Commentary: Best of the blog

Journal Record, The (Oklahoma City),  Jun 27, 2008  by Darren Currin

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Those seeking more in-depth information on Oklahoma City's and Tulsa's commercial real estate markets on the Internet should look no further than The Journal Record's new real estate blog. The Oklahoma Per Square Foot blog is usually updated on a daily basis and offers insightful commentary on the latest happenings in the local commercial real estate markets as well as discussions on national trends and new technology tools that can be utilized in the industry. The blog can be found at blogs.journalrecord.com/ persquarefoot.

Since there are many readers who have yet to discover the blog, here is a quick summary of some of the more interesting topics covered at Oklahoma Per Square Foot over the past few weeks.

* Google has finally launched its Street View technology in both Oklahoma City and Tulsa. This technology is integrated into Google's online maps, allowing users to see 360-degree, street-level images of major streets. Despite their lower resolution, these images can be great marketing tools for brokers wanting to show outside investors a better view of a property that cannot be seen from aerials.

* Oklahoma City may be gaining a new national commercial real estate firm. Rumors are circulating that Phoenix-based Hendricks & Partners may be opening an office in the metro area later this year. The firm specializes solely in the brokerage of apartment complexes and would add increased competition to an already competitive multifamily brokerage market in Oklahoma City. The company's Web site confirmed the rumor listing Oklahoma City as an office that will be opening soon.

* One of the reasons new tenants have been slow to lease space in Bricktown is because many of them are waiting to see when the Seattle SuperSonics will finally arrive. Having the SuperSonics permanently in the city would guarantee at least 41 games a year at the Ford Center in addition to the scores of concerts that are hosted at the arena each year. Having so many events at the Ford Center would prove lucrative for new restaurants, nightclubs and retailers in Bricktown.

* Price Edwards & Company has sold the last remaining commercial land tract in the Gaillardia commercial development on Memorial Road. Since 2003, the firm has sold 40 acres in 13 separate transactions, all of which obtained some of the highest per-square- foot prices for land in Oklahoma City. In addition to the office development underway, Price Edwards said retail and restaurant construction is slated in the near future for the Meridian and MacArthur intersections of Memorial Road.

* A report by CNBC this week said the national commercial real estate market is holding steady despite the downturn in the national economy. The highlight of the report was the fact that commercial loan delinquencies are currently at near-record lows.

* Retail sales experienced a 1-percent increase in May, thanks to consumers spending their economic stimulus checks. While the increase was higher than expected, retail property owners are still concerned the increase is temporary and vacancy will continue to rise.

Darren Currin is the vice president and research director for OKC Property Research, LLC, an independent research and consulting firm specializing in Oklahoma City commercial real estate. He may be reached at (405) 606-6050 or dcurrin@cox.net.

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