OklahomaOklahoma CityCity

Office Market Summary Mid-Year 2007

 OklahomaOklahoma CityCity Office Market Summary Mid-Year 2007

CONTENTS

Office Market Summary -3 The first half of 2007 shows a continuance of the positive trends that have persisted in the Oklahoma City office market in the past five years. During the first half of 2007 the total Office Submarket Map 3 vacancy rate dropped from 15.7% to 15.0%. The Central Business District’s vacancy rate Central Business District 4-5 remained mostly unchanged at 27.7%, while the suburban market decreased from 8.8% to 8.2%, representing its lowest vacancy in the past ten years. Northwest 6-9 The biggest news for the CBD, and in fact the entire market, was the announcement of North 10-12 Sandridge Energy’s purchase of the former Kerr-McGee Tower. With that acquisition, the potential scenario of approximately 450,000 square feet of inventory being dumped on Midtown 13 the market was averted. While the space at the Kerr-McGee Tower never hit the inventory West 14-15 rolls, it would have had a crippling effect on the market if a user, such as Sandridge, had not purchased the building. The first half of the year also saw a handful of new leases Suburban Analysis 15 signed with local energy companies that will further improve the CBD market. However, the majority of those energy-related gains will be offset by the addition of approximately 50,000 square feet of additional vacancy created by the addition of multi-tenant availabilities at The Reserve, which was formerly fully occupied by the Federal Reserve Bank.

The Northwest submarket, which is the largest in the suburbs, absorbed approximately 67,000 SF in the first half of the year. Improvement was made in each class sector of this submarket except the Class B vacancy, which was virtually unchanged. The Class A vacancy rate in this area of town now stands at a healthy 8%. Class A rental rates now stand at $19.78 per square foot, with the better buildings achieving rental rates in the low to mid $20’s. The strength of this submarket will be tested in the next 12 months as approximately 100,000 SF of new Class A space is added to inventory. This submarket’s ability to absorb that space at rental rates of $23 to $25 per square foot will be the true test of the depth of high-end demand.

The North submarket also experienced very positive results. The submarket absorbed 69,000 square feet and its aggregate vacancy rate fell nearly three full points to 4.8%. The North submarket’s Class A buildings are currently only 1.6% vacant and the Class B buildings are The information contained herein has been only 3.9% vacant, making better quality space in this area of town almost impossible to obtained from reasonably reliable sources. find. As you might expect, rental rates in this submarket are on the rise. The average rental Price Edwards & Company makes no guarantee, either express or implied, as to the accuracy of rate rose from $15.17 to $15.35 per square foot as landlords continue to feel more bullish such information. All data contained herein and push rates upward. Class A space in this submarket currently rents for $20.50 per is subject to errors, omissions and changes. Reproduction in whole or in part, without square foot on average. prior written consent is prohibited.

 office market vacancy

25%

20%

15%

10%

5%

0% 2003 2004 2005 2006 2007

oklahoma city office inventory

20

15

10 (Millions) Squre Feet 5

0 98 99 00 01 02 03 04 05 06 07 Sq.Ft. Occupied Sq.Ft. Vacant

oklahoma city office vacancy

35%

30%

25%

20%

15%

10%

5%

0% 98 99 00 01 02 03 04 05 06 07 Market Vacancy CBD Vacancy Suburban Vacancy

total market absorption

Moving forward into the remainder of 2007, we anticipate the overall market will 2003 continue to improve for both downtown and suburban landlords in terms of both 2004 occupancy and increasing rental rates. As noted earlier, the uncertainty of the Kerr- 2005 McGee Building has been alleviated and the market should continue to flourish as long as the local and national economies remain healthy. Two deals of note that 2006 speak to an emerging trend in the market were the recently completed leases at 2007 downtown’s Oklahoma Tower with Simons Petroleum and Quest Energy totaling -100000 0 100000 200000 300000 400000 500000 over 70,000 square feet. Due to the high occupancy rates in the suburbs neither Square Feet company was able to secure a desirable suburban option and both relocated to the Class A CBD building. The potential for more suburban companies to relocate downtown is fairly probable as suburban options continue to diminish and the CBD becomes a more desirable location due to the many improvements and amenities that have been added over the past several years.

