Panelists discuss development trends, rising costs and the growing role of experiential concepts during ICSC Local Oklahoma in Oklahoma City.
ICSC LOCAL OKLAHOMA HIGHLIGHTS TRENDS
SHAPING RETAIL DEVELOPMENT
Panelists also discussed the growing role of food and beverage concepts in anchoring developments. Restaurants and other dining concepts are increasingly helping create destinations that encourage visitors to spend more time in an area and support surrounding businesses. Experiential development is playing a similar role. The discussion around Mammoth Fieldhouse highlighted the importance of co-tenancy, dwell time and the ability to draw visitors from a larger trade area. Oklahoma City’s established sports market also helped make the region a natural fit for the sports and entertainment development. The discussion brought together perspectives from operators, brokers, developers and experiential concepts, offering a look at how changing costs, consumer expectations and development strategies are influencing Oklahoma’s commercial real estate market. ICSC Local Oklahoma gives us an opportunity to talk about what’s happening in our market and where we see opportunities moving forward. - Tammy Fate
Innovating Commerce Serving Communities (ICSC) brought its Local Oklahoma event back to Oklahoma City for a second year, bringing together professionals from across the retail and commercial real estate industries to discuss the projects, people and technology shaping Oklahoma’s development landscape. Greater Oklahoma City Chamber Vice President of Business Attraction and Development Tammy Fate helped organize the event alongside Aaron Diehl, retail specialist at Creek Price Edwards. The event featured a panel with Rachel Cope of 84 Hospitality, Stuart Graham of CBRE, Matt Heisley of Rainier Development Company and Jason Farrant of Mammoth Fieldhouse. “The retail landscape is constantly changing, and it’s important that we’re bringing together people who are experiencing those changes from different sides of the industry,” Fate said. “ICSC Local Oklahoma gives us an opportunity to talk about what’s happening in our market and where we see opportunities moving forward.” Those changes were reflected throughout the panel discussion. Rising construction costs are creating new challenges in negotiations between landlords and tenants, with tenants seeking greater incentives and tenant improvement allowances as the cost of opening a new location increases.
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