Newspaper article THE JOURNAL RECORD

Coldwell Banker: Office Vacancies Increase Slightly

Newspaper article THE JOURNAL RECORD

Coldwell Banker: Office Vacancies Increase Slightly

Article excerpt

An increase of 0.45 of a percentage point in the office vacancy rate for metropolitan Oklahoma City was reported Monday by Coldwell Banker Commercial Real Estate Services for the first quarter of 1988.

The overall vacancy rate reached 27.75 percent for the first quarter of 1988, up from 27.3 percent for the fourth quarter of 1987, which was considered "no substantial change" by Jim Austin, Oklahoma City office manager for Coldwell Banker.

The vacancy rate was down from 29.2 percent for the first quarter of 1987, according to the survey of 2,121 business firms occupying 147 buildings.

"Although the slight negative absorption of 17,745 square feet has halted the trend of positive absorption in the past three quarters, compared to the negative absorption of over 400,000 square feet at this time last year," said Austin, "our first quarter statistics look much better."

A "gentle upward turn" of class A rental rates is expected in the suburban market, while class B and class C rates continue to slide, he said.

"While major new construction for the Oklahoma City market is not expected," Austin said, "there is potential for additional development at Quail Springs Corporate Plaza as both of the projects are basically fully leased."

Of the existing estimated 14.8 million square feet of office space, there were 4.1 million square feet vacant. This included 135,000 square feet under construction.

The North area of Oklahoma City continues to register the lowest vacany rate in the city at 12.6 percent, the report said, while the South & West area continued at the highest rate of 41.61 percent. Here is a breakdown by area:

North area - Of the existing 1.95 million square feet, 245,394 square feet were vacant. The vacancy rate of 12.6 percent was down from 14.78 percent in the fourth quarter of 1987.

Midtown - A vacancy rate of 23.54 percent was reported for the first quarter, with 1.19 million square feet existing and 279,353 vacant. …

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