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OklahomaOklahoma CityCity Office Market Summary Mid-Year 2007 OklahomaOklahoma CityCity Office Market Summary Mid-Year 2007 CONTENTS Office Market Summary 2-3 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 0- 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 3 the market was averted. While the space at the Kerr-McGee Tower never hit the inventory West 4-5 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 5 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. 3 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 4 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 5 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 6 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.
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