Shopping Center Rental Rates Seen Lower during 1986 / along with Land Prices, Says Krywucki

By Nichols, Max | THE JOURNAL RECORD, February 14, 1986 | Go to article overview

Shopping Center Rental Rates Seen Lower during 1986 / along with Land Prices, Says Krywucki


Nichols, Max, THE JOURNAL RECORD


With an overall vacancy rate up to 11 percent, effective rental rates will be lower in Oklahoma City area shopping centers dur ing 1986, and some land prices will be lower, it was predicted Thursday by Karleen L. Krywucki, retail specialist for Coldwell Banker Commercial Real Estate Services.

This would be true especially with "marginal" centers and land that is less favorably located, she said.

"With the completion of a number of shopping centers in 1985," said Krywucki, "and with vacany rates moving up, the retail tenant has now climbed into the driver's seat.

"Concessions to tenants can cause effective rents to be as much as $1 to $2 per-square-foot lower."

However, the "quoted" rental ranges are expected to remain at $12 to $15 per-square-foot in the North and Northwest areas of the city, $10 to $13 in the South areas, and $11 to $14 in Norman."

"Marginal shopping centers, that are either mid-block or unanchored, will take a hit," Krywucki said. On the other hand, she said there will be "steady leasing progress" of well-located and well-anchored centers.

With 2.3 million square feet of space added during 1985, the Oklahoma City area now has about 15 million square feet, said Krywucki. The 11 percent vacancy amounts to "1.8 million square feet looking for tenants," she said.

Krywucki stopped short of saying shopping center space is now "overbuilt." However, certain areas are reaching that stage, said Fred Sheriff, vice president and manager of the Oklahoma City office of Coldwell Banker.

"The Northwest Expressway is one area that is close to being overbuilt," said Sheriff. However, quality shopping will do better than the marginal centers, he said.

Land prices also are shifting with fewer buyers competing for available parcels, with less construction planned, Krywucki reported.

"As with rental rates," land prices have remained constant rather than escalating as they did from 1982 through 1985," she said.

For well-located, one-to-two-acre parcel retail land, prices are expected to be $7 to $10 per-square-foot in the North and Northwest, $5 to $7 per-square-foot in the South and $7 to $9 in Norman. …

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