OAK (formerly Penn Central)

[Pete]

Who cares about office space?

I'd rather have more retail and restaurants.

[Decious]

Who cares about office space?

I'd rather have more retail and restaurants.

Yep.

[bison34]

Who cares about office space?

I'd rather have more retail and restaurants.

I guess i just look at it as more office space like that which was proposed means more white-collar jobs, which helps the economy a lot, and not just from a sales tax perspective.

Plus, a good mix of residents, visitors and workers is what helps all of these thrive in DFW. Notice none have only 2 of those. They have all 3. Legacy has multiple office towers, so does Legacy West.

[OkieBerto]

I guess i just look at it as more office space like that which was proposed means more white-collar jobs, which helps the economy a lot, and not just from a sales tax perspective.

Plus, a good mix of residents, visitors and workers is what helps all of these thrive in DFW. Notice none have only 2 of those. They have all 3. Legacy has multiple office towers, so does Legacy West.

A ton of white collar jobs no longer have large office spaces. They have lots of people working remotely. Dallas has been that way for a long time and it will likely see a decline in Office buildings. I feel like the location being close to major highways and neighborhoods will help with the mix.

[stlokc]

For OKC to thrive, we need businesses of all types and at all levels. It's fantastic and needed and applause-worthy for us to get new-to-market, high-end retail. I am a huge fan of what I am seeing online about OAK.

That said, it doesn't have to be on that corner, but I do care about office space. Some businesses are remote but others are not. OKC needs Class A availability (The Registry Building almost certainly wasn't) in prime locations because of the "flight to quality" that is happening across commercial real estate. White collar jobs are going to pay more than almost any retail or restaurant job and will provide the customer base for said retail and restaurants.

[April in the Plaza]

maybe they are replacing the turfed areas with pavers. that would be a super nice touch.

[bison34]

For OKC to thrive, we need businesses of all types and at all levels. It's fantastic and needed and applause-worthy for us to get new-to-market, high-end retail. I am a huge fan of what I am seeing online about OAK.

That said, it doesn't have to be on that corner, but I do care about office space. Some businesses are remote but others are not. OKC needs Class A availability (The Registry Building almost certainly wasn't) in prime locations because of the "flight to quality" that is happening across commercial real estate. White collar jobs are going to pay more than almost any retail or restaurant job and will provide the customer base for said retail and restaurants.

Exactly. This wasn't me bashing OAK, at all. I love what they have done, and can't wait for RH to open!

[Pete]

At the current time, there is a big over-supply of office space, including Class A.

And anything built new is going to be very expensive to rent, so it makes zero economic sense from a development and lending standpoint.

[BoulderSooner]

At the current time, there is a big over-supply of office space, including Class A.

And anything built new is going to be very expensive to rent, so it makes zero economic sense from a development and lending standpoint.

the only new office i think we are going to see (in general) .. is Owner built and occupied ..

[G.Walker]

I guess i just look at it as more office space like that which was proposed means more white-collar jobs, which helps the economy a lot, and not just from a sales tax perspective.

Plus, a good mix of residents, visitors and workers is what helps all of these thrive in DFW. Notice none have only 2 of those. They have all 3. Legacy has multiple office towers, so does Legacy West.

I agree, any good mixed use development needs office space. Office space provides constant traffic of workers during the week that will fuel retail and restaurants in the development.

[warreng88]

Not that I have any insider info at all, but I wonder if they are abandoning the office concept because they are trying to acquire 50 Penn...

[G.Walker]

Would stink to lose that office building, as I think in-office workers would help those restaurants during the day. But I think they would also have no trouble finding quality retail tenants to take its place.

The office building phase was probably long dead. That is why they put a parking lot where it was supposed to be, lol.

[Bowser214]

I had recently asked the same question regarding the office tower and it is part of the next phase or Phase II. (Per Pete’s response)

[warreng88]

Looking at the Oklahoma County assessor, OAK also owns the following properties:

2217 NW 50th
2221 NW 50th
2225 NW 50th
2237 NW 50th
2232 NW 52nd
2248 NW 52nd
2257 NW 52nd
2301 NW 52nd
5100 N Youngs
5110 N Youngs
5114 N Youngs

I think Pete did a map a while ago that highlighted what they own and don't, but this is just the start.

And those are just to the west of the development. If they decide not to do office now because the market isn't goo enough, it looks like they are trying to acquire more properties to continue this thing so it's not like it couldn't happen in the future.

[OkieBerto]

I agree, any good mixed use development needs office space. Office space provides constant traffic of workers during the week that will fuel retail and restaurants in the development.

I guarantee there will be people that live in those apartments that work from home and will give this space constant traffic. There are office buildings close by that will fuel the area. It is not on an island, it is built inside of an already busy retail and office space area.

[OkieBerto]

Looking at the Oklahoma County assessor, OAK also owns the following properties:

2217 NW 50th
2221 NW 50th
2225 NW 50th
2237 NW 50th
2232 NW 52nd
2248 NW 52nd
2257 NW 52nd
2301 NW 52nd
5100 N Youngs
5110 N Youngs
5114 N Youngs

I think Pete did a map a while ago that highlighted what they own and don't, but this is just the start.

And those are just to the west of the development. If they decide not to do office now because the market isn't goo enough, it looks like they are trying to acquire more properties to continue this thing so it's not like it couldn't happen in the future.

This is the most likely to happen. If we ever do see an increase in Office Space needed, they have plenty of room to expand and build.

[Pete]

The office building phase was probably long dead. That is why they put a parking lot where it was supposed to be, lol.

As I've stated many times and dozens of plans have shown, the parking lot was always meant to be temporary.

[warreng88]

Pete, do you have any indication if the three stand-alone restaurants would be new to market places? Maybe a Maggiano's? Will Hopdoddy make a comeback to the OKC market? Maybe a second Pappadeaux's location already?