When most people think of commercial real estate, their minds drift toward the properties they are most familiar. Typically, this ends up being office or retail establishments. They tend to overlook where the goods they use are made and shipped. It is very easy to box the industrial market as either manufacturing or distribution; in reality, the industrial market tends to be the most diverse in the different types of operations utilized within these spaces. So, what are the most common types of industrial property classifications?
Price Edwards & Company – Tulsa is pleased to announce that it has been awarded the leasing and management assignment for a 1,100,000 +/- SF industrial portfolio recently purchased by DRA Advisors from Helmerich & Payne Properties. The August, 2020 transaction included six properties located in midtown Tulsa varying from flex/light industrial space to distribution/ warehouse space. The portfolio includes:
· Space Center 495,000 SF
· Space Center East 202,500 SF
· Tulsa Business Park 204,500 SF
· Tandem Busines Park 88,084 SF
For July of 2020, Price Edwards & Company had a total of 28 transactions. We had a total sales volume of $2,475,000 and we leased a total of 62,167 SF. We are thankful for the transactions we completed in July and are excited to see what August holds.
A few of our highlighted transactions are below:
$1,350,000 for 6,262 SF of Office Space
For June of 2020, Price Edwards & Company had a total of 29 transactions. We had a total sales volume of $4,394,000 and we leased a total of 58,852 SF. We are thankful for this past month of transactions and are looking forward to what all July brings! Please see a few of our highlighted transactions below!
$2,365,000 for 100-Unit Apartment Complex
The last 12 months have been marked by dramatic changes. As of this writing, these events have not seriously affected the Oklahoma City multi-tenant industrial market. Overall, multi-tenant industrial properties have continued the declining vacancy trend seen over the past two years. The bulk-warehouse sector is the exception this year. Bulk-warehouse is seen as an important indicator for the economy given its central role in the supply chain, support of retail business, and tendency to be occupied by national and international tenants.
Now that we are a little more than 18 months into the legalization of medical marijuana for Oklahoma, we have seen a drastic change in the commercial real estate market - especially the industrial sector. As of March 31st, the state of Oklahoma has approved 272,000 patient licenses, 6,100 growing licenses, and 1,500 processing licenses. As more and more growers and processors acquire their business licenses, the need for space to set up operations will continue to grow.