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Oklahoma City 2008 Mid-Year 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 West Submarket 12-13 Suburban Submarket 13 Medical Office Submarket Back Cover 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 2008 Mid-Year Office Market Summary The first half of 2008 provides ample evidence that the Oklahoma City vacancy rate in this area of town is 14.1%. Class A rental rates now stand office market remains robust despite a deteriorating national economy. at $21.17 per square foot, with the better buildings achieving rental rates in However, the healthy nature of the market could be tested in the coming the mid $20’s. months as national companies will inevitably curtail expansion plans for new and existing locations. Much of the local economy’s good health can be The North submarket also OKC Total Office Market Inventory attributed to the financial strength of local energy companies. However, that 20 experienced very positive results strength could actually work against the market as Devon Energy has recently Occupied SF Vacant SF despite having very little room left to announced that it will construct a 1.9 million square foot headquarters in the 15 improve. The submarket absorbed Central Business District. 20,000 square feet and its aggregate 10 vacancy rate fell from 5.6% to OKC Total Office Market Vacancy While that is great news for the 4.4%. The North submarket’s Class 35% city in general, there is downside feet) (millions of square A buildings are currently only 0.4% Market Vacancy CBD Vacancy Suburban Vacancy 5 30% risk for the market if it is unable vacant and the Class B buildings are to absorb the 800,000 square feet only 3.3% vacant, making better 25% 0 or so Devon leaves behind in other '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 quality space in this area of town 20% downtown buildings. Fortunately, almost impossible to find. As you 15% the market has a 4-year head- might expect, rental rates in this submarket are on the rise. The average 10% start to deal with that problem, rental rate rose from $16.07 to $16.44 per square foot as landlords continue 5% but the market’s total absorption to feel more bullish and push rates upward. Class A space in this submarket 0% over the past 4 years has only been currently rents for $22.75 per square foot on average. '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 800,000 square feet and most of that absorption has occurred in the Moving forward into the remainder OKC Total Office Market Absorption north and northwest submarkets, not downtown. During that same four- of 2008, we anticipate the overall 500,000 year period the CBD has only absorbed 30,000 SF and that number would market will experience modest actually be negative if not for Devon’s own absorption of downtown space. improvement, but the national 400,000 It should be noted though that there has been other CBD absorption that is economy will temper the market’s 300,000 not reflected in our numbers because we only track multi-tenant properties potential growth. As noted earlier, 200,000 and not owner-occupied properties. In just the past twelve months the CBD the uncertainty of the global and received more good news when Sandridge Energy acquired the nearly half national economies will hinder 100,000 million square foot building that was formerly Kerr-McGee’s headquarters. the organic growth of national 0 That building has never been a part of our market report, but if it had sold companies with Oklahoma City -100,000 to investors whose goal was to lease it on a multi-tenant basis, it would have offices and all but put a stop to the 2004 2005 2006 2007 2008 had a crippling effect on the CBD submarket. opening of any new offices in our market. While we are experiencing economic conditions that are certainly an If our economy remains strong aberration compared to most areas, we are not completely insulated from OKC Total Office Rental Rates and the downtown area continues $20.00 Northwest North Suburban cutbacks by those companies that are not locally based. to grow as a place to live and not CBD West Midtown Suburban just work, the chances are good West for continued absorption in the Midtown downtown office market. So while $15.00 the market continues to be healthy North and the Devon announcement is, Northwest in general, great news for our city, CBD there’s a cautionary tale that bears $10.00 hearing and market indicators that 2004 2005 2006 2007 2008 bear watching as the 20th tallest building in the country rises outside our company’s windows. During the