Experts update real estate markets at local conference

Although the peak of COVID is long overdue, the impact of the pandemic is prevalent in certain economic sectors.

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

“In ’18 and ’19, we were talking about all this co-working space, and everyone had these places to meet and gather,” said Cushman & Wakefield’s Jared Andresen, who gave the market update to office segment. “Covid hit and everyone forgot how to ‘collaborate.’ to say. It doesn’t even come up, anymore.

“It has had a huge effect and we will continue to see it. (Office space) will be more efficient – smaller plates, less space and more amenities. Everyone is looking for that amenity that will attract and retain.”

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NAIOP is the premier 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.

Andresen spoke on a panel Wednesday with Ben Ganzkow (retail) of CP Heritage Advisors and Kurt Giller (industrial) of CBRE and Brian Donahue (diversity).

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“We went through that kind of fire drill; we were forced to do COVID,” Ganzkow said. “Now, the short-term behaviors are becoming long-term behaviors when 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 that from the convenience of my phone, put everything in my cart online, pay, most often with a loyalty program, a rewards program, and go to a brick-and-mortar store and-mortar. , pull up in a pickup lane and it’s untouched-That’s a monumental change right there. It’s like when the DVRs came out for TV. I don’t have to wait around until 7 o’clock for the best program me. I’ll just DVR it and watch it the next day.”

Ganzkow said Tulsa’s retail market has been boosted recently with the announcement of Scheels, which plans to build a $132 million sporting goods store in the former Sears site at Woodland Hills Mall, as well as a new Costco, which is being built in northeast Tulsa on the side another. USA 169.

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Retail trends are focusing on smaller store footprints and experiences that engage the consumer’s five senses, he said.

The office sector, Andresen said, has been renewed 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 soon 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.

Tulasi Commerce Park, a pair of speculative Class A industrial buildings under construction west of Owasso, is among the highlights of the industrial market, Giller said. Built on 44 acres and scheduled for completion in the second quarter of 2023, the park will feature a 231,130-square-foot, back-loading 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 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 off the fence.”

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