Overall investment sales volume was down prior to the pandemic. Nonetheless, we are continuing to see pad site sales, net investment sales and some smaller center sales fueled by low interest rates and investors seeking returns in a difficult investment environment. However, overall market activity and larger project sales have been limited. The uncertainty both with regard to the viability of tenants and the unknown length of the pandemic have created a difficult environment for investors to navigate.
With Covid-19 being the talk of 2020, I think it’s time to start talking about some positivity in our market today. Since March, our world has been turned upside down, it’s almost hard to remember ‘normal’. But what is normal? Well what one may consider to be normal might not be normal to others.
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
Prior to the pandemic, there was a feeling that we had finally made it through the worst part of the retail apocalypse. In the OKC metro, we were seeing 8.7% vacancy in centers over 25,000 square feet at the end of last year and we had a few new retailers open that were big wins for OKC (Home Goods, Costco, REI, Chisholm Creek restaurants, etc). For urban OKC, larger project development had slowed and it had allowed many of the existing vacancies to be filled.
Never in modern history have we been in the middle of a global pandemic, social upheaval caused by a racial awakening, an energy bust, and a divisive Presidential election all at the same time. And while the pandemic is the biggest problem for retail, the effects of the downturn in our energy sector shouldn’t be underestimated.
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