General Downtown Office Space

[ljbab728]

http://newsok.com/office-market-thri...adlines_widget

[workman45]

Thanks for the information.

[G.Walker]

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]

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]

Holy batman...we are down to 12% vacancy downtown?!

[kevinpate]

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]

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]

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]

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]

What makes office space class A, B or C?

[Spartan]

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]

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

[OSUMom]

Thanks Bluedogok!

[Just the facts]

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]

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]

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]

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