What is the vacancy rate on retail space downtown?

[Rover]

Has anyone seen a source of information tracking current vacancy rates for retail space downtown?

[Southsider2]

CoStar states it is 8.8%

[hoya]

[T. Jamison]

Has anyone seen a source of information tracking current vacancy rates for retail space downtown?

The issue you'll run into is that most data sources like CoStar track larger institutional grade retail. While I imagine what you're looking for is for space less than 25,000 square feet.

[Rover]

The issue you'll run into is that most data sources like CoStar track larger institutional grade retail. While I imagine what you're looking for is for space less than 25,000 square feet.

You are exactly right. Looking for true numbers.

[CloudDeckMedia]

And...would you categorize a space like FedEx/Kinko's at 101 N. Robinson as office or retail? Its current use is retail, but an office user could change that.

[T. Jamison]

Depending on how badly you need it, one could infer a vacancy rate multiple ways with surveys but that could be time consuming.

The best sources I can think of are individuals, like retail brokers with listings downtown, investors, or maybe someone with OKC Retail. They will have a better feel for vacancy, but maybe not quantitative data.

[Southsider2]

I completely agree^

[Bowser214]

Great News for the Oklahoma City Retail market. Better than National Average.
https://www.cushmanwakefield.com/en/...ty-marketbeats

[Soonerinfiniti]

According to Costar (OKC market, 5,000 - 25,000 SF) office vacancy rate is 6.8%. I am surprised how low that is. Perhaps smaller buildings are mostly owner-occupied, as opposed to larger, multi-tenant properties?

[bombermwc]

The numbers don't tell the story. Leased is not the same as Occupied. As we've said all along, those leases dont have butts in the seats and as they come up for renewal, that's when you'll start seeing the numbers change. What you should look at is the cars around the buildings. Are the lots as full as they were before the pandemic? If not, then you're not getting a good picture.

Those same building owners know this too, so they're holding on to those leases and charging the full amount for early termination because they know the flip side is going to be dark times. There aren't really too many places around town that are not only fully leased, but fully leased where people are still fully coming in.

Underutilized spaces will either sublet or reduce as those leases come up too. We're nearing the 5 year mark, so between now and that 10 year mark, be ready.....

[stlokc]

I always feel like vacancy numbers for offices are terribly misleading. As Bomber indicates, there are are a lot of places that are just riding out the leases. A trend I have seen a lot, is that a firm that may have had, for example, 5 floors before COVID and is going down to maybe 2 floors as people work hybrid schedules/share desks etc. These numbers are getting worse. Another misleading factor is that if a building is owner-occupied it often does not show up on the rolls. Or...if it is completely vacant but not being marketed, it is also taken off the rolls. The real vacancy in any downtown is far higher than the "official" numbers would indicate.

Apart from offices, though, I too would be curious about ground-level retail. How many storefronts are there in Downtown OKC that could have retail in them but do not? That is actually easier to get a firm handle on than office space, I would think. Your doors are either open to the public or they are not. I have always wished that Downtown OKC had a lot more street level retail than it does, although in this environment, maybe it's healthier that it does not. Nothing more depressing on the street than blocks of empty retail storefronts.

[Pete]

^

Vacancy numbers also don't reflect space for sub-let; where a tenant is on the line to pay rent but has moved out and is marketing the space for lease.