 OklahomaOklahoma CityCity Central Business District

cbd vacancy

35% 30% 25% 20% 15% 10% 5% 0% 2003 2004 2005 2006 2007

cbd rental rates

$15 mid-year 2007 central business district Review

$14 • Aggregate vacancy rates remained at 27.7%.

$13 • Class A vacancy decreased from 14.9% to 14.7%. $12 • Class B vacancy increased from 16.0% to 16.2%. $11

$10 • Class C vacancy remained at 60.0%. 2003 2004 2005 2006 2007 • Aggregate rental rates increased from $14.22 per SF to $14.43 per SF. • Class A rates increased from $16.67 per SF to $17.06 per SF. • Class B rates increased from $13.06 per SF to $13.26 per SF. • Class C rates remained at $12.98 per SF. cbd occupancy

100% 80% central business district Forecast 60% • Vacancy rates should remain near current levels throughout 2007. 40%

20% • Rental rates will also remain near current levels.

0% Class A Class B Class C

cbd absorption

2003

2004

2005

2006

2007

-100000 -50000 0 50000 100000 Square Feet

 Building Year Built Floors RSF Vacant Vacant % Rate CAF 100 Park Avenue Building 1923/1964 12 99,752 7,882 8% $11.00 12% 100 Park Ave. 101 Park Avenue Building 1936/1974 14 197,042 98,171 50% $13.50 14.39% 101 Park Ave. 20 N. Broadway 1981 19 307,388 0 0% $16.00 20% 20 N. Broadway BancFirst Building 1921/1970 11 105,840 0 0% $12.50 12.5% 101 N. Broadway Bank of Oklahoma Plaza 1972 16 233,808 28,250 12% $14.50 20% 201 Robert S. Kerr Chase Tower 1971 36 517,454 20,000 4% $13.50 15% 100 N. Broadway City Place 1931/1985 33 292,304 71,512 24% $12.00 14% 204 N. Robinson Corporate Tower 1980 14 277,849 30,159 11% $16.00 17.59% 101 N. Robinson Court Plaza 1923/1979 10 78,381 28,983 37% $10.00 14% 228 Robert S. Kerr Dowell Center 1926 20 190,000 190,000 100% $9.50 15% 134 Robert S. Kerr First National Center 1931/1974 28 983,174 615,279 63% $14.00 16.5% 120 N. Robinson Hightower Building 1929 10 107,152 12,901 12% $14.00 15% 105 N. Hudson Leadership Square 1984 21N/16S 735,514 127,846 19% $17.00 20% 211 N. Robinson 11,777 (S) Oklahoma Tower 1982 31 568,960 104,953 18% $17.00 20% 210 Park Ave. One North Hudson 1931/1981 11 73,000 12,500 17% $10.00 12% 401 W. Sheridan Robinson Plaza 1992 10 183,000 43,000 23% $11.00 0% 50 N. Robinson Robinson Renaissance 1927/1987 12 174,840 37,863 22% $12.50 25% 119 N. Robinson Sonic Building 2003 4 100,654 7,530 7% $21.00 8.57% 300 Johnny Bench Drive CBD Submarket Totals 5,226,112 1,448,606 27.7% $14.43

 OklahomaOklahoma CityCity Northwest

northwest vacancy

20%

15%

10%

5%

0% 2003 2004 2005 2006 2007

northwest rental rates

$16 mid-year 2007 northwest submarket Review

$15 • Aggregate vacancy rates decreased from 9.2% to 8.4%.

$14 • Class A vacancy increased from 7.9% to 8.0%.

$13 • Class B vacancy decreased from 10.6% to 7.9%.

