OKC RETAIL MARKET SUMMARY: PART 2

03.01.17

On the development front, the second half of the year was characterized by the completion or near completion of planned projects: The Market at Czech Hall is nearing completion of phase one including Academy, Ross & Marshalls (approximately 180,000 square feet); Sooner Rose at Southeast 15th & Sooner with Academy and Hobby Lobby; Shoppes at Quail Springs is nearly complete as well (96,000 square feet); University North Park has added two outbuildings and three stand-alone restaurants; Winco is under construction in Moore and will start construction soon in three other locations; Chisholm Creek added the 76,000 square foot Tract 30, and, a significant number of smaller 10,000 to 20,000 square foot strips have been completed. Most of these projects come into the market preleased. In addition to these projects, Lifetime Fitness will be taking the former Macy’s location at Quail Springs Mall and numerous other retailers – Aldi, Homegoods, Mattress Firm, Five Below, among others – remain active. As noted in our mid-year report, Walmart just opened two new Neighborhood Markets and a Supercenter (part of the 1.2 million square feet they’ve added in the last few years).

There are a number of planned projects that haven’t broken ground: Poag’s Bridges at Springcreek in Edmond; the Triangle Expansion by Washington Prime that remains tied up in a lawsuit; the recently announced retail as part of the downtown Strawberry Fields development; Westgate’s expansion south of Interstate 40 and the possible re-configuration of Shields Plaza. The performance of our economy in the first half of 2017 will go a long way to determining whether these and other smaller planned developments get done.