As multifamily brokers, we consistently hear from buyers searching for value-add properties. However, increasingly, we are beginning to hear discouragement there are no more value-add deals to be found. The per unit prices in Tulsa and Oklahoma City are accelerating into all-time highs; currently they are in the low $60,000 per unit range. While this escalation of prices may seem discouraging at first, prospective buyers need to realize that there are still opportunities to be found.
Retail is changing – you are seeing smaller store footprints, the lure of discounters, the optimizing of the relationship between stores and digital, the rise of fitness and health as main-line retail, entertainment and, one of my favorite retail buzzwords, experiential retail. You can’t read an article about the future of retail without talking about this experiential revolution.
The Commercial Real Estate industry uses a number of statistical-based metrics to describe the overall health and vitality of local real estate markets or sectors. Sometimes these numbers should not be taken at “face value”. Most often quoted are vacancy and net-absorption.
The scientific consensus is that climate change will touch all our lives in the 21st century. Because commercial buildings and their construction currently account for about 39% of energy-related carbon dioxide emissions and project a continued growth at 2% per annum, commercial real estate can be of service in solving this problem.
Many people have wondered whether or not online shopping would affect the retail market. Some might say this is accurate, while others will say it helps land specific retailers to open up more locations. This past year Mizzen+Main opened its first Oklahoma store in Oklahoma City, located in Classen Curve.
Let's face the facts. You don't have to be sitting (or standing) in the office to be productive. Employers today are offering their employees' more meaningful choices in how, when, and where work is conducted. Today's workers can be productive from any location using any device, and no longer want to be constrained by fixed workplaces. According to Flexjobs, within the next five years, 44% of workers in the United States will access corporate office networks remotely.
The commercial real estate vocabulary can sometimes be intimidating, and it can be quite challenging to learn how to navigate through all the commercial real estate terms. Leasing space is often the largest expense to your business, so it is important to understand all the terms in your commercial lease before signing. It is always recommended to have a real estate attorney review your lease and explain any terms that you don’t fully understand but below are some common terms that can help clarify any misconceptions about your lease.
How will the future of retail impact Amazon's growth? We all know that Sears is dying; it’s been dying for the last 25 years. Will Amazon go the way of Sears? People tend to forget how big Sears was in its day. In the ’60s, '70s & ’80s, Sears was dominant in a way Amazon could only hope to be dominant. Those of us over 50 years old all shopped there and most likely ordered our back to school clothes from the Sears catalog. Sears, founded in Chicago in 1893 (yes, 1893!), was well-situated to continue its dominance at the start of the internet era.
Pam Billings honored with award at national summit
A Price Edwards employee will be honored this weekend for her service to others at the Annual Lung Cancer Advocacy Summit in the nation's capital. Pam Billings, Property Manager at the Douglass and the Douglass Next Door, is a lung cancer survivor, and along with three other women, she created Oklahoma's only lung cancer survivor support group.
"We're so proud of Pam, and her selfless efforts," says Becky Sesock, Price Edwards Senior Vice President of the Multifamily division.
RECon, the International Council of Shopping Centers’ (ICSC) annual real estate convention, was held a few weeks ago in Las Vegas. The conference saw more than 30,000 attendees including retailers, brokers, and developers. My key takeaways from this year’s conference include:
What types of retail tenants are thriving in our market? Fitness, Food, Fun, and Fashion Discounters.