Tulsa Office MarketJared Andresen
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Tulsa Office Market VacancyAll Classes of Space
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US Office Market VacancyAll Classes of Space
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US Office Market Vacancy vs. Tulsa Office MarketAll Classes of Space
0
4
8
12
16
20
24
2007 2008 2009
US Vacancy Tulsa Vacancy
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Tulsa Office Market Vacancy by Class
0
5
10
15
20
25
30
35
40
2007 2008 2009
Class A
Class B
Class C
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Tulsa Market Class A Asking Rental RateWeighted Average, $$/SF/YR FSG
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US Market Class A Asking Rental RateWeighted Average, $$/SF/YR FSG
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Office
45
50
55
60
65
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD
Mo
nth
s
Office
US Office Market Average Lease TermAll Classes of Space
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Tulsa Office Market Major TransactionsSignificant Leases
• Dayco - 4500 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
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Tulsa Office Market Major TransactionsSales
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
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Tulsa Office Market Major TransactionsSales
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. 129th E. Avenue
589,861 s.f.
$11.87 s.f.
$7,000,000
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Tulsa Office Market Major TransactionsSales
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
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Tulsa Office Market Major TransactionsSales
December, 2009
SpiritBank Tower Complex
1802 S. Baltimore Avenue
137,767 s.f.
$47.18 s.f.
$6,500,000
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Tulsa Office MarketHighlights
BOk Center
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Tulsa Office MarketHighlights
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Tulsa Office MarketHighlights
Summit Club
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Tulsa Office MarketHighlights
Arena Football 1 moves HQ to Tulsa
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Tulsa Office MarketHighlights
Tulsa WNBA Team “Shock” Established
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Tulsa Office MarketHighlights
St. John Broken Arrow
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Tulsa Office Market Major Transactions2010 – 2011 Forecast
WINNERS
• Solid and sophisticated tenants
• Well positioned landlords – staying power
• Capital – all groups
• Maintaining confidence – We will be out of this soon!!
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Q & A SESSION
Tulsa Office MarketQuestions and Answers
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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 MarketQuestions and Answers
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Tulsa Office MarketQuestions and Answers
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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 Obama’s new health care reform bill.”
Jason Kennon
Tulsa Office MarketQuestions and Answers
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Tulsa Office MarketQuestions and Answers
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QUESTION:
“Does your firm think, based on your national and regional analytics, that Tulsa’s market rents will increase enough this year to support new construction?”
Victor Wandres
Tulsa Office MarketQuestions and Answers
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Tulsa Office MarketQuestions and Answers
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Thank you!Jared Andresen
Managing Director
Tulsa Office Market2010 Update