Experts update the real estate market at local conferences

While the peak of COVID is long gone, the impact of the pandemic remains on certain sectors of the economy.

That was the result Wednesday of a panel discussion at Tulsa Trends 2022 at Southern Hills Country Club. The conference was presented by the Oklahoma chapter of NAIOP, the Commercial Real Estate Development Association.

“In ’18 and ’19, we’re talking about all these collaboration spaces, and everyone will have these places to meet and gather,” said Cushman & Wakefield’s Jared Andresen, who posted a market update for the office segment. “Covid hit and everyone forgot how to say ‘collaborative.’ It didn’t even come up, anymore.

“It has a big impact and we will continue to look at it. (The office space) will be more efficient – smaller plates, smaller spaces and more facilities. Everyone is looking for facilities that will attract and maintain.”

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NAIOP is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate with more than 20,000 members across North America.

Andresen spoke on a panel Wednesday with Ben Ganzkow (retail) of Heritage CP Advisers and CBRE’s Kurt Giller (industrial) and Brian Donahue (multifamily).

“We’re kind of going through that fire drill; we’re forced to with COVID,” Ganzkow said. , more efficient, more convenient.

“Look at the way we buy groceries. I can do that from the convenience of my phone, throw everything in my online cart, pay, most often using a loyalty program, a rewards program, and go to a brick-and-mortar store, pull in the pickup line and it’s there. contact-less. That’s a monumental shift right there. It’s like when DVRs came out for TV. I don’t have to wait until 7 o’clock for my favorite program. I will just DVR and binge-watch it the next day.

Ganzkow said Tulsa’s retail market was recently bolstered by the announcement of Scheels, which plans to build a $132 million sporting goods store in the former Sears location at Woodland Hills Mall, as well as a new Costco, which is under construction in northeast Tulsa along the way. US 169.

Retail trends refer to smaller store footprints and experiences that activate consumers’ senses, he said.

The office sector, said Andresen, has been rejuvenated with the recent opening of several office buildings in Tulsa, including the Vast Bank building, 222 North Detroit Avenue, 21 North Greenwood Avenue and Santa Fe Square (opening early next year).

“What we’re seeing is a real need for these larger companies to attract and retain employees,” Andresen said of the new Class A office space.

Tulasi Commerce Park, a pair of speculative Class A industrial buildings being built west of Owasso, is among the highlights of the industrial market, Giller said. Built on 44 acres and scheduled to be completed in the second quarter of 2023, the park will feature a 231,130-square-foot, rear-load building and a 453,486-square-foot, cross-dock building.

The View (200 units) in downtown Tulsa and Redbud Ranch (309) in Broken Arrow are among the recently announced multifamily properties in the area.

“Investors still want multifamily; they’re still bullish on multifamily,” Donahue said. “We just need more stability in the debt market to eliminate some groups.”

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