Newspaper article THE JOURNAL RECORD

Local Real Estate Officials Expect Market to Keep Steady

Newspaper article THE JOURNAL RECORD

Local Real Estate Officials Expect Market to Keep Steady

Article excerpt

By Betty Jane Harvey Journal Record Staff Reporter While Oklahoma City's real estate market is not expected to soar in 1992, the general consensus is it should remain somewhat steady.

"Don't necessarily think we're going to boom. We see a gradual improvement in both rental rates and absorption rates, which means it's (real estate market) pretty strong," said Carl Edwards, managing partner with Price, Edwards, Henderson & Co.

Analysts consulted by The Journal Record said higher sales rates are also expected, which will again mean a steady real estate market.

"The dollar amounts our office is making on the West Coast are dramatically down," said Jim Austin, managing officer for CB Commercial in Oklahoma City. "That does not reflect ours. We have remained steady.

"This recent downturn has not affected us as much as it has others.

We have been in a doldrum since the mid-'80s, and we are finally beginning to kick out of it." "We won't see any high dollar growth like in the early '80s, but the rest of the country won't, either," said Ford C. Price, also a managing partner with Price, Edwards, Henderson.

Oklahoma City, they noted, has its share of vacant office space just like the rest of the country.

"We have experienced positive absorption of 100,000 square feet in the last few years, but of course the space we have in this market is very large," Price said.

"There is a great deal of office space, however, not very much large contiguous space that is available," Austin said. "There just aren't many large chunks of office space." There are also new tenants in this market, and they are coming from outside and investing in this state, Price said.

Compared wit other areas, a lot of them are still going down, and Oklahoma City is starting to pick back up, he said. Even though numerous vacancies have occurred with TG&Y Stores Inc. …

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