OKC MAPS PROJECTS – 25 YEARS
Figure 6. Total Market Value of Assessed Property in Study Area
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
$Billions
3.91
3.34
3.12
2.09
2.03
2009
2011
2013 Tax Year
2015
2017
Source: Oklahoma County Assessor and City of Oklahoma City Planning Department
The increased valuation in the study area is approximately triple the 31 percent increase countywide between 2009 and 2017. Due to faster growth downtown, the share of total property valuation located in the study area increased from 4.0 percent in 2009 to 5.9 percent in 2017. Stronger downtown property valuation growth since 2009 is also consistent with relatively stronger gains in population, housing development, business formation, and job growth in the study area. Valuations similarly increased in each two-year interval in the full period. The largest gains occurred in the 2011 to 2013 period (49 percent gain) and the 2015 to 2017 period (17 percent gain). Smaller, more inflation-like gains were posted in both the 2009 to 2011 period (3 percent gain) and the 2013 to 2015 period (7 percent gain). Growth is also taking place in the amount of total square footage of taxable space in the downtown study area. In 2017, properties with a total of 40.85 million square feet were in the study area, with more than 5.9 million total square feet added from 2009 to 2017 – a 17 percent gain. Downtown Office Market Downtown remains a key office market both in Oklahoma City and the broader metropolitan area. MAPS-related improvements in the study area were anticipated to trigger increased office market development in the area. Increased business formation and rising employment described earlier in the report have accompanied a substantial increase in the downtown office market in recent years. Office Property Valuation Changes The downtown office market posted substantial growth between 2009 and 2017. Total assessed market value of all office properties in the study area more than doubled (130 percent gain) from $487 million in 2009 to $1.1 billion in 2017. The 130 percent gain in office valuation exceeds the 92 percent gain across all property types in the period. Much of the gain occurred between tax years 2011 and 2013 as Devon Tower entered the tax rolls. As a share of total property values downtown, office space has risen from 24.0 percent of total valuation in 2009 to 28.7 percent in 2017.
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