It feels like I am asked every day if the office market will ever rebound to pre-pandemic levels. As someone who mostly makes their living leasing office space, I always take the optimistic viewpoint even though at times it felt like I was whistling through the graveyard. Lately though, I am becoming more convinced that my optimism is not misplaced. Various opinions ranging from CEO’s of international companies to members of my own family have led me to believe that the “monumental” shift in workers’ and companies’ attitudes toward th
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
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