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Tulsa Office Market Jared Andresen. www.grubb-ellis.com Tulsa Office Market Vacancy All Classes of Space.

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Presentation on theme: "Tulsa Office Market Jared Andresen. www.grubb-ellis.com Tulsa Office Market Vacancy All Classes of Space."— Presentation transcript:

1 Tulsa Office Market Jared Andresen

2 Tulsa Office Market Vacancy All Classes of Space

3 US Office Market Vacancy All Classes of Space

4 US Office Market Vacancy vs. Tulsa Office Market All Classes of Space

5 Tulsa Office Market Vacancy by Class

6 Tulsa Market Class A Asking Rental Rate Weighted Average, $$/SF/YR FSG

7 US Market Class A Asking Rental Rate Weighted Average, $$/SF/YR FSG

8 US Office Market Average Lease Term All Classes of Space

9 Tulsa Office Market Major Transactions Significant Leases Dayco Exchange Center - 20K SF INCOG - Williams Center - 20K SF Workforce Oklahoma - Eastgate - 22K SF Petrohawk - Warren Place - 23K SF Summit Club - Bank of America - 30K SF PAETEC - Williams Center - 40K SF Alorica - Eastgate - 40K SF SEM Group - renewed and extended – 72,500 SF TD Williams - Warren Place – 23,000 SF

10 Tulsa Office Market Major Transactions Sales February, 2009 Blue Cross Blue Shield 1401 S. Boulder 38,780 s.f. $42.55 s.f. $1,650,000 March, 2009 Open World Garden 5537 S. Lewis Avenue 23,974 s.f. $20.86 s.f. $500,000

11 Tulsa Office Market Major Transactions Sales August, 2009 Geotrend Building 201 S. Cheyenne Avenue 32,446 s.f. $27.74 s.f. $900,000 September, 2009 Merit Corporate Park 4500 S. 129 th E. Avenue 589,861 s.f. $11.87 s.f. $7,000,000

12 Tulsa Office Market Major Transactions Sales September, 2009 Harvard Gardens 4520 S. Harvard Avenue 25,266 s.f. $81.04 s.f. $2,047,445 October, 2009 First Baptist Church 424 S. Detroit 63,000 s.f. $7.94 s.f. $500,000

13 Tulsa Office Market Major Transactions Sales December, 2009 SpiritBank Tower Complex 1802 S. Baltimore Avenue 137,767 s.f. $47.18 s.f. $6,500,000

14 Tulsa Office Market Highlights BOk Center

15 Tulsa Office Market Highlights

16 Tulsa Office Market Highlights Summit Club

17 Tulsa Office Market Highlights Arena Football 1 moves HQ to Tulsa

18 Tulsa Office Market Highlights Tulsa WNBA Team Shock Established

19 Tulsa Office Market Highlights St. John Broken Arrow

20 Tulsa Office Market Major Transactions 2010 – 2011 Forecast WINNERS Solid and sophisticated tenants Well positioned landlords – staying power Capital – all groups Maintaining confidence – We will be out of this soon!!

21 Q & A SESSION Tulsa Office Market Questions and Answers

22 QUESTION: Does your research show that the numerous Obama stimulus packages will trigger significant new construction of Class A office space in Tulsa in 2010? Scott Morgan Tulsa Office Market Questions and Answers

23 Tulsa Office Market Questions and Answers

24 QUESTION: Based on your earlier charts and graphs it seems to me that the absorption rate for all classes of office space might be in for a major upward trend this year following Obamas new health care reform bill. Jason Kennon Tulsa Office Market Questions and Answers

25 Tulsa Office Market Questions and Answers

26 QUESTION: Does your firm think, based on your national and regional analytics, that Tulsas market rents will increase enough this year to support new construction? Victor Wandres Tulsa Office Market Questions and Answers

27 Tulsa Office Market Questions and Answers

28 Thank you! Jared Andresen Managing Director Tulsa Office Market 2010 Update


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