Tanda Francis is managing broker for Price Edwards & Co.’s Tulsa office. Price Edwards and Co. is a full-service commercial real estate firm headquartered in Oklahoma City.
What do you think 2016 will look like for Price Edwards & Co.? Our company is well-positioned for the upcoming year with people who have experienced the various cycles of this industry, and who have the technical expertise and market reach to help our clients through what might be another uncertain market cycle. I believe there will be opportunities for real estate investors in 2016, and our firm can help our clients identify and take advantage of those opportunities.
What do you think 2016 will bring for commercial real estate as a whole? Our industry will continue to rely on the energy market for its stability. It is certainly hazy for the first half of 2016 while large energy companies and related firms could affect our economy with layoffs, restructuring and/or consolidation. We could see firms only commit to short-term obligations for their real estate needs, and see vacancy rates and sublease opportunities both increase (although perhaps not as severely as we experienced in the late 2000s).
Real estate investors will continue to pursue the purchase of “right-priced” assets as it appears that capital continues to be available. It is likely that increasing interest rates also spur the need to invest sooner than later.
Tulsa has enjoyed good real estate activity in recent years, especially retail and industrial, perhaps offset by low costs to enter the market and a pent-up demand; this should slow in 2016, and speculative development will be significantly reduced.
What’s your personal New Year’s resolution? I do not set a New Year’s resolution. I look at the calendar as a fluid timeline, no beginning or end. Any goal could be conceived at any time of the year based upon current factors, whether they are successes or setbacks; although at the time of this writing, I must say that I will be focused on getting “back in the saddle” regarding my health.
Casey Smith 918-732-8106