Experts provide updates on real estate markets at local conference

Experts provide updates on real estate markets at local conference

While the peak of COVID has long passed, the impact of the pandemic persists in certain economic sectors.

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

“In 2018 and 2019, we were talking about this whole collaborative space, and everyone was going to have these places to meet and gather,” said Jared Andresen of Cushman & Wakefield, who presented the market update for the segment. desks. “COVID hit and everyone forgot how to say ‘collaborative’. It doesn’t even happen anymore.

“It’s had a huge effect and we’ll continue to see it. (Office space) is going to be more efficient – smaller plates, smaller space and more amenities. Everyone is looking for that convenience that’s going to attract and to hold onto.”

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

Andresen spoke at a panel Wednesday with Ben Ganzkow (retail) of Legacy CP Advisers and Kurt Giller (industrial) and Brian Donahue (multifamily) of CBRE.

“We kind of went through this fire drill; we were forced to do it with COVID,” Ganzkow said. “Now short-term behaviors become long-term behaviors where I can do a lot with this phone, with the apps that are on my phone, that make my life easier, more efficient, more convenient.

“Look at the way we buy groceries. I can do it from the comfort of my phone, throw everything in my shopping cart online, pay, most often with a loyalty program, a rewards program, and go in a physical store, pull into a pickup lane and it’s contactless. It’s a monumental change right there. It’s like when DVRs came out for TV. I don’t have to wait until ‘at 7 for my favorite program. I’m just going to the DVR and binge watching 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 a new Costco, which is under construction in northeast Tulsa along US 169.

Retail trends point to smaller store footprints and experiences that activate the consumer’s five senses, he said.

The office sector, Andresen said, has been rejuvenated with the recent openings 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 large companies to attract and retain employees,” Andresen said of the new Class A office spaces.

Among the highlights of the industrial market is Tulasi Commerce Park, a pair of speculative Class A industrial buildings being constructed west of Owasso, Giller said. Built on 44 acres and scheduled for completion in the second quarter of 2023, the park will include a 231,130 square foot rear load building and a 453,486 square foot transshipment building.

The View (200 units) in downtown Tulsa and Redbud Ranch (309) in Broken Arrow are among the recently unveiled 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 markets to get some groups out of the margins.”

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