$12 • Class C vacancy increased from 10.5% to 10.8%. 2003 2004 2005 2006 2007 • Aggregate rental rates increased from $15.38 per SF to $15.50 per SF. • Class A rental rates increased from $19.67 per SF to $19.78 per SF. • Class B rental rates increased from $14.62 per SF to $14.76 per SF. • Class C rental rates increased from $11.61 per SF to $11.81 per SF. northwest occupancy

100% • The Northwest Oklahoma City Submarket experienced absorption of

80% 67,000 SF during the first half of 2007.

60% 40% northwest submarket Forecast 20% • Vacancy rates should continue to drop slightly as this submarket remains 0% Class A Class B Class C strong but also deals with the addition of approximately 100,000 SF of new construction. • Quoted rates will continue to rise due to such a small amount of available Class A and B space.

northwest absorption

2003

2004

2005

2006

2007

-250000 -150000 -50000 50000 150000 250000 Square Feet

 Building Year Built Floors RSF Vacant Vacant % Rate CAF 4100 Perimeter Center 1982 3 47,317 1,090 2% $12.50 15% 4100 Perimeter Center Dr. 4101 Perimeter Center 1982 3 47,317 570 1% $12.50 15% 4101 Perimeter Center Dr. 4141 Northwest Expressway 1982 3 46,464 0 0% $11.00 16% 4141 Northwest Expressway 4200 Perimeter Center 1981 2 61,327 3,026 5% $12.50 15% 4200 Perimeter Center Dr. 4701 Gaillardia 2007 2 42,970 8,401 20% $22.00 17% 14701 Gaillardia Parkway 4801 Gaillardia 2000 3 71,867 0 0% $24.00 15% 4801 Gaillardia Parkway 5100 Brookline 1974 10 107,496 6,622 6% $15.00 15% 5100 Brookline American Cancer Society 2001 1 45,000 0 0% $16.50 0% 8400 Silver Crossing Atrium Towers 1980 6 156,106 14,139 9% $15.00 16% 3501-3503 N.W. 63rd Avaya Building 1998 1 57,000 0 0% $15.00 0% 14400 Hertz Quail Springs Parkway Bradley Square 1984 1 30,000 1,600 5% $13.00 10% 2932 N.W. 122nd Brookline Offices 1971 1 40,920 13,228 32% $10.00 0% 6051 N. Brookline Center 3000 1972 3 104,500 13,743 13% $11.75 12% 3000 United Founders Blvd. Chase Park 1981 2 30,281 1,427 14% $13.50 16% 4323 N.W. 63rd 2,800 (S) Commerce Center South 1982 3 65,857 0 0% $13.75 11% 9520 N. May Coppertree Centre 1982 3 26,928 1,405 5% $15.00 10% 3727 N.W. 63rd Cross Rock Office Plaza 1 1984 3 52,090 10,200 20% $18.00 11% 13801 Continental Drive Cross Rock Office Plaza 2 1992 2 50,500 10,400 21% $22.00 12% 3600 NW. 128th Dobson Communications 2001 3 144,420 0 0% $22.50 16% 14101-14201 Wireless Way Enterprise Plaza 1981 3 92,542 0 0% $15.00 14% 5600 N. May

