TYLER OFFICE MARKET SURVEY September, 2015
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1 TYLER OFFICE MARKET SURVEY September, 2015 The annual Burns Commercial Properties Office Market survey was just completed and the results indicate that the gradual decrease in the office occupancy rate in the City has continued over the past twelve months. The Survey includes fifty six buildings which contain 2,233,733 square feet. The current overall occupancy rate stands at 84.9%, a decrease from 85.9% one year ago. Owner occupied buildings are not included in the Survey. Going back to the year 2008, we find that the occupancy rate was 90.2%, with a total of 209,291 square feet of vacant space. Currently, the local market contains 336,730 square feet of vacancy. This has occurred despite the fact that there has not been a large speculative office building constructed in the City since The occupancy rate has been trending downward for years, increasing slightly in 2010, but declining in all the other years since Theories as to the cause of this decline include several factors. Advances in technology have made it possible for office users to operate with a reduced number of administrative workers, while the use of work stations has reduced the number of individual offices needed in most office settings. Additionally, the current low interest rate environment has caused a number of local firms to build their own office structures, decreasing the demand for lease space. Another item which affects demand for office space in Tyler is the lack of large (30,000 square feet or more) spaces which might help attract national companies to place a branch operation here. Currently only three buildings have spaces which can offer suites with more than 10,000 contiguous square feet. The largest of these contains 22,990 square feet. The Survey reveals that the average rate Landlords are quoting for vacant space rose slightly from last years $14.76 per square foot to $15.24 per square foot. Class A buildings experienced a decrease in occupancy from 89.3% to 86.5%, while Class B structures increased in occupancy from 82.4% in 2014 to 83.1% in Class C building occupancy rates decreased from 90.7% to 88.8%. The Tyler office market contrasts sharply with the retail sector, which is in a rapid growth mode. The total rent per square foot paid by most Tyler retail tenants is well in excess of the rate office users pay. The fact that most office tenants do not pay for utilities, taxes, insurance, and common area maintenance means that retail tenants (who normally are charged for these items) are paying significantly higher rates than office tenants are enjoying. Thanks to all the owners and managers who contributed data for this Survey, and to Peggie Jenkins for compiling it. Taylor Burns Owner/Broker Burns Commercial Properties, LLC
2 Table 1 TYLER OFFICE MARKET SURVEY SEPTEMBER 2015 Total Office Market Statistics Number of Buildings: 56 Total Square Feet: 2,233,733 Total Vacant Square Feet: 336,730 Overall Occupancy Rate: 84.9% Average Annual Rental Rate Per SF: $15.24 Tyler CBD (Downtown) Office Market Statistics Number of Buildings: 14 Total Square Feet: 759,952 Total Vacant Square Feet: 146,601 Occupancy Rate: 80.7% Average Annual Rental Rate Per SF: $13.30 Tyler Suburban (South Tyler) Office Market Statistics Number of Buildings: 42 Total Square Feet: 1,473,781 Total Vacant Square Feet: 190,129 Occupancy Rate: 87.1% Average Annual Rental Rate Per SF: $15.94
3 Table 2 TYLER OFFICE MARKET SURVEY SEPTEMBER 2013 Class A Number of Buildings: 13 Total Square Feet: 878,337 Total Vacant Square Feet: 118,499 Occupancy Rate: 86.5% Average Annual Rental Rate Per SF: $20.04 Class B Number of Buildings: 33 Total Square Feet: 1,176,842 Total Vacant Square Feet: 198,303 Occupancy Rate: 83.1% Average Annual Rental Rate Per SF: $14.25 Class C Number of Buildings: 10 Total Square Feet: 178,554 Total Vacant Square Feet: 19,928 Occupancy Rate: 88.8% Average Annual Rental Rate Per SF: $12.55
4 BURNS COMMERCIAL PROPERTIES 2015 OFFICE MARKET SURVEY, TYLER, TEXAS CITY: Tyler MARKET: Central Business District (Downtown) DATE: September, 2015 COMMON Tyler CBD Office Market First Place 187, % 19,744 6,548 $ % $9.42 A Allen Bell 100 E. Ferguson Street $17.00 Allen Bell Property Svcs. Crest Properties, Ltd. 903/ Plaza Tower 209, % 43,306 11,326 $ % Base Yr. A Taylor Burns 110 N. College Avenue (incl 8,904 sf in basement) $17.00 Burns Commercial Properties Genecov Group 903/ Broadway Center (KLTV BLDG) 54, % 20,592 10,296 $13.00 N/A Base Yr. B Taylor Burns 105 W. Ferguson Street Burns Commercial Properties TV-3, Inc. 903/ Tyler Office Center 17, % 9,500 3,000 $10.50 N/A None B Art Mullan 120 S. Broadway