The Edmond Economic Development Authority (EEDA) recently hosted the 2021 Edmond Economic Preview Virtual Series sponsored by First Fidelity Bank. The series of three events featured real estate experts from the residential, multi-family office, and retail sectors. EEDA Executive Director Janet Yowell and First Fidelity Bank Edmond Market President James Boggs also provided insights from the economic development and financial perspectives.
Forrest shared an in-depth discussion of both the Oklahoma City and Edmond multi-family markets. He stated that Edmond has the best fundamentals that have been seen in the past five years relative to average occupancy, average rents, and opportunity.
“We want to see quality multi-family projects, and I don’t see anything but that on the horizon,” Forrest said. “As Edmond evolves with its downtown area, more jobs, and more retail, I think that Edmond becomes more of a live-work-play environment than just the bedroom community that it has been in the past.”
Preston then discussed the Edmond residential real estate market. His discussion included a look at the last 10 years of residential sales in Edmond, pointing out that the last four years have all been record years, and that 2020 was the first year that there have ever been more than 5,000 sales (5,490 to be exact) in the Edmond area. High average price and high median price records were also set last year.
“We have less than a third of the homes on the market compared to our lowest in the last 22 years,” Preston said. “Up until 2012, I had never seen a single price range that had more pending contracts on homes than we had active listings. July and beyond last year, we had more pendings than actives for the total market.”
The second event in the series focused on the office market with featured speaker Jonathan Thompson, commercial sales, and leasing broker with Turner & Company. Thompson provided a look at the office market from the national metropolitan area and Edmond levels. The presentation featured some of Edmond’s noteworthy metrics for 2020 including a 9.8% vacancy rate, a market rental rate of $18.36 per square foot, and approximately 65,000-square-feet of office space under construction.
“We have seen quite a bit of change, but not near as dramatic or to the scale that we’re seeing nationally,” Thompson said. “Edmond had a negative 87,000-square-foot absorption rate. This is not a scary number. We knew it was not going to be great; we knew it was going to be negative. But, it is a number where we are going to have to work ourselves out of that hole, and we really do expect to do so.”
Retail was the focus of the third event with featured speaker Price Edwards & Company Senior Vice President Jim Parrack. He shared that retail sales nationally have increased every year for the past 10 years. Even during the pandemic in 2020, retail sales saw a 1% increase.
“By and large, retail is on an upward trajectory,” said Parrack. “Retail this year has already started to recover, and we expect it to recover more. We expect the second half of the year to be pretty good, not just here, but all across the country.”
All three events also featured presentations from Yowell, who shared updates for Edmond. Yowell highlighted Edmond’s extensive medical investment, exciting downtown developments, and strong sales tax collections.
“We were fortunate in Edmond to continue to see positive economic indicators throughout 2020,” said Yowell. “We also feel fortunate to have been able to provide assistance to our local businesses that were really feeling the impact of the pandemic. We will continue to look for new and innovative ways to support the Edmond business community.”
Presentations from all the featured speakers as well as many other informative reports are available online. The next EEDA event will be Tuesday, Aug. 3 at 11:30 a.m. at the Edmond Conference Center. More details will be released closer to the event, but mark your calendars now and join the EEDA for another valuable event.
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About Sarah Dickson
Sarah Dickson is the communications director for the Edmond Economic Development Authority (EEDA). Sarah has been with the EEDA more than 10 years, serving in multiple communications roles. She is responsible for producing demographic, workforce, economic, and statistical reports as well as managing all communications for the organization.
Sarah is a graduate of the University of Oklahoma Economic Development Institute (OU/EDI) and Leadership Edmond Class XXV. Sarah serves on the boards for the Public Relations Society of America – Oklahoma City Chapter and the Oklahoma Council on Economic Education. She is also an active member of the Oklahoma Venture Forum.
Sarah has earned her Accreditation in Public Relations (APR) as well as the designation of Certified Economic Developer (CEcD).