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OklahomaOklahoma CityCity Office Market Summary Year End 2004 OklahomaOklahoOklahomama CityCityCity Office Market Summary Contents During 2004 the Oklahoma City offi ce market continued to rebound and actually showed marked improvement in key suburban submarkets. Overall, Offi ce Market Summary ............ 2-3 the market’s vacancy rate dropped from 21.7% to 19.9%. That would be Offi ce Submarket Map ................ 3 considered a good year in any year, but given the slowly improving, yet still Central Business District ............ 4-5 unsettled national economy that was negatively affected by both an ongoing Northwest ................................ 6-9 war and a presidential election, 2004 would have to be considered a very North .................................. 10-12 good year. Midtown ................................... 13 West ................................... 14-15 Although the Central Business District’s vacancy increased from 30.6% to Suburban Analysis .................... 15 31.7%, the suburban markets fared much better, particularly in the higher- end properties. The overall suburban vacancy rate fell from 16.5% to 12.9% and Class A suburban space experienced a dramatic 14-point decrease from 23.6% to 9.7%. In just the past two years, the Class A suburban vacancy rate has fallen 25 points from its recent high of 34.6% at the end of 2002. Major gains were made at virtually every suburban Class A building. Waterford absorbed approximately 47,000 square feet of vacancy, Quails Springs Parkway Plaza absorbed approximately 60,000 square feet and Hertz Financial Center absorbed approximately 91,000 square feet. Of course, Hertz largely benefited from Dell Computer’s temporary lease of approximately 60,000 square feet while their permanent facility is constructed. Still, this progress is signifi cant. Just like last year, this improvement in the Class A sector of the outlying submarkets is really the story for 2004. The Class A sector has historically driven the rest of the market. As Class A occupancies increase, so do the rental rates of not only the Class A buildings, but other market classifi cations as well. Quoted Class A suburban rates increased an average of $1 per square foot during 2004. Actual rates, which are much harder to track, The information contained herein has been obtained from reasonably reliable sources. Price Edwards & probably increased as much as $2 per square foot as landlord’s reduced the Company makes no guarantee, either express or implied, as to the accuracy of such information. All amount of rental concessions granted to tenants. With the increase in Class data contained herein is subject to errors, omissions and changes. Reproduction in whole or in part, without A suburban occupancies and rental rates, Class B and C offi ce users should prior written consent is prohibited. also expect to see marked increases in quoted rental rates for 2005, as the high tide raises all boats. 2 Oklahoma City Offi ce Submarket Map The Central Business District held fairly steady during 2004. The approximate one point increase in vacancy was felt across the board in each building classifi cation. 2005 should be a better year for the downtown market as the parking situation begins to improve with the completion of Phase I of the expansion of the Galleria parking lot and the addition of the new county parking facility. Parking will always be a critical issue for CBD tenants and landlords. Hopefully, the additional spaces coming on line in 2005 and 2006 will entice local tenants to consider the CBD as a more viable alternative. Most CBD buildings that either have on-site parking or have negotiated long-term parking arrangements for the benefi t of their tenants, have actually faired rather well and should continue to do so. It should also be noted that as in past years, more than 62% of the CBD’s available space lies within its older, less functional, Class C buildings. The Class A vacancy rate is actually only 16.9% and the Class B vacancy rate is 20.2%. 2005 should prove to be another positive year for the local office market. The national economy is experiencing a steady recovery and leasing activity is defi nitely accelerating. Existing tenants are expanding more than contracting and more new companies are opening offi ces in Oklahoma City. It should also be noted that no new construction completions are scheduled for 2005. A static inventory of available buildings will positively affect the market’s ability to absorb available space. 