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Mid-Year Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET

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Mid-Year Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET Oklahoma City 2016 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 Is Sub-Leasing Right for You? 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 2016 Mid-Year Office Market Summary To no one’s surprise the first half of 2016 rental rates have as landlords continue to forward is when the next upward trend was a rough period for the Oklahoma City increase the concessions they are willing will begin. When it does, the local market office market. The market’s vacancy rate to give to gain new tenants. Landlords are could experience a dramatic turnaround increased from 12.3% to 14.8% and the resistant to reduce face rental rates and if as some of the most potentially prolific market suffered negative absorption of they can attract tenants by offering more areas of production are in our backyard. 179,000 square feet. The Mid-Year 2016 free rent or higher tenant improvement OKC Total Oce Market Vacancy report is yet another lagging economic allowances, that is the preferred route. 30% Market Vacancy CBD Vacancy Suburban Vacancy indicator of where the state’s economy 25% and particularly the state of the petroleum The Central Business District’s vacancy industry currently stands. rate increased from 10.8% to 12.3% 20% with the Class A vacancy increasing from 15% The current market is somewhat 3.0% to 4.4%. It is still difficult for larger analogous to where the market stood at Class A tenants to find more than a few 10% the end of 2009 when we experienced downtown space options. The average 5% negative absorption of over 200,000 Class A rate now stands at $23.35 per 0% square feet after a similarly sharp drop square foot, largely unchanged in the last '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 in petroleum commodity pricing. The year. The downtown situation is fairly biggest difference between now and tenuous though as both new and existing OKC Total Oce Market Inventory 20 then is the entire country isn’t mired buildings will add at least 250,000 square Occupied SF Vacant SF in the Great Recession brought about feet of inventory at the higher end of the by the global financial crisis and the market in the next 18 months. 15 subprime mortgage crisis. During the latter stages of this century’s first decade, The overall suburban vacancy rate 10 companies across the local market were jumped from 12.5% to 15.2% and rental very reluctant to make any long-term rates rose slightly from $17.65 to $17.81 feet) (millions of square 5 decisions in regard to their office space. It per square foot. The increase in rental 0 was common for many tenants to renew rates is a function of new buildings with '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 leases for one to two-year terms while higher rental rates being added to the they waited for the economy to improve market rather than an indicator of an OKC OFFICE MARKET RENTAL RATES rather than committing to longer term improving market. $25.00 CBD Northwest West Midtown North Suburban deals at new buildings or even their existing space. This time it seems to be The Northwest submarket, which is the very different as deal flow continues to city’s largest, had a vacancy increase $20.00 be healthy and companies are making from 10.0% to 12.5%. The Northwest five and ten-year lease commitments. To submarket continues to see a dramatic a certain extent, Oklahomans are all in increase in quality space available, with $15.00 the oil business, but many companies Class A vacancies jumping from 7.5% to are not as directly affected by the drop in 17.2%. That number will continue to $10.00 the energy industry and they are taking increase in the second half of the year 2012 2013 2014 2015 2016 advantage of space opportunities that as more high quality space is vacated by OKC TOTAL OFFICE MARKET ABSORPTION didn’t exist at the height of the recent oil energy users in this submarket. It would 300000 boom. not surprise us to see vacancy rates in 250000 the 16% to 17% range by year-end in 200000 For landlords the rest of 2016 should be this submarket. 