The scientific consensus is that climate change will touch all our lives in the 21st century. Because commercial buildings and their construction currently account for about 39% of energy-related carbon dioxide emissions and project a continued growth at 2% per annum, commercial real estate can be of service in solving this problem.
Let's face the facts. You don't have to be sitting (or standing) in the office to be productive. Employers today are offering their employees' more meaningful choices in how, when, and where work is conducted. Today's workers can be productive from any location using any device, and no longer want to be constrained by fixed workplaces. According to Flexjobs, within the next five years, 44% of workers in the United States will access corporate office networks remotely.
When presented a commercial lease, you will often hear the phrase “boilerplate language.” The first few pages of the lease agreement generally contain the relevant business terms, and the back 2/3’s of the document contain many words, phrases, and acronyms that take your mind to the evening meal, golf course or another place of respite. After pouring the third cup of coffee trying to stay focused, the term “boilerplate” comes to mind, and you rationalize there is no need to read this part. This would be a common mistake.
Are you looking to lease office space but don't know where to begin? Here are some essential tips.
I’m often asked from prospective tenants what the process looks like to lease office space. Although there has been a slew of changes in my over 30 years working as a leasing agent, there are still four main pillars that are essential to most property leasing transactions.
Give Yourself Ample Time
Sovereign Technology Center Sells for $1,700,000
GFO Companies paid $1,700,000 for Sovereign Technology Center located at 1233 Sovereign Row in Oklahoma City. The flex-space facility consists of three buildings totaling 39,085 square feet. GFO companies intend to utilize the property as an investment property. Tre Dupuy and Danny Rivera with Price Edwards & Company handled the transaction.
Price Edwards and Company was honored at the Commercial Real Estate Council Conference on February 28, hosted by the Journal Record. Brokers with Price Edwards received four out of the eight available "Transaction of the Year" Awards for the industry, including Office Sale Transaction of the Year, Office Lease Transaction of the Year, Retail Investment Sale Transaction of the Year, and Retail Lease Transaction of the Year.
Two new buildings will be added to the Oklahoma City office market in 2019, but they are both mostly full already. The 606 N. Broadway build-to-suit project will be approximately 111,000 SF when completed, but over 90% of the building has been leased to Heartland Payment Systems, and the space remaining is largely retail in nature. The other building to be added to the CBD inventory this year is The Monarch on the northern edge of the downtown submarket.
Retail Investment Team Brokers $9,600,000 Shopping Center Sale
The Price Edwards Retail Investment Team is proud to announce the sale of Casady Square in The Village, Oklahoma. GRP Investments Investments, LLC purchased the property from MVP Casady, LLC for $9,600,000. The shopping center consists of 136,772 square feet situated on 8.43 acres of land. Casady sold for $70.19/SF at an 8.51% CAP rate.
2018 was a year of mixed results for the Oklahoma City office market. While vacancies increased, so did absorption of space. That is a rare occurrence, but the amount of space added outpaced the rate it could be absorbed. Although the market absorbed almost 395,000 square feet of space, over 800,000 square feet was added to the market. For now at least, the market isn’t moving forward or backward, instead, it seems to be stuck in neutral. The market is actually quite active, with several large leases being signed in 2018 and several more to come in 2019.