Looking forward: An Edmond economic review

Edmond’s economy fared well in 2022, even with the unknown factors of workforce shortages, supply chain issues, and rising interest rates. With the amount of new construction in Edmond and the current interest in our commercial real estate markets, there’s reason to be optimistic for 2023.

The residential homebuilding market began a downward trend in 2022 vs. 2021, with 574 new homes built vs. 725 in 2021. The average value of a new home was up almost 8.5% to $457,000. Thirty-three homes were permitted for over a million dollars compared to 17 in 2021. The average price of an existing home for sale in Edmond was up 13% to $408,000.

2022 was the strongest year in Edmond’s history for commercial permits, with over $223 million of new commercial activity—an increase of 122%. 2017 held the record previously with $112.8 million. New retail space totaling 192,596 square feet was permitted for $40,294,537. In the office category, 27,494 square feet were permitted for $5.17 million. In the medical category, 8,121 square feet of new space were added, totaling $1.21 million. The multifamily category was the largest total, with 512,940 square feet of space permitted at $110.52 million.

Another $53 million of commercial permits were approved through $13.8 million of additions and $39.4 million of alterations.

Downtown Edmond led the way with commercial development in 2022, totaling over $119 million of private investment. Since 2000, the private investment has totaled over $154 million. The creation of the first and only Tax Increment Financing (TIF) district in Edmond and the enactment of the railroad quiet zone, both downtown, have had a tremendously positive impact on this area. The TIF, created in 2020, is used for public improvements in a defined area of downtown Edmond.

Private investment into individual projects from 2022 includes Twisted Tree Baking Company, the Lofts at Evoke, Venue 102, Citizens Bank, Enjoy Optical, Trade Supply, and the Hamptons on Edwards.

Here are some of the larger projects in the works:

The Lark, a residential development west of the railroad tracks between First and Main Streets and Fretz and Santa Fe Avenues, began construction last year and is 35% complete. When completed, it will have 40 modern luxury cottages.

The Campbell is the farthest northern project in downtown Edmond, sitting between Boulevard, Jackson, Campbell, and Edwards Streets. This $12 million development will consist of two buildings. The first will total 40,000 square feet of apartments. The second building, totaling 44,000 square feet, will be a mix of apartments and commercial space.

The year’s largest project at $104 million, not including its parking garage, is The Oxley, formerly referred to as the Silos. This urban multifamily project, which is well underway, will include 276 apartments and a 330-space parking garage, with the excess of those spaces open to the public. This project is being constructed on both the north and south sides of Main Street, west of the railroad tracks. The scheduled opening timeframe for The Oxley is for the spring of 2024.

It’s important to keep Edmond growing through job creation, retaining and recruiting companies and talent, and generating new sales tax. To do that, it’s vital that we have land for new commercial growth as Edmond develops east of I-35, as well as through redevelopment opportunities downtown.