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Oklahoma City 2013 Year-End Office Market Summary TABLE of CONTENTS Oklahoma City 2013 Year-End 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 10–11 Medical Office Submarket 11 West Submarket 12–13 Suburban Submarket 13 2012 Office Sales Back Cover 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 Year-End Office Market Summary Despite an uptick in the second half of the year, the The suburban markets are not without their challenges OKC Total Office Market Vacancy 35% Oklahoma City Office Market ended 2012 with a drop in the coming year. With increasing rental rates and Market Vacancy CBD Vacancy Suburban Vacancy in its vacancy rate from 16.4% to 16.2%. Perhaps what such low vacancy rates one could normally expect 30% is most impressive is the market’s stability. Despite construction of new projects to ramp up, but no new 25% reason for that seems to be developers’ uncertainty 500,000 square feet of space hitting the market in 2012 space is currently under construction. The biggest 20% from Devon’s phased relocation to its new downtown Chesapeake has been the suburban markets’ best 15% corporate headquarters, the market seemed to just regarding Chesapeake Energy’s space needs. shrug that off with solid absorption of that vacancy 10% and another strong performance by the Northwest friend over the past several years by acquiring several 5% submarket where the overall vacancy rate is now hundred thousand square feet of space either by 0% '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 under 10%. purchase of entire buildings or the leasing of significant dollars in assets, Chesapeake’s employee count is blocks of space. With its disposition of several billion OKC Total Office Market Inventory In fact, the Central Business District recorded negative 20 absorption of only 91,000 square feet during the year. shrinking and with it, it’s appetite for space. Several Occupied SF Vacant SF Most impressively, Class A vacancies in the CBD fell buildings that were already under construction on its from 8% to 4%. That low vacancy should lead to at main campus at NW 63rd and Western are still being 15 least two new small Class A redevelopments in the CBD completed which will further reduce the company’s in the coming year or two at the long vacant Century need for off-campus space. How well the market 10 Center and the old Journal Record Building which has absorbs that off-campus space will be the true test of been vacant since the bombing of the Alfred P. Murrah the suburban markets’ strength in the next few years. feet) (millions of square 5 Federal Building in 1995. In fact, the Century Center has recently announced that the Oklahoma Publishing Another significant move that will occur in 2013 will be 0 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 Company (OPUBCO) will anchor approximately 65,000 American Fidelity’s relocation from its longtime home square feet in its redevelopment. Those two projects at 2000 Classen Center to the OPUBCO building on OKC OFFICE MARKET RENTAL RATES could add approximately 200,000 square feet of much Broadway Extension and Britton Road. That move will $20.00 Northwest North Suburban needed premium office space to the CBD. Other new effectively create an approximately 300,000 square CBD Midtown West projects are rumored, but not yet confirmed. foot hole in the Midtown market which is comprised of older Class B and C properties. The OPUBCO building Despite improvement in its better buildings the Central was never tracked in our report because it was an $15.00 Business District experienced an increase in its vacancy owner-occupied building. rate from 22.8% to 24.6% during 2012. Offsetting the Devon vacancy will certainly be an ongoing challenge For the local market to perform as well as it did in for downtown landlords, as the remaining Devon space 2012 is a testament to the city’s strong local economy $10.00 is located in Class B and Class C buildings. reflected in the country’s lowest unemployment rate of 2008 2009 2010 2011 2012 only 4.5 %. The city also ranks at or near the top of all While the downtown market was admirably fighting US cities in terms of personal income and job growth. space, the suburban markets continued the stable OKC TOTAL OFFICE MARKET ABSORPTION through the task of replacing its largest user of leased Much of the challenge