 Building Year Built Floors RSF Vacant Vacant % Rate CAF FBI Building 1999 1 73,380 0 0% $17.00 0% 3301 W. Memorial Fifty-Six Expressway Place 1982 3 54,592 12,954 24% $12.00 10% 5601 N.W. 72nd Five Corporate Plaza 1980 3 49,486 0 0% $15.00 15% 3625 N.W. 56th Grand Centre 1982 5 101,217 14,599 14% $15.50 15% 5400 N.W. Grand Blvd. Hartford Insurance 1999 1 100,000 0 0% $16.00 0% 7800 N.W. 85th Terrace Hertz Financial Center 1983 10 276,246 60,780 22% $18.50 15% 3817 Northwest Expressway IBC Bank Building 1980 3 69,376 0 0% $15.00 12% 3601 N.W. 63rd St. Jamestown Office Park 1972/1979 2 78,283 650 1% $12.50 10% 3037 N.W 63rd Lakepark Tower 1983 6 103,084 25,550 25% $13.50 13% 6525 N. Meridian Lakepointe Towers 1981 6 177,746 29,758 17% $14.50 13% 4005-4013 Northwest Expressway Lakepointe West 1982 6 85,246 11,161 13% $13.50 12% 4045 N.W. 64th Lakeshore Tower 1982 3 29,761 0 0% $12.00 15% 4301 N.W. 63rd Landmark Towers 1969/1972 10 290,000 14,725 5% $12.00 12% 3535-3545-3555 NW 58th Mercury Insurance Building 1986 2 100,103 0 0% $12.50 12.5% 7301 Northwest Expressway Mutual Assurance Building 1999 2 40,000 3,147 8% $18.00 12% 3121 Quail Springs Parkway North Shore Office Plaza 2001 5 55,570 0 0% $20.50 15% 10900 Hefner Drive Northwest Office Center 1973 2 85,833 12,208 14% $12.00 12% 4334 Northwest Expressway Oil Center 1973/1978 13 249,654 33,896 14% $14.00 13% 2601 Northwest Expressway One Corporate Plaza 1979 1 63,011 2,237 4% $15.50 15% 3525 NW. 56th Portland Plaza 1969 3 35,425 2,362 7% $12.00 14% 5700 N. Portland

 Building Year Built Floors RSF Vacant Vacant % Rate CAF Quail Creek Commerce Center 1998 1 128,500 0 0% $15.50 0% 3201 Quail Springs Parkway Quail Creek North 1973 2 34,780 750 2% $10.00 15% 11032 Quail Creek Rd. Quail Ridge Tower 1975 4 46,950 15,239 32% $12.00 16.5% 11212 N. May Quail Springs Parkway Plaza I & II 1986 6 321,312 9,774 3% $19.50 14% 14000 Quail Springs Parkway Quail Springs Professional Building 2002 2 25,420 0 0% $17.50 16% 14313 N. May Avenue Rees Plaza at East Wharf 37561 3 42,000 0 0% $21.00 15.3% 9211 Lake Hefner Parkway Rockwell Office Center 1982 2 30,000 6,231 21% $12.00 13% 8621 N. Rockwell Signature Place 1982 7 101,146 15,407 15% $14.00 13% 5909 Northwest Expressway Sprint PCS Building 1999 1 90,000 0 0% $18.00 0% 8525 Silver Crossing St. Martins Building 1990 2 59,712 0 0% $14.00 13% 9020 N. May Summit Executive Building 1975 5 50,000 3,290 7% $11.00 10% 5929 N. May The Expressways 1974 6 58,340 12,848 22% $12.50 15% 2525 Northwest Expressway Three Corporate Plaza 1980 3 49,920 13,756 28% $15.00 14% 3613 NW. 56th Two Corporate Plaza 1982 3 85,551 0 0% $15.00 14.5% 5555 NW. Grand Blvd. Union Plaza 1982 18 247,379 17,519 7% $18.00 14% 3030 Northwest Expressway Williams Sonoma 1998 1 36,000 0 0% $16.00 0% 7720 N.W. 4th St. Northwest Submarket Totals 4,845,925 407,492 8.4% $15.50

4811 Gaillardia Jan 2008 3 41,451 41,451 100% $25.00 15% 4811 Gaillardia Parkway 14201 Rubye Red Bud Circle Sept 2007 3 40,760 0 0% $23.00 17.2% 14201 Rubye Red Bud Circle 14301 Rubye Red Bud Circle Sept 2007 3 40,760 0 0% $23.00 17.2% 14301 Rubye Red Bud Circle Northwest Submarket Construction Totals 122,971 41,451 33.7% $23.67  OklahomaOklahoma CityCity North

north vacancy

15%

12%

9%

6%

3%

0% 2003 2004 2005 2006 2007

north rental rates

$16 mid-year 2007 north submarket Review

$15 • Aggregate vacancy rates decreased from 7.0% to 4.8%.

