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Oklahoma City 2017 Mid-Year Office Market Summary TABLE of CONTENTS

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Oklahoma City 2017 Mid-Year Office Market Summary TABLE of CONTENTS Oklahoma City 2017 Mid-Year 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 2017 Mid-Year Office Market Summary While 2016 was an historically bad year by the local market. That was largely OKC Total Oce Market Vacancy accomplished by Continental Oil 30% Market Vacancy CBD Vacancy Suburban Vacancy for the Oklahoma City office market, 25% 2017 is offering some signs of hope, but absorptionacquiring Devon’s of the remainder existing 300,000 by a strong SF 20% you have to look hard for those silver building at 20 N. Broadway and steady 15% linings. The overall vacancy rate during the first half of 2017 ticked upward by spacemarket coming during the online energy at heydaythe beginning of 2012 10% a full point to 16.5%. The total market through 2014. With over 400,000 SF of 5% experienced negative absorption of gains were made in the northwest 0% 27,000 square feet, but significant of 2018 and no energy rebound on the '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 horizon, downtown landlords will be submarket, which along with the Central fighting tooth and nail for every potential OKC Total Oce Market Inventory Business District serve as the bell cows tenantstenant as as Class they A can vacancies expect couldlarger exceed rental 20 in the local market. Much of those gains concessions20%. Of course, and lowerthat is face good rates. news for Occupied SF Vacant SF were in Class A buildings where the demonstrating strength at the top of the 15 vacancy rate fell from 25.7% to 20.3%, 10 market. However, the improved health It should be noted that our report does of the Northwest submarket was offset not include sublease space because feet) (millions of square downtown. 5 by new availabilities hitting the market frankly, landlords don’t accurately report the sublease space available in 0 their buildings. However, given what we '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 The Central Business District can discern, we estimate the inclusion of experienced a significant increase available sublease space would set the in both inventory and vacant space market’s total vacancy rate at closer to OKC OFFICE MARKET RENTAL RATES $25.00 CBD Northwest North due to the addition of the Sandridge 19.5% rather than the 16.5% actually Midtown Suburban West Center and the Parkside Building, both reported. The largest of those sublease owned by Sandridge Energy. These atopportunities Central Park. is approximately That space 200,000 alone $20.00 buildings had previously been held off SF left behind by Williams Companies the market, but with Sandridge only needing approximately 60% of its own would bump the North submarket’s $15.00 headquarters building, the decision was vacancy rate from 9.9% to nearly 17%. made to offer the surplus space to other Fortunately, the North submarket $10.00 quality tenants. The addition of these appears to have dodged another bullet 2013 2014 2015 2016 2017 buildings to the CBD market caused presenceas Patterson and UTI will hasnot confirmedbe leasing anyit will of the vacancy rate to rise from 13.8% to maintain a significant Oklahoma City 17.1%. Without those buildings, the OKC TOTAL OFFICE MARKET ABSORPTION 300000 CBD was actually fairly steady with the space it acquired in the merger with 200000 negative absorption of only 13,000 SF. OKC-based Seventy-Seven Energy. 100000 The Class A vacancy rate in the CBD 0 Wenearly anticipate doubled fromthe 6.1%Class to A 11.3%. market The rest of 2017 should be more of the -100000 willsame likely as we be expect one step the marketforward to and have two its -200000 stepsups and back downs, as any but gains for inthe absorption most part in it -300000 downtown may improve a bit in the -400000 second half of the year, but it needs to -500000 -600000 as 2018 looks to the biggest challenge the suburbs will be offset by the addition 2013 2014 2015 2016 2017 the CBD has faced since Devon Energy of new available space in the Central completed its headquarters building in Business District. 