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Oklahoma City 2015 Year-End Office Market Summary TABLE of CONTENTS

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Oklahoma City 2015 Year-End Office Market Summary TABLE of CONTENTS Oklahoma City 2015 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 Office Sales Summary 14 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 2015 Year-End Office Market Summary 2015 proved to be quite eventful for the local climbed significantly from $18.15 to $20.15 expect to see a very competitive landscape with office market. Major projects were announced, per square foot. Obsolete space is finally being landlords increasing concessions such as free but some were delayed as the city faces the flushed through the system and we are getting rent for larger financially sound tenants. It’s hard continuing downturn in in the oil and gas a truer reading on the health of the CBD. to say no to large oil and gas companies when industry, a major demand driver in our market. times are good, but recent events have been a As a major center for the petroleum industry, Another bright spot for downtown was the wake-up call to landlords to seek diversity in Oklahoma City dealt with the slump in oil prices, commencement of construction on 499 their tenantOKC mix. Total Oce Market Vacancy but managed to remain fairly strong heading into W. Sheridan. Devon Energy will occupy 30% Market Vacancy CBD Vacancy Suburban Vacancy what appears to be another challenging year. approximately half of the 690,000 SF building Accounting for some necessary reconciliations and in October Bank of Oklahoma announced it 25% to a handful of buildings in our report, the would relocate its Oklahoma City headquarters 20% overall market experienced negative absorption to the building and occupy approximately 15% of nearly 60,000 square feet despite seeing its 100,000 square feet and the building would be overall vacancy rate plummet from 15.2% to branded as BOK Park Plaza. The building is set 10% 12.3%. We realize that’s a bit of a head-scratcher for a late 2017 completion date. 5% to see the vacancy rate drop despite experiencing 0% negative absorption. The primary reason for that Unfortunately, one of the casualties of depressed '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 dichotomy is the mostly vacant First National oil prices is the OG&E Energy Center just across Center was removed from the market. The First the street from the BOK Park Plaza location. OKC Total Oce Market Inventory 20 National Center is a story in and of itself, but OG&E recently announced that it is shelving Occupied SF Vacant SF the net result is approximately 1 million square the project indefinitely. The planned 500,000 feet of space was removed because the building SF building was intended to provide space for 15 ceased to be available for occupancy and plans OG&E and others, but the developers determined have just been announced for the property to be there was insufficient demand for additional 10 redeveloped into a combination of residential, downtown space. That is especially true when hospitality and retail space. Through the you consider the space offered would demand feet) (millions of square 5 sales process it also became apparent that the rental rates significantly higher than what Class A building’s occupancy levels had been inflated in space is currently commanding in the CBD. That 0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 previous reports. demand is further weakened as many oil and gas companies deal with the travails of their market OKC OFFICE MARKET RENTAL RATES The First National Center has been owned for and the lowest commodity pricing since 2008. $25.00 CBD Northwest West years by various out of town groups who felt the Midtown North Suburban low acquisition price was too good to pass up, but The story in the suburbs is very similar, each of those previous owners failed to provide particularly in the Northwest submarket which $20.00 the necessary capital or a comprehensive plan has a preponderance of oil and gas tenants. for redevelopment. After months of haggling Vacancy rates rose from 8.5% to 10% during among various parties claiming ownership, the the year and increased vacancy is anticipated for $15.00 building was placed in the hands of a receiver, 2016 as over 300,000 square feet of Class A space Jim Parrack of Price Edwards & Company. Under will be vacated by existing users. Consequently, $10.00 his purview several buyers were identified and several new projects that were in the planning 2011 2012 2013 2014 2015 the judge eventually approved a contract with stages will likely be delayed. The bright side is a well-qualified redevelopment team led by that nearly all of those projects had not yet come OKC TOTAL OFFICE MARKET ABSORPTION local developer Gary Brooks. The removal of out of the ground, so we do not expect there to be 300000 the building dramatically dropped the vacancy an overabundance of supply as demand remains 250000 200000 rate for the Central Business District from 20.7% strong from other industries. In the aggregate, 150000 at the beginning of 2015 to 10.8% at year-end. the suburban submarkets ended the year about 100000 Cities and their office markets tend to be judged where they started. Vacancy rates rose modestly 50000 by their downtown vacancy rates and although from 12.5% to 12.9% and average rental rates 0 locals have known for years that the downtown rose from $17.46 to $17.65 per square foot. -50000 market for quality space is actually very tight, -100000 the adjustments attributable to the removal The coming year will certainly test the -150000 2011 2012 2013 2014 2015 of First National finally bear that out. Because diversification efforts of the last 30 years that nearly 1 million square feet of Class C space were undertaken after the 1980’s oil bust. So far was deleted, the average downtown rental rate the signs for a lessened impactRSF are strong, but weVacant SF Vacant % Rate 2015 Year-End OKC Office Market Totals 14,450,762 1,782,923 12.3% $18.36 1 2015 Year-End Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET HISTORICAL CBD VACANCY 2015 YEAR-END CENTRAL BUSINESS DISTRICT REVIEW 25% • Aggregate vacancy rates decreased from 20.7% to 10.8% 20% 15% • Class A vacancy increased from 0.7% to 2.7% 10% • Class B vacancy increased from 17.3% to 17.6% 5% 0% • Class C vacancy decreased from 55.5% to 12.5% due to the removal of First National 2011 2012 2013 2014 2015 Center. HISTORICAL CBD RENTAL RATES BY CLASS • Aggregate rental rates increased from $18.15 per SF to $20.15 per SF Class A Class B Class C $25.00 • Class A rates increased from $21.75 per SF to $23.35 $22.00 $19.00 • Class B rates decreased from $18.07 per SF to $17.81 per SF $16.00 • Class C rates increased from $13.19 per SF to $15.47 per SF $13.00 • The CBD experienced negative absorption of 131,000 SF largely due to accounting $10.00 2011 2012 2013 2014 2015 adjustments related to First National Center, not a true reduction in occupancy. CBD OCCUPANCY BY CLASS 2016 CENTRAL BUSINESS DISTRICT FORECAST 100% • Vacancy rates will remain near current levels until new buildings hit the market. Rental rates 80% will plateau. 60% 40% 20% 0% Class A Class B Class C CENTRAL BUSINESS DISTRICT HISTORICAL CBD ABSORPTION 150000 100000 50000 0 -50000 -100000 -150000 -200000 2011 2012 2013 2014 2015 2 Downtown Oklahoma City 2015 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 17,644 17% $14.50 12% 100 Park Ave 101 Park Avenue Building 1936 14 197,042 51,718 26% $14.50 16.34% 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 7,809 3% $17.50 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 6% $22.00 20% 100 W Main City Place 1931/85 33 251,449 27,257 10% $18.00 14% 204 N. Robinson Corporate Tower 1980 14 277,849 3,897 1% $20.00 17.59% 101 N. Robinson Cotter Ranch Tower 1971 36 514,317 209,818 40% $18.00 15% 100 N. Broadway Court Plaza 1923/79 10 78,381 18,757 23% $12.00 14% CENTRAL BUSINESS DISTRICT 228 Robert S. Kerr Hightower Building 1929 10 107,152 4,581 4% $18.00 15% 105 N. Hudson Leadership Square 1984 21 735,514 38,691 5% $24.00 20% 211 N. Robinson Oklahoma Tower 1982 31 568,960 10,200 1% $24.00 20% 210 Park Ave. Robinson Plaza 1992 10 195,702 0 0% $17.00 17.80% 55 N. Robinson Robinson Renaissance 1927/88 12 174,840 45,240 25% $18.00 25% 119 N.
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