Real estate briefs from The Oklahoman for Feb. 22, 2020
Report shows strong industrial real estate market
The industrial property market in Oklahoma City showed continued strength in the fourth quarter of 2019 with vacancy at 4.4%, according to NAI Sullivan Group's quarterly industrial report.
Broker-owner Bob Sullivan called the average lease rate "very firm" at $6.16 per square foot per year on a triple-net basis, meaning the tenant pays for building insurance, property taxes, maintenance and utilities.
Sullivan said the three largest leases were signed at one complex, Will Rogers Business Park at 7501 SW 29: Walmart with 152,850 square feet, Siemens Games with 96,990 square feet, and one other with 79,910 square feet.
Stores on the move
Stores keep closing, but new stores kept moving in in the fourth quarter, according to NAI Sullivan Group's quarterly retail report.
"The retail market in Oklahoma City continues to absorb large vacancies. The closure of several large box retailers along the Quail Springs corridor has caused many real estate professionals to worry about the strength of the trade area, and the market in general," said David Hartnack, vice president of retail. "At Home’s recent announcement to backfill the former Toys R Us, Hobby Lobby, and Red Rock Fitness spaces takes over 100,000 square feet off of the market.
"Additionally, Home Goods, Ollie’s Bargain Outlet, and Five Below continue their expansion in Oklahoma City making it harder and harder to find second-generation box-type retail spaces. While new construction costs continue to deter new box development, the lack of available spaces in the market will eventually reach a tipping point."
Supporting a sales tax
The Oklahoma City Metro Association of Realtors has come out in support of a permanent 1/8th-cent city sales tax for parks, to be voted on March 3.
If voters approve the measure, the result of an initiative petition, the funds, an estimated $15 million annually, would be spent on Oklahoma City Parks and Recreation operations, improvements, maintenance and programming. The Realtors said they have given close to $100,000 in support of city parks the past five years.
"Realtors believe quality neighborhoods improve and retain the value of our clients’ housing investments. We continue to encourage investments which improve our neighborhoods,” said Glen Cosper, chairman of the Realtors' government affairs committee. The Realtors group "is proud of the support that we have been able to give to this, ballot questions like MAPS, and local school and public safety bond initiatives,” he said.
Fire station opening
The Edmond Fire Department will have a grand opening and public tours of its new Fire Station No. 2, at 1025 W 15th St., starting at 10 a.m. Friday.
It will replace the present station at 1315 S Broadway Ave.
"This new station will give us better response times because of the location on the west side of the train tracks," fire Sgt. Jacob Stangl said.