$14 • Class A vacancy increased from 0.8% to 1.6%.

$13 • Class B vacancy decreased from 7.3% to 3.9%.

$12 • Class C vacancy decreased from 13.0% 11.9%. 2003 2004 2005 2006 2007 • Aggregate rental rates increased from $15.17 per SF to $15.52 per SF. • Class A rental rates increased from $20.00 per SF to $20.50 per SF. • Class B rental rates increased from $14.68 per SF to $15.04 per SF.

north occupancy • Class C rental rates increased from $11.56 per SF to $11.73 per SF.

100% • The Oklahoma City North Submarket experienced absorption of

80% 69,000 SF during the first half of 2007.

60% 40% north submarket Forecast 20% • Vacancy rates should continue to drop as local energy companies continue to 0% Class A Class B Class C acquire space and buildings. • Rental rates will show a slight increase particularly in the Class B segment of this submarket.

north absorption

2003

2004

2005

2006

2007

0 50000 100000 150000 200000 Square Feet

10 Building Year Built Floors RSF Vacant Vacant % Rate CAF 1001 Wilshire 2003 4 43,316 0 0% $19.51 13% 1001 West Wilshire 50 Penn Place 1973 16 178,315 4,473 3% $16.00 10% 5100 N. Pennsylvania 5101 Circle Building 1982 6 74,799 1,984 3% $14.00 14% 5101 N. Classen Blvd. 7 & 9 Broadway Executive Park 1979 1 29,201 5,500 19% $14.00 0% NW. 63rd and Broadway Broadway Plaza 1982 3 38,726 0 0% $13.50 13% 16 N.W. 63rd Broadway Sixty-Eight 1979 3 40,000 0 0% $13.50 14% 6801 N. Broadway Central Park One 1982 6 113,134 13,917 12% $17.00 14% 525 Central Park Dr. Central Park Two 1984 6 124,463 0 0% $17.00 14% 515 Central Park Dr. Chase Bank Building 1981 4 41,943 7,587 18% $14.00 12% 6303 N. Portland Columbus Square 1982 3 36,559 1,911 5% $14.50 10% 1001 N.W. 63rd Five North Broadway 1972 3 44,805 0 0% $16.00 15% 6601 N. Broadway Glenbrook Centre East 1970 3 62,503 0 0% $13.00 14% 1120 N.W. 63rd Glenbrook Centre West 1972 5 52,905 3,844 7% $12.00 10% 1140 N.W. 63rd Harvey Parkway 1982 6 98,807 2,538 3% $15.00 17% 301 N.W. 63rd Lincoln Plaza Office Park 1970 2 238,300 22,206 9% $11.00 12% 4545 Lincoln Blvd. MidFirst Plaza 1982 6 95,043 0 0% $13.00 12% 501 Northwest Expressway Nichols Hills Executive Center 1981 2 53,996 1,850 3% $15.00 14% 1000 W. Wilshire Northgate 1974 2 48,704 13,000 27% $10.00 0% 4010-4020-4024-4030 Lincoln Blvd. One Benham Place 1983 8 152,959 1,157 1% $17.50 15% 9400 N. Broadway One Broadway Center 1980 3 34,984 0 0% $14.00 9% 100 N.W. 63rd

