Experts update real estate markets at local conference

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

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

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

“It has had a huge effect and we will continue to see it. (Office space) is going to be more efficient – smaller boards, smaller space and more amenities. Everyone is looking for that convenience 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.

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

“We kind of went through that fire drill; we were forced to deal with COVID,” Ganzkow said. “Now, the short-term behavior becomes long-term behavior 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 how we buy groceries. I can do it from the comfort of my phone, put everything in my online cart, pay, mostly with a loyalty program, a rewards program, and go to a brick and mortar store, pull into a pickup lane and that’s it contactless That’s a monumental shift right there. It’s like when the DVRs for TV came out. I don’t have to wait until 7 o’clock for my favorite show. I’ll just DVR it and binge watch it the next day.”

Ganzkow said Tulsa’s retail market was recently boosted 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 next door in northeast Tulsa. be built. USA 169.

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

The office sector, Andresen said, 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 spaces.

Tulasi Commerce Park, a pair of speculative Class A industrial buildings being built west of Owasso, is one of 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, rear 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 sidelines.”

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