2012 and left 840,000 SF to be absorbed RSF Vacant SF Vacant % Rate 2017 Mid-Year OKC Office Market Totals 14,923,995 2,455,070 16.5% $18.95 1 2017 Mid-Year Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET HISTORICAL CBD VACANCY 2017 MID-YEAR CENTRAL BUSINESS DISTRICT REVIEW 25% 20% • Aggregate vacancy rates increased from 13.8% to 17.1% due to the addition of the Sandridge Buildings. 15% 10% • Class A vacancy increased from 6.1% to 11.3% 5% • Class B vacancy increased from 20.5% to 20.8% 0% 2013 2014 2015 2016 2017 • Class C vacancy increased from 13.7% to 14.2% HISTORICAL CBD RENTAL RATES BY CLASS • Aggregate rental rates increased from $20.21 per SF to $21.67 per SF Class A Class B Class C $30.00 • Class A rates increased from $23.35 per SF to $25.27 per SF $26.00 $22.00 • Class B rates remained level at $17.86 per SF $18.00 • Class C rates were level at $15.47 per SF $14.00 $10.00 • The CBD experienced negative absorption of 13,000 SF during the first half of 2017. 2013 2014 2015 2016 2017 2017 CENTRAL BUSINESS DISTRICT FORECAST CBD OCCUPANCY BY CLASS 100% • Vacancy rates will rise as new buildings hit the market. Average rental rates will rise due to the addition of higher quality buildings. 80% 60% 40% 20% 0% Class A Class B Class C CENTRAL BUSINESS DISTRICT HISTORICAL CBD ABSORPTION 100000 50000 0 -50000 -100000 -150000 -200000 2013 2014 2015 2016 2017 2 Downtown Oklahoma City 2017 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 10,250 10% $14.50 12% 100 Park Ave 101 Park Avenue Building 1936 14 197,042 81,360 41% $14.50 16.3% 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 7,822 4% $18.00 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 7% $22.00 20% 100 W Main City Place 1931/85 33 251,449 48,386 19% $18.00 14% 204 N. Robinson Corporate Tower 1980 14 277,849 24,277 8% $20.00 17.6% 101 N. Robinson Cotter Ranch Tower 1971 36 514,317 190,446 37% $18.00 15% 100 N. Broadway Court Plaza 1923/79 10 78,381 20,890 27% $12.00 14% 228 Robert S. Kerr CENTRAL BUSINESS DISTRICT Federal Reserve Building 1922/97 4 71,616 0 0% $18.00 20% 226 Dean A. McGee Avenue Hightower Building 1929 10 107,152 5,433 5% $18.00 15% 105 N. Hudson Leadership Square 1984 21 735,514 40,017 5% $24.00 20% 211 N. Robinson Oklahoma Tower 1982 31 568,960 75,441 13% $24.00 20% 210 Park Ave. Parkside Building 2015 6 76,413 76,413 100% $33.00 0% 120 Robert S. Kerr Robinson Plaza 1992 10 195,702 20,000 10% $17.00 17.8% 55 N. Robinson Robinson Renaissance 1927/88 12 174,840 46,610 27% $18.00 25% 119 N. Robinson Sandridge Center 1973/2008 30 493,185 143,000 29% $32.00 0% 123 Robert S. Kerr Sonic Building 2003 4 100,654 0 0% $26.00 8% 300 Johnny Bench Drive Totals 4,651,030 797,095 17.1% $21.67 CBD Construction Year Built Floors RSF Vacant SF Vacant % Rate CAF BOK Park Plaza 2017 27 690,000 300,000 43% $35.00 0% 499 W. Sheridan The Heritage 1923/2017 6 102,740 53,835 52% $25.00 20% 621 N. Robinson 792,740 353,835 44.6% $33.70 3 2017 Mid-Year Oklahoma City Office Market Summary NORTHWEST SUBMARKET HISTORICAL NORTHWEST VACANCY 2017 MID-YEAR NORTHWEST SUBMARKET REVIEW 20% • Aggregate vacancy rates decreased from 17.2% to 16.3% 15% • Class A vacancy decreased from 25.7% to 20.3% 10% • Class B vacancy increased from to 14.4% to 14.9% 5% 0% • Class C vacancy increased from 12.7% to 14.7% 2013 2014 2015 2016 2017 • Aggregate rental rates increased from $18.30 per SF to $18.34 per SF HISTORICAL NORTHWEST RENTAL RATES BY CLASS Class A Class B Class C $25.00 • Class A rental rates decreased from $22.74 per SF to $22.68 per SF • Class B rental rates increased from $17.36 per SF to $17.46 per SF $20.00 • Class C rental rates were fairly level from at $14.07 per SF $15.00 • The Northwest Oklahoma City submarket experienced absorption of 47,000 SF during the first half of 2017.
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