Big boxes bouncing back in Oklahoma City
Rising demand and a lack of construction has new users buying and leasing up space that glutted the market just three years ago, according to brokers with CB Richard Ellis-Oklahoma.
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“When properties age and are reclassified (downward in class), the number of potential users grows,” he said. “In many cases, deals are being made at prices 30 percent below what might have been paid before, and nontraditional users are now in the prospect pool.”
Inman said Class A big-box retail space is in strong demand across the country and that Class B space is seeing moderate absorption. Class C spaces are mostly being converted to nonretail uses or remaining empty, he said.
Looking ahead, Inman and Graham said big boxes in Oklahoma City should continue to be in demand.
“We anticipate additional box space being leased in the next six months and the trend of higher occupancy to continue. The pace may not be as brisk, but the trend line should continue its course. There are several large retailers operating in the market with questionable long-term strategies and balance sheets, but today there are no imminent store closures,” the brokers reported.
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