first half of 2008 the total vacancy rate dropped from 14.9% to 14.6%; it’s lowest level since 1996. The Central Business District’s vacancy rate decreased from 25.8% to 24.9%, while the suburban market remained level at 9.2%. The Northwest submarket, which is the largest in the suburbs, actually experienced a small degree of negative absorption (-18,000 SF) due to a new 42,000 SF building in the Gaillardia development being added to inventory. This submarket continues to remain strong however, as gains at other properties nearly offset the addition of new inventory. The Class A Oklahoma City Metro area submarket map 1 2008 Mid-Year Oklahoma City Office Market Summary Central Business District Submarket 2008 Mid-Year CBD Vacancy 2008 MID-YEAR CENTRAL BUSINESS DISTRICT REVIEW 35% • Aggregate vacancy rates decreased from 25.8% to 24.9% 30% 25% • Class A vacancy increased from 12.2% to 12.3% 20% • Class B vacancy decreased from 14.3% to 13.4% 15% 10% • Class C vacancy decreased from 58.6% to 56.6% 5% • Aggregate rental rates decreased from $14.61 per SF to $14.26 per SF 0% 2004 2005 2006 2007 2008 • Class A rates held steady at $17.08 per SF • Class B rates increased from $13.66 per SF to $13.71 per SF 2008 Mid-Year CBD Rental Rates by Class $19.00 Class A Class B Class C • Class C rates decreased from $13.00 per SF to $11.63 per SF $17.00 • The CBD absorbed 44,000 SF in the first half of 2008 $15.00 $13.00 $11.00 2008 YEAR-End CENTRAL BUSINESS DISTRICT FORECAST $9.00 2004 2005 2006 2007 2008 • Vacancy rates should continue to decrease in the remainder of 2008 • Rental rates will remain near current levels 2008 Mid-Year CBD Occupancy by Class 100% 80% Central Business District Business Central 60% 40% 20% 0% Class A Class B Class C 2008 Mid-Year CBD Absorption 100000 62000 24000 -14000 -52000 -90000 2004 2005 2006 2007 2008 2 Downtown Oklahoma City 2008 Mid-Year Oklahoma City Office Market Summary Central Business District Submarket CBD Year Built Floors RSF Vacant SF Vacant % Rate CAF 100 Park Avenue Building 1923/64 12 99,752 7,882 8% $12.00 12% 100 Park Ave 101 Park Avenue Building 1936/74 14 197,042 71,604 36% $14.00 16.4% 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 15,636 7% $14.50 20% 201 Robert S Kerr Ave Chase Tower 1971 36 517,454 16,500 3% $14.25 15% 100 N Broadway City Place 1931/85 33 292,304 67,387 23% $12.00 14% 204 N Robinson Ave Corporate Tower 1980 14 277,849 7,095 3% $16.00 17.6% 101 N Robinson Ave Court Plaza 1923/79 10 78,381 29,030 37% $10.50 14% 228 Robert S Kerr Ave Dowell Center 1926 20 190,000 190,000 100% $9.50 15% 134 Robert S Kerr Ave First National Center 1931/74 28 972,267 553,073 57% $12.00 14% 120 N Robinson Ave District Business Central Hightower Building 1929 10 107,152 15,000 14% $14.00 15% 105 N Hudson Ave Leadership Square 1984 21N/16S 735,514 157,281 21% $17.00 20% 211 N Robinson Ave Oklahoma Tower 1982 31 568,960 52,405 9% $17.00 20% 210 Park Ave One North Hudson 1931/81 11 73,000 17,065 23% $10.00 12% 401 W Sheridan Ave Robinson Plaza 1992 10 183,000 43,000 23% $11.00 0% 50 N Robinson Ave Robinson Renaissance 1927/87 12 174,840 29,467 17% $13.00 25% 119 N Robinson Ave Sonic Building 2003 4 100,654 953 1% $21.50 8.6% 300 Johnny Bench Dr The Reserve 1922/97 2 59,284 14,631 25% $16.00 20% 226 Dean A McGee Ave CBD Totals 5,168,649 1,288,009 24.9% $14.26 3 2008 Mid-Year Oklahoma City Office Market Summary Northwest Submarket 2008 Mid-Year Northwest Vacancy 2008 MID-YEAR NORTHWEst subMARKET REVIEW 15% • Aggregate vacancy rates increased from 9.5% to 10.4% 12% • Class A vacancy decreased from 16.1% to 14.1% 9% • Class B vacancy increased from 6.9% to 9.2% 6% • Class C vacancy increased from 8.4% to 8.5% 3% • Aggregate rental rates increased from $15.95 per SF to $16.54 per SF 0% 2004 2005 2006 2007 2008 • Class A rental rates increased from $20.49 per SF to $21.17 per SF • Class B rental rates increased from $14.99 per SF to $15.38 per SF 2008 Mid-Year Northwest Rental Rates by Class $25.00 Class A Class B Class C • Class C rental rates increased from $12.31 per SF to $12.98 per SF • The Northwest Oklahoma City Submarket experienced negative $20.00 absorption of 18,000 the first half of 2008 $15.00 2008 YEAR-End noRTHWEst subMARKET FORECAST • Vacancy rates should drop slightly in the second half of the year as $10.00 2004 2005 2006 2007 2008 this submarket remains strong but also deals with the addition of approximately 30,000 SF of new construction Northwest 2008 Mid-Year Northwest Occupancy by Class • Quoted rates will rise due to such a small amount
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