View Full Version : General Downtown Office Space



ljbab728
07-17-2011, 12:32 AM
http://newsok.com/office-market-thriving-in-downtown-oklahoma-city-observers-say/article/3586245?custom_click=headlines_widget

workman45
07-17-2011, 06:21 AM
Thanks for the information.

G.Walker
07-17-2011, 06:54 AM
Both articles Steve published are great news about the downtown office market. Moreover, Beffort stated we may see a large office building built. And O'Connor stated that we we will see more companies move here. With both of them stating that, I am confident we will see new addition to the skyline soon, because if anybody knows, its them...

G.Walker
07-17-2011, 07:28 AM
Oh and not to mention that the Oklahoma Tower is for sale now, bases on unsolicited inquiries. Based on these facts it seems like a major company is trying to move downtown...

Spartan
07-17-2011, 08:05 AM
Holy batman...we are down to 12% vacancy downtown?!

kevinpate
07-17-2011, 08:12 AM
Holy batman...we are down to 12% vacancy downtown?!

Helps the numbers a bit when you combine some growth with knocking down a few and change some others over to housing.

Spartan
07-17-2011, 08:15 AM
We haven't converted much into housing lately, although that wave brought it down to 25% from the peak of 33% (or higher, I think), and the SR demolitions accounted for a huge amount of space, but not that much in comparison to the wholesale bulk of downtown office space.

Pete
07-17-2011, 10:33 AM
For a city it's size, OKC has a pretty small amount of downtown office space that shows up in these vacancy reports.

Private buildings (like Devon, Continental, SandRidge, OG&E, AT&T, etc.) aren't a part of the survey and neither are Dowell Center (192,000 square feet that has yet to hit the market), the Braniff building and a bunch of others.

Tulsa has about 9 million square feet in their inventory while OKC has just over 5 million.

Steve
07-17-2011, 11:30 AM
Important takeaways, in my opinion, from today's stories:
- More Class C and lower space will soon be converted to other use;
- We're looking at more owner-occupant office space being built (some of this we already know about, ie: SandRidge)
- We're still years away from speculative office space like Leadership Square, etc., being built again;
- It wouldn't be a surprise to see more mixed use (office/retail/residential) built;
- I wouldn't translate O'Connor's comments as meaning a deal with Boeing to locate some office space downtown is imminent, but clearly they have reason to be hopeful
- Keep in mind the percentages cited are for Class A/B space. But that is the space to keep an eye on downtown.

OSUMom
07-17-2011, 12:07 PM
What makes office space class A, B or C?

Spartan
07-17-2011, 01:17 PM
Important takeaways, in my opinion, from today's stories:
- More Class C and lower space will soon be converted to other use;
- We're looking at more owner-occupant office space being built (some of this we already know about, ie: SandRidge)
- We're still years away from speculative office space like Leadership Square, etc., being built again;
- It wouldn't be a surprise to see more mixed use (office/retail/residential) built;
- I wouldn't translate O'Connor's comments as meaning a deal with Boeing to locate some office space downtown is imminent, but clearly they have reason to be hopeful
- Keep in mind the percentages cited are for Class A/B space. But that is the space to keep an eye on downtown.

What conversions do you see in the future? FNC?

bluedogok
07-17-2011, 05:38 PM
What makes office space class A, B or C?

Here's a pretty good synopsis.

Square Feet Commercial Real Estate Blog - A Guide to Office Building Classifications; Class A, Class B, Class C (http://www.squarefeetblog.com/commercial-real-estate-blog/2008/07/06/a-guide-to-office-building-classifications-class-a-class-b-class-c/)

OSUMom
07-17-2011, 09:20 PM
Thanks Bluedogok!

Just the facts
07-17-2011, 11:17 PM
None of the space Sandridge tore down was on the vacant list. It was all owner-occupied and was never counted as vacant even though it sat empty for several years.

Steve
07-18-2011, 08:03 AM
That's correct. But something that didn't make it into the story was Beffort talking about how it added to the perception of downtown having a glut of empty office space.

Just the facts
07-18-2011, 08:17 AM
That's correct. But something that didn't make it into the story was Beffort talking about how it added to the perception of downtown having a glut of empty office space.

Sadly - perception is reality for a lot of people.

Spartan
07-18-2011, 09:58 AM
That's correct. But something that didn't make it into the story was Beffort talking about how it added to the perception of downtown having a glut of empty office space.

That's an irrelevant point anyway, I'm glad someone at the Dark Tower can make smart cuts. :-P