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Oklahoma City 2019 Mid-Year Office Market Summary

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Oklahoma City 2019 Mid-Year Office Market Summary Photo Credit: Steve Johnson 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 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 2019 Mid-Year Office Market Summary The first half of 2019 showed little change than 3%. That is terrific news for the OKC Total Oce Market Vacancy in the Oklahoma City office market, but city, but it is a concern for the office Market Vacancy CBD Vacancy Suburban Vacancy 25% what change occurred was fairly positive. market going forward. If the Oklahoma Vacancies fell from 20.1% to 19.3% and City office market can’t perform better 20% absorption of space totaled 128,000 than at an 80.7% occupancy rate with square feet. Normally, that would be unemployment at only 2.9%, when can 15% promising data, but the fact that much we expect things to get better? Unless of the positive absorption occurred in the white-collar employers change their 10% Midtown and West submarkets, which way of thinking, office vacancies should 5% are the smallest submarkets in the area remain above historical norms. Many and where rental rates are typically the employers are downsizing their footprint 0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 lowest in town, does not give cause for at lease renewal by some combination great celebration. The Central Business of designing smaller offices, increasing District experienced positive absorption use of shared office areas, or sending of 60,000 square feet, but that was some of their employees out of the office OKC Total Oce Market Inventory 20 offset by negative absorption of 44,000 to work from home. It stands to reason Occupied SF Vacant SF square feet in the North and Northwest that the market may be overbuilt for our submarkets, which by far contain the current employment base, and more 15 lion’s share of suburban space. specifically how companies now use office space. 10 The Central Business District is currently 20.8% vacant compared to 21.8% vacant It should also be noted that tenants feet) (millions of square 5 at the end of 2018. Average rental desire newer buildings with modern rates downtown held steady at $22.26 amenities as reflected in the higher 0 per square foot. The vacancy rate in occupancy levels of buildings constructed '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 the CBD should improve slightly in the since 2000. Although that vacancy rate next 6 to 12 months as two mostly pre- is above 19%, that number falls to just leased buildings are added to the roll. above 12% when the 690,000 SF BOK OKC OFFICE MARKET RENTAL RATES $25.00 CBD Northwest North The Heartland Payment Systems Building Park Plaza, which was just completed a Midtown Suburban West Suburban and the Monarch Building will both come year and a half ago, is removed from the on-line in that period, and each is at or calculations. Approximately half of that West $20.00 near full occupancy upon completion of building is still vacant, but we expect it to Midtown construction. continue to fill over the next few years, North and at the expense of pre-2000 buildings. $15.00 Northwest Once again, both the North and Northwest submarkets, which contain We are certainly not advocating new CBD approximately 78% of all suburban construction, as the market is still $10.00 2015 2016 2017 2018 2019 space, saw an increase in vacancy and saturated with plenty of available space. negative space absorption. The North Many users are willing to pay up for submarket’s vacancy rate increased newer buildings, but few are willing to from 15.0% to 15.3% and the Northwest pay enough to justify the pro forma rents OKC TOTAL OFFICE MARKET ABSORPTION submarket’s vacancy rate increased from required of new construction. What we 300000 200000 18.0% to 18.3%. These submarkets’ do expect to see is the continued addition 100000 absorption totals were both in negative of amenities offered at existing and 0 territory with -14,000 square feet and older Class A buildings, such as fitness -100000 -30,000 square feet respectively. centers, common area improvements -200000 and modern conference