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Real estate briefs from The Oklahoman for Feb. 29, 2020.

Oklahoma City's office market will face serious challenges when Hertz Corp. vacates its 225,000-square-foot building at 14601 Hertz Quail Springs Parkway and that space goes on the leased market. 
 [BRYAN TERRY/THE OKLAHOMAN]
Oklahoma City's office market will face serious challenges when Hertz Corp. vacates its 225,000-square-foot building at 14601 Hertz Quail Springs Parkway and that space goes on the leased market. [BRYAN TERRY/THE OKLAHOMAN]

OKC office market is weak

Oklahoma City's strong economy, low unemployment and growing population aren't helping the office market, which saw nearly 300,000 square feet of space vacated in the fourth quarter of 2019, NAI Sullivan Group said in its quarterly market summary.

The market "is showing the strains of oversupply," and "shadow space" not being used by tenants could add to future vacancy," according to the report by CEO Bob Sullivan. Overall vacancy was approaching 15% and will likely increase in 2020," he said.

Leasing rates were steady "as landlords cope with rising vacancies," Sullivan said.

NAI Sullivan Group recorded 46 office sale transactions in the fourth quarter for a combined $58,648,951. The firm said the most significant one was Class A, 250,000-square-foot Union Plaza, 3030 Northwest Expressway, which sold for $21,850,000, or $87.18 per square foot, at a reported 8.4% capitalization rate.

Multifamily market strengthens

The metro-area multifamily property market strengthened further in the fourth quarter of 2019, as construction continued to slow, average income continued to rise, and the local economy continued to improve, according to NAI Sullivan Group's quarterly market summary.

Overall vacancy stayed at 10.1%, slightly above 9.8% in the third quarter; Moore-Norman had the lowest vacancy at 7.3%; and the average rental rate leveled off at 89 cents per square foot per month, just below 91 cents the quarter before, according to the report by CEO Bob Sullivan.

NAI Sullivan Group recorded 31 multifamily property sales in the fourth quarter for a combined $296,824,780. The largest volume sale was the 396-unit complex at 3131 SW 89, now called The Erica Apartments, which fetched $48.2 million, or $121,717 per unit.

All County Heartland opens location

EDMOND — A franchise location of All County Heartland Property Management, owned by Bill Copeland, opened at 2 E 11th St., Suite 114, in Edmond.

All County, based in St. Petersburg, Florida, provides tenant screening, negotiation, placement and renewals; rent collection; maintenance coordination; and online accounting. All County works with both property investors and homeowners who need to rent their homes due to relocation, family issues or other circumstances.

Realtors group names leadership academy

The Oklahoma City Metro Association of Realtors has named members of its 2020 Leadership Academy.

The program, to be led by Sharyl Pickens, broker-owner of Metro First Realty Unlimited develops Realtors’ leadership skills, professionalism and community engagement. It's the 11th year for the program and the largest class yet.

The class includes Ashley Young, Metro First Realty Unlimited, Perkins; ​Patricia Wilton, Metro First Realty LLC, Edmond; Patti Wilson, Keller Williams-Green Meadow; Jeremy Willis, eXp Realty; Cheri Whitnah, Trinity Team Real Estate; Martha Vasquez-Pritle, Whittington Realty; Peter Pembroke, LIME Realty; Michelle Patraw, Keller Williams-Yukon, Yukon; Judy Olson, Movers Real Estate Co.; and LaRhonda McCarther, C21/Mosley Real Estate, Chickasha.

Also, Nancy Lynn, Chamberlain Realty LLC, Moore; Becky Ivins, Movers Real Estate Co.; Sherry Huston, Metro First Realty Unlimited, Perkins; Jennifer Howard, Keller Williams Central Oklahoma, Edmond; Jeff Horany, HOCO Realty Inc., Edmond; Juan Frausto, RE/MAX Preferred Properties; Crystal Caulk, Luxe Sales & Management; Robin Buchanan, Peake Realty, Edmond; and Kara Bowes, KBB Real Estate.

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