11 Building Year Built Floors RSF Vacant Vacant % Rate CAF One Broadway Executive Park 1979 3 58,832 0 0% $14.50 12.32% 201 NW. 63rd One Grand Park 1982 6 100,694 0 0% $15.00 14% 777 NW. Grand Blvd. One Western Plaza 1972 2 50,948 6,685 13% $13.00 16.5% 5500 N. Western Paragon Building 1981 5 110,791 14,532 13% $15.50 15% 5801 N. Broadway Pavilion Building 1974 3 39,895 3 0% $11.50 12% 6701 N. Broadway Penn Park 1973 2 78,643 17,518 22% $13.00 13% 5001-5005-5009-5015 N. Penn Regency Center 1982 5 67,272 2,644 4% $14.00 12% 701 NW. 63rd Registry 1980 2 93,176 5,871 6% $13.00 15% 2200 NW. 50th Richmond Square 1982 2 27,606 4,577 17% $14.00 12% 4900 Richmond Square Santa Fe North 1981 4 44,000 635 1% $14.00 14% 6 NE. 63rd Six Broadway Executive Park 1981 3 50,347 0 0% $14.00 12% 6600 N. Harvey The Tower 1984 22 299,137 4,316 1% $21.50 17.8% 1601 Northwest Expressway Three Broadway Executive Park 1977 3 45,256 5,152 11% $14.00 10% 6501 N. Broadway Three Grand Park 1985 6 100,813 0 0% $14.00 13% 999 NW. Grand Blvd. Two Broadway Executive Park 1980 3 52,205 3,991 8% $14.00 11.42% 205 NW. 63rd Waterford A 1983 4 147,000 4,955 3% $19.50 16% 6301 Waterford Blvd. Waterford B 1983 2 35,468 0 0% $19.50 16% 6303 Waterford Blvd. Waterford C 1984 2 81,575 0 0% $19.50 16% 6305 Waterford Blvd. Waterford D 1984 2 34,087 0 0% $19.50 16% 6307 Waterford Blvd. North Submarket Totals 3,121,207 150,846 4.8% $15.35

12 OklahomaOklahoma CityCity Midtown mid-year 2007 Midtown submarket Review midtown vacancy

20% • Aggregate vacancy rates increased from 2.1% to 13%.

15% • Class B vacancy increased from 2.4% to 14.1%. 10% • Class C vacancy increased from 1.1% to 1.9%. 5% • Aggregate rental rates increased from $12.08 per SF to $12.30 per SF. 0% 2003 2004 2005 2006 2007 • Class B rental rates increased from $12.43 per SF to $12.47 per SF. • Class C rental rates remained at $10.64 per SF. midtown rental rates

$15 • The Oklahoma City North Submarket experienced negative absorption of

$14 22,000 SF during the first half of 2007.

$13

$12 $11 midtown submarket Forecast $10 2003 2004 2005 2006 2007 • Vacancy rates should continue to drop as local energy companies continue to acquire space and buildings. midtown absorption • Rental rates will show a slight increase particularly in the Class B segment of this submarket. 2003

2004

2005

2006

2007

-40000 -30000 -20000 -10000 0 10000 20000 30000 40000 50000 Square Feet

Building Year Built Floors RSF Vacant Vacant % Rate CAF 2000 Classen Center 1966/1976 6 318,605 22,000 7% $13.50 10% 2000 Classen Blvd. 3700 Classen Building 1980 2 52,800 7,000 13% $11.00 13% 3700 Classen Blvd. 3800 Classen Building 1982 3 52,800 4,300 8% $11.00 13% 3800 Classen Blvd. 4801 Classen Building 1974 2 33,151 1,036 3% $9.75 0% 4801 Classen Blvd. Cameron Building 1955/1957 5 81,493 1,188 1% $11.00 10% 2901 Classen Blvd. Santa Fe Building 1954/1982 4 55,203 0 0% $9.00 10% 3814 N. Santa Fe Ave. Shepherd Mall Office Complex 1964 2 640,000 45,000 20% $12.50 18% 2401 NW 23rd Street 80,000 (S) Midtown Submarket Totals 1,234,052 160,524 13% $12.30

13 OklahomaOklahoma CityCity West

west vacancy

15%

12%

9%

6%

3%

0% 2003 2004 2005 2006 2007

west rental rates

$13 mid-year 2007 west submarket Review • Aggregate vacancy rates decreased from 15.6% to 14.4%. $12 • Class B vacancy totals decreased from 11.3% to 9.8%. $11 • Class C vacancy totals remained at 25.2%.

