 SF Kerr-McGee Tower. CBD Absorption 2002 2003 2004 2005 2006 -200000 -100000 0 100000 200000 Square Feet 4 Central Business District RENTABLE sQ. FT. PERCENT COMMON BUILDING YEAR BUILT FLOORs sQ. FT. VACANT VACANT RATE AREA FACTOR 100 PARK AVENUE BUILDING 1923/1964 12 99,752 7,882 8% $11.00 12% 100 Park Ave. 101 PARK AVENUE BUILDING 1936/1974 14 197,042 100,004 51% $13.50 16% 101 Park Ave. 20 N. BroadwaY 1981 19 307,388 0 0% $16.00 20% 20 N. Broadway BANCFIRST BUILDING 1921/1970 11 105,840 0 0% $12.50 12.5% 101 N. Broadway BANK OF OKLAHOMA PLAZA 1972 16 233,808 28,586 12% $14.50 20% 201 Robert S. Kerr CHASE TOWER 1971 36 517,454 20,000 4% $13.50 15% 100 N. Broadway CITY PLACE 1931/1985 33 292,304 66,671 23% $11.50 14% 204 N. Robinson CorporatE TOWER 1980 14 277,849 29,500 11% $15.00 17.6% 101 N. Robinson COUrt PLAZA 1923/1979 10 78,381 28,590 36% $10.00 14% 228 Robert S. Kerr DOWELL CENTER 1926 20 190,000 190,000 100% $9.50 15% 134 Robert S. Kerr FIRST NatIONAL CENTER 1931`/1974 28 983,174 615,279 63% $14.00 16.5% 120 N. Robinson HIGHTOWER BUILDING 1929 10 107,152 12,901 12% $14.00 15% 105 N. Hudson LEADERSHIP SQUARE 1984 21N/16S 735,514 104,489 14% $16.50 20% 211 N. Robinson OKLAHOMA TOWER 1982 31 568,960 143,383 25% $16.50 20% 210 Park Ave. ONE NortH HUDSON 1931/1981 11 73,000 12,500 17% $10.00 12% 401 W. Sheridan ROBINSON PLAZA 1992 10 183,000 43,000 23% $11.00 0% 50 N. Robinson ROBINSON RENAISSANCE 1927/1987 12 174,840 36,739 21% $12.50 25% 119 N. Robinson SONIC BUILDING 2003 4 100,654 7,530 7% $21.00 8.6% 300 Johnny Bench Drive SUBMARKET TOTAL 5,226,112 1,447,054 27.7% $14.22 5 OklahomaOklahoma CityCity Northwest Submarket Northwest Vacancy 20% 15% 10% 5% 0% 2002 2003 2004 2005 2006 Northwest Rental Rates $15.00 2006 NORTHWEST OKLAHOMA CITY SUBMARKET REVIEW $14.00 • Aggregate vacancy rates decreased from 11.3% to 9.2%. • Class A vacancy increased from 6.5% to 7.9%. • Class B vacancy decreased from 12.2% to 10.6%. $13.00 2002 2003 2004 2005 2006 • Class C vacancy decreased from 14.5% to 10.5%. • Aggregate rental rates increased from $14.75 per SF to $15.38 per SF. • Class A rental rates increased from $18.82 per SF to $19.67 per SF. • Class B rental rates increased from $14.04 per SF to $14.62 per SF. Northwest Occupancy • Class C rental rates increased from $11.43 per SF to $11.61 per SF. 100% • The Northwest Oklahoma City Submarket experienced absorption of 80% 168,000 SF during 2006. 60% 40% 2007 NORTHWEST OKLAHOMA CITY SUBMARKET FORECAST 20% • Vacancy rates should continue to drop slightly as this submarket remains 0% Class A Class B Class C strong but also deals with the addition of approximately 100,000 SF of new construction.
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