Real estate market update experts at a local conference

While the peak of the coronavirus has long passed, the impact of the pandemic lingers in some economic sectors.

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

“In ’18 and ’19, we were talking about all this collaborative space, and everybody had these places to meet and gather,” said Jared Andersen of Cushman & Wakefield, who provided the market update for the office sector. COVID hit and everyone forgot how to say “co-op”. It doesn’t even come anymore.

“It has had a huge impact and we will continue to see it. (Office space) will be more efficient – ​​smaller panels, smaller footprint and more facilities. Everyone is looking for amenities that will attract and retain.”

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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 in North America.

Anderson spoke in Wednesday’s session with Ben Janzko (retail) of Legacy CP Advisers, Kurt Giller of CBRE (industrial) and Brian Donahue (multi-family).

“We kind of went through this fire drill; we had that forced with COVID,” Janzko said. and more comfortable.

“Look at the way we buy groceries. I can do it from the comfort of my phone, toss everything in my online cart, pay, for the most part with a loyalty program, a rewards program, go to a brick-and-mortar store, and check out in a little lane And it’s less contact. That’s a massive shift there. It’s like DVRs are out for TV. I don’t have to wait until 7 a.m. for my favorite show. I’ll just record it and binge-watch it the next day.”

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

He said retail trends refer to the footprints of smaller stores and experiences that activate the consumer’s five senses.

Andersen said the office sector has been revamped 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 see is a real need for these large companies to attract and retain employees,” Andersen said of the new Class A office space.

Tulassi Commerce Park, a pair of Grade A speculative industrial buildings being built west of Owasso, are among the highlights of the industrial market, Geller said. Constructed on 44 acres and due for completion in the second quarter of 2023, the park will include 231,130 square feet, and a 453,486 square foot backyard.

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

“Investors still want multi-family; they are still bullish on multi-family,” Donahoe said. “We just need more stability in the debt markets to put some groups off the sidelines.”

Kevin Canfield, a veteran City Hall reporter, traveled with the leaders of Tulsa to Denver to learn the story behind some of their successes when it came to solving homelessness, mental health, and economic development. Kevin talks to editor Jason Collington about the main points.

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