Oklahoma City Market Conditions for Mid-Year 2009

Retail Market

Total retail inventory: 28,596,364 square feet

Total vacant space: 4,125,944 square feet

Overall retail vacancy: 14.4 percent

Average Regional Mall Rental Rates: $25.90 per square foot

Average Power Center Rental Rates: $19.84 per square foot

Average Community Center Rental Rate: $9.82 per square foot

Average Neighborhood Center Rental Rates: $9.53 per square foot

Regional Center Vacancy: 30.19%

Power Center Vacancy: 7.98%

Community Center Vacancy: 15.78%

Neighborhood Center Vacancy: 13.7%

Office Market

Total office inventory: 16,684,669 square feet

Total vacant space: 2,779,140 square feet

Overall office vacancy: 16.65%

Average Class A Rental Rate: $20.66 per square foot

Average Class B Rental Rate: $14.85 per square foot

Average Class C Rental Rate: $12.01 per square foot

Central Business District vacancy: 22.08%

Suburban vacancy: 13.13%

Average Class A Sales Price: $158.21 per square foot

Average Class B Sales Price: $75.09 per square foot

Average Class C Sales Price: $46.11 per square foot

Industrial Market

Total industrial inventory: 75,946,584 square feet

Total vacant space: 7,628,089 square feet

Total multi-tenant industrial vacancy: 10.00%

Average service warehouse rental rate: $3.62 per square foot

Average bulk rental rate: $3.90 per square foot

Average flex rental rate: $5.56 per square foot

Average service warehouse sales price: $32.78 per square foot

Average manufacturing sales price: $39.30 per square foot

Average bulk warehouse sales price: $26.06 per square foot

Average flex sales price: No sales have occurred in 2009

Apartment Market

Overall apartment occupancy: 91.06%

Average monthly rental rates, Efficiency Units: $395

Average monthly rental rates, One-bedroom: $460

Average monthly rental rates, Two-bedroom: $583

Average monthly rental rates, Three-bedroom: $705

Average price per unit, post 1990s vintage: $40,585

Average price per unit, 1980s vintage: $36,979

Average price per unit, pre 1980s vintage: $29,812

Average price per unit of distressed assets: $12,247