facilities as -300000 Despite a more diverse economy than existing landlords battle to improve -400000 at any point in the city’s history, the their occupancy rates and compete with -500000 market remains sluggish. May 2019 newer buildings. -600000 2015 2016 2017 2018 2019 Bureau of Labor statistics indicate a citywide unemployment rate of less RSF Vacant SF Vacant % Rate 2019 Mid-Year OKC Office Market Totals 16,597,042 3,202,239 19.3% $19.47 1 2019 Mid-Year Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET HISTORICAL CBD VACANCY 2019 MID-YEAR CENTRAL BUSINESS DISTRICT REVIEW 25% 20% • Aggregate vacancy rates decreased from 21.8% to 20.8% 15% • Class A vacancy increased from 18.8% to 22.0% 10% • Class B vacancy decreased from 26% to 19.4% 5% 0% • Class C vacancy decreased from 23.3% to 18.6% 2015 2016 2017 2018 2019 • Aggregate rental rates increased from $22.23 per SF to $22.26 per SF. HISTORICAL CBD RENTAL RATES BY CLASS Class A Class B Class C • Class A rates held steady at $25.20 per SF. $30.00 Class C Class B $26.00 • Class B rates increased from $18.50 per SF to $18.61 per SF. Class A $22.00 • Class C rates decreased from $16.94 per SF to $16.64 per SF. $18.00 • The CBD experienced absorption of 60,000 SF during the first half of 2019. $14.00 $10.00 2015 2016 2017 2018 2019 2019 CENTRAL BUSINESS DISTRICT FORECAST CBD OCCUPANCY BY CLASS • Vacancy rates will level off. 100% • Average rental rates will rise due to the addition of higher rent buildings. 80% 60% 40% 20% 0% Class A Class B Class C CENTRAL BUSINESS DISTRICT HISTORICAL CBD ABSORPTION 120000 90000 60000 30000 0 -30000 -60000 -90000 -120000 -150000 2015 2016 2017 2018 2019 2 Downtown Oklahoma City 2019 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 45,463 46% $14.50 16% 100 Park Ave 101 Park Avenue Building 1936 14 197,042 70,921 36% $16.50 16.34% 101 Park Ave. 20 N. Broadway 1981 19 307,388 0 0% $20.00 20% 20 N Broadway 201 RSK 1972 16 212,816 86,419 40% $18.00 20% 201 Robert S. Kerr 701 N. Broadway 1930/1999 5 51,288 0 0% $22.00 15% 701 N. Broadway BancFirst Tower 1971 36 507,038 25,590 5% $18.50 15% 100 N. Broadway BOK Park Plaza 2017 27 690,000 300,000 43% $30.00 13% 499 W. Sheridan Braniff Building 2013 10 90,000 0 0% $24.00 20% 324 N. Robinson Buick Building 1924/2015 4 59,500 0 0% $27.50 15% 1101 N. Broadway Century Center Building 2014 2 98,000 6,750 7% $18.00 20% 100 W Main City Place 1931/85 33 251,449 63,818 25% $20.00 14% 204 N. Robinson Corporate Tower 1980 14 277,849 49,450 17% $20.00 17.59% CENTRAL BUSINESS DISTRICT 101 N. Robinson Court Plaza 1923/79 10 78,244 34,244 44% $16.00 14% 228 Robert S. Kerr Federal Reserve Building 1922/97 4 77,813 0 0% $18.00 20% 226 Dean A. McGee Avenue Hightower Building 1929 10 107,152 4,674 4% $18.00 15% 105 N. Hudson Leadership Square 1984 21 735,514 184,370 25% $24.00 20% 211 N. Robinson Metropolitan Building 1929/2011 3 69,560 8,577 12% $15.25 10% 400 N.. Walker Oklahoma Tower 1982 31 568,960 49,526 8% $24.00 20% 210 Park Ave. Parkside Building 2015 6 76,413 0 0% $30.00 0% 120 Robert S. Kerr Robinson Plaza 1992 10 195,702 20,000 10% $18.00 17.80% 55 N. Robinson Robinson Renaissance 1927/88 12 174,840 60,530 34% $18.00 25% 119 N. Robinson Sandridge Center 1973/2008 30 493,185 175,000 35% $24.00 0% 123 Robert S. Kerr Sonic Building 2003 4 100,654 0 0% $26.00 8% 300 Johnny Bench Drive The Candy Factory 1914/2009 7 67,600 0 0% $25.00 0% 1 E. Sheridan The Heritage 1923/2017 6 102,740 0 0% $25.00 20% 621 N. Robinson Totals 5,690,499 1,185,332 20.8% $22.26 CBD Construction Year Built Floors RSF Vacant SF Vacant % Rate CAF 606 N. Broadway 2019 7 100,000 12,500 12% $23.50 0% 606 N. Broadway Monarch Building 2019 4 53,347 0 0% $32.50 10% 1133 N. Robinson 153,347 12,500 8.15% $26.63 3 2019 Mid-Year Oklahoma City Office Market Summary NORTHWEST SUBMARKET HISTORICAL NORTHWEST VACANCY 2019 MID-YEAR NORTHWEST SUBMARKET REVIEW 20% • Aggregate vacancy rates increased from 18.0% to 18.3% 15% • Class A vacancy increased from 14.7% to 15.2% 10% • Class B vacancy decreased from 20.2% to 19.3% 5% • Class C vacancy increased from 16.1% to 20.3% 0% 2015 2016 2017 2018 2019 • Aggregate rental rates increased from $18.57 per SF to $18.60 per SF.
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