3 OklahomaOklahoma CityCity Central Business District 2004 OKLAHOMA CITY CENTRAL BUSINESS DISTRICT REVIEW • Aggregate vacancy rates increased from 30.6% to 31.7%. • Class A vacancy increased from 15.5% to 16.9%. • Class B vacancy increased from 18.3% to 20.2% • Class C vacancy increased from 58.6% to 60.7%. • Aggregate rental rates increased from $12.31 to $12.77 per SF. • Class A rates increased from $15.50 to $15.93 per SF. • Class B rates increased from$11.96 per SF to $12.06 per SF. • Class C rates increased from $9.71 per SF to $10.44 per SF. • The Oklahoma City Central Business District had negative absorption of 56,000 square feet during 2004. 2005 OKLAHOMA CITY CENTRAL BUSINESS DISTRICT FORECAST • Vacancy rates may should remain near current levels throughout 2005. • Rental rates will also remain near current levels. 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 3,400 6% $10.50 12% 100 Park Ave. 2,500 (S) 101 PARK AVENUE BUILDING 1936/1974 14 189,090 99,498 53% $11.50 14% 101 Park Ave. BANCFIRST BUILDING 1921/1970 11 105,840 0 0% $12.50 12.50% 101 N. Broadway BANK OF OKLAHOMA PLAZA 1972 16 233,808 30,361 13% $13.50 20% 201 Robert S. Kerr BANK ONE CENTER 1971 36 514,642 20,662 4% $12.50 15% 100 N. Broadway CITY PLACE 1931/1985 33 292,304 116,971 40% $10.00 14% 204 N. Robinson COLCORD BUILDING 1909 14 109,729 35,473 32% $10.00 8% 15 N. Robinson CORPORATE TOWER 1980 14 277,849 101,396 36% $14.00 17% 101 N. Robinson COURT PLAZA 1923/1979 10 78,381 31,930 41% $9.00 14% 228 Robert S. Kerr DOWELL CENTER 1926 20 190,000 175,000 92% $9.50 15% 134 Robert S. Kerr FIRST NATIONAL CENTER 1931`/1974 28 975,025 663,365 68% $11.00 16.50% 120 N. Robinson HIGHTOWER BUILDING 1929 10 107,152 28,655 27% $12.00 15% 105 N. Hudson LEADERSHIP SQUARE 1984 21N/16S 735,514 100,695 15% $16.00 19% 211 N. Robinson 11,777 (S) MID-AMERICA TOWER 1981 19 307,388 0 0% $14.00 20% 20 N. Broadway OKLAHOMA TOWER 1982 31 568,960 149,569 27% $16.00 20% 210 Park Ave. 5,254 (S) ONE NORTH HUDSON 1931/1981 11 73,000 5,428 7% $10.00 12% 401 W. Sheridan PARK HARVEY BUILDING 1957 17 173,000 95,820 55% $8.50 10% 200 N. Harvey ROBINSON PLAZA 1992 10 183,000 0 0% $11.00 0% 50 N. Robinson ROBINSON RENAISSANCE 1927/1987 12 174,840 43,477 25% $11.50 25% 119 N. Robinson SONIC BUILDING 2003 4 100,654 21,543 21% $21.00 8.57% 300 Johnny bench Drive SUBMARKET TOTAL 5,489,928 1,742,774 31.7% $12.77 5 OklahomaOklahoma CityCity Northwest Submarket 2004 NORTHWEST OKLAHOMA CITY SUBMARKET REVIEW • Aggregate vacancy rates decreased from 17.4% to 13.9%. • Class A vacancy decreased from 24.4% to 7.3%. • Class B vacancy decreased from 16.6% to 13.7%. • Class C vacancy increased from 16.6% to 22.1%. • Aggregate rental rates increased from $14.23 to $14.50 per SF. • Class A rental rates increased from $17.76 to $18.76 per SF. • Class B rental rates decreased from $13.90 to 13.87 per SF. • Class C rental rates increased from $11.16 to $11.34 per SF. • The Northwest Oklahoma City Submarket experienced absorption of 193,000 SF during 2004. 2005 NORTHWEST OKLAHOMA CITY SUBMARKET FORECAST • Vacancy rates should increase as this submarket continues to improve. • Quoted rates will rise due to a small amount of available Class A Space. Class B rates could move upward as much as $1 per SF in 2005. 6 Northwest Submarket RENTABLE SQ. FT. PERCENT COMMON BUILDING YEAR BUILT FLOORS SQ. FT. VACANT VACANT RATE AREA FACTOR 4100 PERIMETER CENTER 1982 3 47,317 0 0% $11.00 15% 4100 Perimeter Center Dr. 4101 PERIMETER CENTER 1982 3 47,317 0 0% $11.00 15% 4101 Perimeter Center Dr. 4141 NORTHWEST EXPRESSWAY 1982 3 46,464 1,800 4% $11.00 15% 4141 Northwest Expressway 4200 PERIMETER CENTER 1981 2 61,327 14,797 24% $11.00 15% 4200 Perimeter Center Dr. 5100 BROOKLINE 1974 10 107,496 11,502 11% $12.50 15% 5100 Brookline AMERICAN CANCER SOCIETY 2001 1 45,000 0 0% $16.50 0% 8400 Silver Crossing ATRIUM TOWERS 1980 6 156,106 34,327 22% $12.50 16% 3501-3503 N.W. 63rd AVAYA BUILDING 1998 1 57,000 1,966 3% $15.00 0% 14400 Hertz Quail Springs Parkway BRADLEY SQUARE 1984 1 30,000 1,800 6% $12.50 10% 2932 N.W. 122nd BROOKLINE OFFICES 1971 1 40,920 13,228 32% $10.00 0% 6051 N. Brookline CENTER 3000 1972 3 100,942 32,914 33% $9.00 12% 3000 United Founders Blvd. CHASE PARK 1981 2 30,281 3,864 13% $12.00 15% 4323 N.W.
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