$10 • Aggregate rental rates increased from $11.94 per SF to $12.24 per SF. 2003 2004 2005 2006 2007 • Class B rental rates increased from $12.25 per SF to $12.55 per SF. • Class C rental rates increased from $11.23 per SF to $11.53 per SF. • The West Oklahoma City Office Market experienced absorption of 23,000 SF in the first half of 2007. west occupancy

100%

80% west submarket Forecast

60% • Vacancy rates should remain near current levels throughout the remainder

40% of 2007. 20% • Rental rates in the Oklahoma City West Submarket will also stay near 0% current levels. Class B Class C

west absorption

2003

2004

2005

2006

2007

-30000 -18000 -6000 6000 18000 30000 Square Feet

14 Building Year Built Floors RSF Vacant Vacant % Rate CAF 300 Meridian Place 1982 2 77,559 12,972 17% $12.00 11 300 N. Meridian Bank 2 Tower 1975 7 58,598 18,638 32% $13.00 12 909 S. Meridian Corporate West One 1980 3 38,031 0 0% $12.00 10 5208 W. Reno Corporate West Two 1983 3 39,000 0 0% $9.00 8 309 S. Ann Arbor Metro Office Park 1981 3 60,750 18,000 30% $9.50 0 4300 Highline Blvd. Sovereign Office Park 1983 1 42,260 8,000 19% $10.00 0 1300 Sovereign Row The Parkway 1982 6 96,960 8,667 9% $13.50 15 1300 S. Meridian Tinker Federal Credit Union 1986 2 69,229 0 0% $12.00 12 4140 West I-40 Westpark Office Center 1986 1 73,607 11,852 16% $7.00 0 715 Metropolitan Will Rogers Office Park 1 1984 1 54,170 16,603 31% $13.50 16 4400 Will Rogers Parkway Will Rogers Office Park 2 1985 1 46,748 0 0% $11.00 10 4350 Will Rogers Parkway West Submarket Totals 656,912 94,732 14.4% $11.26

suburban rental rates mid-year 2007 Suburban Office market Review North Northwest West Midtown $16.00 • Aggregate vacancy rates decreased from 8.8% to 8.2%. • Class A vacancy increased from 5.6% to 5.9%. $14.00 • Class B vacancy decreased from 8.8% to 7.9%. • Class C vacancy decreased from 12.4% to 12.2%. $12.00 • Aggregate rental rates decreased from $14.87 per SF to $14.82 per SF.

$10.00 • Class A rental rates increased from $19.84 per SF to $20.02 per SF. 2001 2002 2003 2004 2005 2006 2007 • Class B rental rates decreased from $14.30 per SF to $14.19 per SF. suburban absorption • Class C rental rates increased from $11.52 per SF to $11.67 per SF. • Suburban Oklahoma City experienced absorption of 137,000 SF during the first half of 2007. 2003 Suburban Office market Forecast 2004 • Suburban rental rates will continue to climb. 2005

2006 • Suburban vacancy rates will decrease particularly in Class B projects.

2007 • Class A space vacancies will trend upward due to new construction.

-150000 -40000 70000 180000 290000 400000 • New construction will add 100,000 SF during the next 12 months. Square Feet

Suburban Submarket Totals 9,858,096 813,594 8.2% $14.77

OKC Office Market Totals 15,084,208 2,262,200 15% $14.69 15 OKCOKC Market Market DataData

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For over a decade Price Edwards has provided their market studies available to anyone free of charge. This website is the next evolution in that process. Price Edwards will continue to produce the best market data in ways that are beneficial to users of that data. Look for the new site coming in the coming weeks.

Price Edwards & Company 210 Park Avenue, Suite 1000 • Oklahoma City, OK 73102 • Phone: (405) 843-7474 • Fax: (405) 236-1849 www.priceedwards.com