facing the local office market 200000 is due to the financial strength of local companies 150000 improvement of the past 3 years. Although it should relocating to more modern facilities, but there is also 100000 be noted that the second half of the year saw negative the possibility of some companies reducing their space 50000 absorption in all submarkets except the Northwest, needs. However, we see more positive than negative 0 which once again retained its position as the market’s going forward and we are very optimistic about the -50000 strongest with only a 7.7% vacancy rate. Class A prospects for the local office market. -100000 vacancy in the suburbs is virtually non-existent with the vacancy rate for better buildings falling to just -150000 -200000 4.2%. Correspondingly, Class A rental rates rose from 2008 2009 2010 2011 2012 $20.85 to $21.46 per square foot during the year. RSF Vacant SF Vacant % Rate 2013 Year–End OKC Office Market Totals 14,986,290 2,433,308 16.2% $16.09 1 2013 Year-End Oklahoma City Office Market Summary Central BUSIness DIstrIct SUbmarket HISTORICAL CBD VACANCY 2013 Year-End CENTRAL BUSINESS DISTRICT REVIEW 25% • Aggregate vacancy rates increased from 24.6% to 28.6% 20% 15% • Class A vacancy increased from 4.0% to 9.3% 10% • Class B vacancy decreased from 22.7% to 21.6% 5% 0% • Class C vacancy increased from 51.7% to 62.7% 2008 2009 2010 2011 2012 • Aggregate rental rates increased from $15.49 per SF to $16.63 per SF HISTORICAL CBD RENTAL RATES BY CLASS $19.00 Class A Class B Class C • Class A rates increased from $18.36 per SF to $19.62 per SF $17.00 • Class B rates increased from $ $14.74 per SF to $16.40 per SF $15.00 • Class C rates increased from $13.13 per SF to $13.19 per SF $13.00 $11.00 • The CBD experienced negative absorption of 161,000 SF during 2013 $9.00 2008 2009 2010 2011 2012 2014 CENTRAL BUSINESS DISTRICT FORECAST CT I • Vacancy rates will drop as all former Devon Energy space has now been placed on the STR CBD OCCUPANCY BY CLASS I 100% market. 80% NESS D NESS I S U 60% 40% 20% CENTRAL B CENTRAL 0% Class A Class B Class C HISTORICAL CBD ABSORPTION 150000 120000 90000 60000 30000 0 -30000 -60000 -90000 -120000 2008 2009 2010 2011 2012 2 Downtown Oklahoma City 2013 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 21,720 21.77% $14.50 12% 100 Park Ave 101 Park Avenue Building 1936 14 197,042 60,513 30.71% $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 21,344 9.13% $14.50 20% 201 Robert S. Kerr Chase Tower 1971 36 514,317 209,866 40.80% $17.00 15% 100 N. Broadway City Place 1931/85 33 251,449 39,245 15.61% $14.50 14% 204 N. Robinson Corporate Tower 1980 14 277,849 15,195 5.47% $17.00 17.59% 101 N. Robinson Court Plaza 1923/79 10 78,381 22,574 28.80% $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 32 972,267 361,592 37.19% $13.00 18.90% 120 N. Robinson C Hightower Building 1929 10 107,152 12,939 12.08% $15.00 15% entral 105 N. Hudson Leadership Square 1984 21 735,514 44,099 6% $20.00 20% BU 211 N. Robinson S I Oklahoma Tower 1982 31 568,960 43,122 7.58% $20.00 20% ness 210 Park Ave. One North Hudson 1927 11 73,000 0 0% $12.00 12% DI 401 W. Sheridan str Robinson Plaza 1992 10 195,702 35,833 18.31% $22.00 17.80% I ct 55 N. Robinson Robinson Renaissance 1927/88 12 174,840 46,000 26.31% $14.00 25% 119 N. Robinson Sonic Building 2003 4 100,654 0 0% $24.50 8% 300 Johnny Bench Drive The Reserve 1922/97 4 71,616 0 0% $16.00 20% 226 Dean A. McGee Avenue 5,164,691 1,139,042 22.05% $16.48 3 2013 Year-End Oklahoma City Office Market Summary NORTHWEST SUbmarket HISTORICAL NORTHWEST VACANCY 2013 Year-End NortHwest SUbmarkeT REVIEW 15% • Aggregate vacancy rates increased from 7.7% to 8.9% 12% 9% • Class A vacancy decreased from 4.8% to 4.1% 6% • Class B vacancy increased from 6.0% to 9.0% 3% 0% • Class C vacancy increased from 15.8% to 16.5% 2008 2009 2010 2011 2012 • Aggregate rental rates increased from $17.20 per SF to $17.45 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 $21.89 per SF • Class B rental rates increased from $16.35 per SF to $16.54 per SF $20.00 • Class C rental rates decreased from $13.52 per SF to $13.48 per SF $15.00 • The Northwest Oklahoma City submarket experienced negative absorption of 65,000 SF during 2013 due to over 300,000 SF of former Chesapeake space hitting the $10.00 2008 2009 2010 2011 2012 submarket.
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