OKC MAPS PROJECTS – 25 YEARS
The 130 percent gain in the value of downtown office property is also double the 64 percent growth for all office properties at the county level. The downtown area now accounts for 30 percent of the total value of office space in the county, up from only 21 percent in 2009. Total office space in tax year 2017 does not yet include the newly constructed 690,000 square feet BOK Park Plaza, which is slated to be added to the tax rolls in tax year 2018. Its introduction will add an estimated 25 percent to total office property valuations downtown along with an approximately 5 percent increase in the 14.6 million square feet of taxable office space already in the study area. Gains in Per Foot Values The average value of downtown office space per square foot surged along with total valuations between 2009 and 2017. After averaging less than $40 per square foot in both 2009 and 2011, average assessment values for office space jumped above $77 in 2013 and averaged more than $74 across the 2013 to 2017 period. Much of the rise in both square foot and total valuations reflects both the large size and relatively high cost per square foot of Devon Tower (more than $380 per square foot). Office Square Footage Total office space downtown continues to rise as well. Total office square footage in the study area increased from 12.95 million square feet in 2009 to 14.6 million in 2017, a 13 percent gain in the period. The increase in office space trails the 17 percent gain in total square footage across all sectors in the study area in the period. Office space as a share of total taxable space downtown has also declined slightly from about 37.1 percent in 2009 to 35.7 percent in 2017 as other sectors added space more consistently over the period. Downtown Residential Market The recent surge in the number of residential units in the study area fulfills one of the critical economic development goals of MAPS to provide more housing downtown. • Approximately 2,700 housing units (55.3 percent gain) were added in the study area between tax years 2009 and 2017. • The total number of housing units in the study area reached 7,635 units in tax year 2017. The surge in housing development is highly visible in the overall valuation of residential property in the study area. • In 2017, approximately $815 million in taxable residential property was located within the study area, more than doubling in value (106 percent gain) from $395 million in 2009. • Residential property now comprises 20.9 percent of the $3.91 billion in total property valuation across all property types in the study area. • The share of total valuation traced to residential property increased slightly from 19.4 percent in 2009 to 20.9 percent in 2017. Gains in the study area are even larger when measured by square footage growth. • Total residential square footage increased from 17.5 percent of total taxable space in the study area in 2009 to 20.0 percent in 2017.
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