New energy office space under construction in south Tulsa
By SUSAN HYLTON World Business Writer on Sep 12, 2013, at 11:53 AM Updated on 9/12/13 at 2:23 PM
Real Estate
U.S. homebuilders' confidence in the housing market held this month at its highest level in nearly eight years. But builders are starting to worry that sales may slow if mortgage rates continue to rise.
New home construction in the Tulsa region from January to August is outpacing last year's numbers, a continuation of the upward tick that started in 2012 following a six-year slide.
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A groundbreaking Thursday on the Geophysical Resource Campus is significant not only for the Society of Exploration Geophysicists, which has commissioned a new four-story building, but also for the “Class A” office market which is scarce in Tulsa.
The SEG is investing about $20 million in a new four-story building that will be situated across from its existing five-story headquarters building which was built on an 11-acre park-like setting at 8801 S. Yale Ave. about 30 years ago.
“For the Society, this new building will enable SEG to better meet its educational mission, and for the city of Tulsa, this project will add an exceptional Class A building to Tulsa’s landscape, which should attract the attention of businesses both near and far,” said Steven Davis, executive director of the SEG.
Jared Andresen, managing director of realty firm Newmark Grubb, said that there is less than five-percent vacancy in Class A office space in Tulsa.
Andresen said that SEG will relocate to one of the floors in the new 78,992-square-foot building and that another tenant in the existing 97,071-square-foot building will move into SEG’s space.
Andresen said there is tremendous interest from energy companies to lease space in the new upscale building.
With the exception of the new American Plaza building with 50,000-square-feet at 61st Street and Yale Avenue, Andresen said there hasn’t been this much speculative office space in Tulsa in 10 to 20 years.
“We’re going to have 3 floors (available) at 20,000 square feet each,” he said. “To me it’s a complete sign of how strong Tulsa is right now. You just don’t do speculative office space. Certainly not since 2008 and really not before.”
Real Estate
U.S. homebuilders' confidence in the housing market held this month at its highest level in nearly eight years. But builders are starting to worry that sales may slow if mortgage rates continue to rise.
New home construction in the Tulsa region from January to August is outpacing last year's numbers, a continuation of the upward tick that started in 2012 following a six-year slide.
CONTACT THE REPORTER
918-581-8381
Email