150000 more of the same as we expect vacancy 100000 rates to continue to climb as more energy As previously stated, the local market is 50000 0 related space comes online through still largely dependent upon the energy -50000 bankruptcies, consolidations and space industry as it is a very large user of -100000 reductions by energy companies that just office space, but as history has shown -150000 -200000 don’t need the same amount of space they it’s a roller-coaster industry. As the office 2012 2013 2014 2015 2016 did two years ago. Interestingly, quoted market enjoyed the ride to the top of the rental rates have not really fallen as hill, it must now deal with the plunge RSF Vacant SF Vacant % Rate vacancies2016 Mid-Year have increased, OKC Office but effectiveMarket Totalsdown the other side. The question going 14,654,472 2,165,449 14.8% $18.47 1 2016 Mid-Year Oklahoma City Office Market Summary CENTRAL BUSINESS DISTRICT SUBMARKET HISTORICAL CBD VACANCY 2016 MID-YEAR CENTRAL BUSINESS DISTRICT REVIEW 25% • Aggregate vacancy rates increased from 10.8% to 12.3% 20% 15% • Class A vacancy increased from 2.7% to 4.4% 10% • Class B vacancy increased from 17.6% to 18.6% 5% 0% • Class C vacancy increased from 12.5% to 18.8% 2012 2013 2014 2015 2016 • Aggregate rental rates remained level at $20.15 per SF HISTORICAL CBD RENTAL RATES BY CLASS Class A Class B Class C • Class A rates were level at $23.35 per SF $25.00 $22.00 • Class B rates were level at $17.81 per SF $19.00 • Class C rates were level at $15.47 per SF $16.00 $13.00 • The CBD experienced negative absorption of 61,000 SF $10.00 2012 2013 2014 2015 2016 2016 CENTRAL BUSINESS DISTRICT FORECAST • Vacancy rates will remain near current levels until new buildings hit the market. Rental rates CBD OCCUPANCY BY CLASS will plateau. 100% 80% 60% 40% 20% 0% Class A Class B Class C CENTRAL BUSINESS DISTRICT HISTORICAL CBD ABSORPTION 100000 50000 0 -50000 -100000 -150000 -200000 2012 2013 2014 2015 2016 2 Downtown Oklahoma City 2016 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 17,644 17% $14.50 12% 100 Park Ave 101 Park Avenue Building 1936 14 197,042 74,435 37% $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 8,001 3% $17.50 20% 201 Robert S. Kerr Braniff Building 2013 10 90,000 819 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 19,883 8% $18.00 14% 204 N. Robinson Corporate Tower 1980 14 277,849 21,063 7% $20.00 17.59% 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 21,779 275 $12.00 14% CENTRAL BUSINESS DISTRICT 228 Robert S. Kerr Hightower Building 1929 10 107,152 13,013 12% $18.00 15% 105 N. Hudson Leadership Square 1984 21 735,514 40,399 5% $24.00 20% 211 N. Robinson Oklahoma Tower 1982 31 568,960 38,593 7% $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 50,875 29% $18.00 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% $18.00 20% 226 Dean A. McGee Avenue Totals 4,081,432 503,700 12.3% $20.15 CBD Construction Year Built Floors RSF Vacant SF Vacant % Rate CAF BOK Park Plaza 2017 27 690,000 125,000 18% $38.50 0% 499 W. Sheridan The Heritage 1923/2017 6 101,875 62,893 62% $25.00 20% 621 N. Robinson 791,875 187,893 23.7% $36.76 3 2016 Mid-Year Oklahoma City Office Market Summary NORTHWEST SUBMARKET HISTORICAL NORTHWEST VACANCY 2016 YEAR-END NORTHWEST SUBMARKET REVIEW 15% • Aggregate vacancy rates increased from 10.0% to 12.5% 12% 9% • Class A vacancy increased from 7.5% to 17.2% 6% • Class B vacancy decreased from 10.2% to 9.8% 3% 0% • Class C vacancy increased from 13.4% to 14.1% 2012 2013 2014 2015 2016 • Aggregate rental rates increased from $18.33 per SF to $18.41 per SF HISTORICAL NORTHWEST RENTAL RATES BY CLASS Class A Class B Class C $25.00 • Class A rental rates increased from $23.03 per SF to $23.10 per SF • Class B rental rates remained level at $17.40 per SF $20.00 • Class C rental rates increased from $14.16 per SF to $14.35 per SF $15.00 • The Northwest Oklahoma City submarket experienced negative absorption of 43,000 SF during the first half of 2016.
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