Avenue Signature Management, Inc. Individual 903/ United Heritage Bldg. 13, % 3,900 1,492 $ % Base Yr. B Robert Means 522 S. Broadway Avenue Investment Real Estate Svcs. Woldert Rentals, LLC 903/ People's Petroleum Building 76, % 23,492 5,891 $ % Base Yr. B Andy Bergfeld 102 N. College Avenue Bergfeld Realty People's Petroleum Bldg., LLC 903/ The Energy Center 41, % 3,000 1,000 $12.00 N/A None C Martin Heines 719 W. Front Street Martin Heines Real Estate Briarwood Group, Ltd. 903/ Fountain Square 29, % 3,500 1,200 $11.00 N/A None C Martin Heines 401 E. Front Street Martin Heines Real Estate Briarwood Group, Ltd. 903/ Blackstone Building 26, % 0 0 $ % $6.67 B Allen Bell 315 N. Broadway Avenue Allen Bell Property Svcs. Tyler Chamber of Commerce 903/
5 COMMON Tyler CBD Office Market 122 South College Building 6, % 6,028 6,028 $10.00 N/A None C Bill Whitehurst 122 S. College Avenue 903/ Whitehurst & Smith Wadel-Connally 30, % 11,739 3,740 $ % $5.23 B Allen Bell 112 E. Line Street $17.00 Allen Bell Property Svcs. BSGJ1, LLC 903/ Austin Bank Building 35, % 1,800 1,000 $12.50 N/A None C Martin Heines 305 S. Broadway Avenue Martin Heines Real Estate Briarwood Group, Ltd 903/ South Broadway Building 13, % 0 0 $ % Base Yr. B Andy Bergfeld 210 S. Broadway Avenue Bergfeld Realty Broadway Rusty Nail, Ltd. 903/ South Broadway Avenue 18, % 0 0 $ % Base Yr. B Andy Bergfeld 320 S. Broadway Avenue Bergfeld Realty Metro Asset Management, LLC 903/ Totals For CBD: 759, % 146,601 $13.14 (avg)
6 CITY: Tyler MARKET: Suburban DATE: September, 2015 COMMON Tyler Suburban Office Market One American Center 113, % 20,302 8,424 $ % Base Yr. A Taylor Burns 909 ESE Loop 323 $19.00 Burns Commercial Properties Mesa Loans of Athens, L.P. 903/ Two American Center 94, % 5,425 3,589 $ % Base Yr. A Russell Patterson 821 ESE Loop 323 $19.00 Patterson Commercial Property Aberfeldy, Ltd. 903/ Grande Centre 90, % 0 0 $ % $7.35 A Taylor Burns 6101 S. Broadway Avenue $23.00 Burns Commercial Properties David Lake 903/ Grande Plaza 57, % 1,387 1,387 Negotiable N/A N/A B Brad Donley 212 Grande Blvd. Pyle Properties Pyle Properties 903/ Heartland Financial Center 58, % 0 0 Negotiable 15.0% Base Yr. A Brig North 501 Shelley Drive Heartland SIG Hibbs Financial 903/ Woodgate Centre 95, % 9,361 3,985 $ % Base Yr. B Glenn Eikner 1001 ESE Loop 323 $16.50 Burns Commercial Properties Woodgate Centre, LLC 903/ Paluxy Square 79, % 26,412 3,403 $ N/A Base Yr. B Mark Whatley 3800 Paluxy Drive $15.00 Burns Commercial Properties Genecov Group 903/ Commerce Square 73, % 10,949 3,020 $11.10 N/A None B James Wynne, III 3334 SSW Loop 323 Commerce Square Corp. Wynne Interests 903/ Oak Plaza Building 59, % 8,341 5,157 $ % $6.04 B Dan Spivey 3300, 3304 & 3310 S. Broadway Roosth Properties Roosth Properties 903/ Shiloh Office Park 22, % 3,011 3,011 $13.50 N/A Base Yr. B Russell Patterson 921 Shiloh Road Net Elec/Janitorial Patterson Commercial Property Aberfeldy, Ltd. 903/
7 COMMON Tyler Suburban Office Market Independence Center 54, % 6,033 3,731 $ % Base Yr. B Don Simmons 100 Independence Place Simmons Real Estate Genecov Group 903/ Alpha Centre 45, % 9,071 2,880 $ % Base Yr. B Russell Patterson 3200 Troup Highway Patterson Commercial Property Aberfeldy, Ltd. 903/ Atriums 39, % 2,839 1,450 $ % Base Yr. B Russell Patterson 1820 Shiloh Road Patterson Commercial Property Aberfeldy, Ltd. 903/ Southeast Center 38, % 12,008 5,157 $ % $6.61 A Dan Spivey 3301 Troup Highway $18.00 Roosth Properties Roosth Properties 903/ Southpark Centre 48, % 4,475 2,333 $ % Base Yr. B Glenn Eikner 1828 ESE Loop 323 $17.00 Burns Commercial Properties Negem Investments, LLC 903/ Scottish Highlands Office 33, % 3,253 1,716 $14.00 N/A Base Yr. B Glenn Eikner Highway 110 S. at Kensington Net of Utilities Burns Commercial Properties Genecov Group 903/ Oakglen Office Building 14, % 0 0 $ % Base Yr. B Carrie Johnson 5620 Old Bullard Road Harbor Properties Threlkeld Building 15, % 0 0 $15.00 N/A None B Don Robert Johnson 515 WSW Loop 323 Trust Property Mgmt. 903/ Atelier Office Buildings 13, % $13.00* N/A Base Yr. B Carrie Johnson 3800 Old Bullard Road Harbor Properties
8 COMMON Tyler Suburban Office Market Bullard Road Square 14, % 0 0 $12.00* N/A Base Yr. C Carrie Johnson 5604 Old Bullard Road Harbor Properties Woodgate I 30, % 4,650 1,560 $ % $6.20 B Brian Burks 1121 ESE Loop 323 Landbridge Commercial CG Investments, LP 903/ Woodgate II 33, % 1,021 1,021 $ % Base Yr. B Russell Patterson 1021 ESE Loop 323 Patterson Commercial Property Flowers Davis PLLC 903/ Woodgate IV 50, % 3, $ % $6.00 B Don Robert Johnson 1101 ESE Loop 323 Trust Property Mgmt. Copeland Gate, LLC 903/ Southside Office Building 15, % 2, $12.00 N/A None C Martin Heines 1324 S. Beckham Martin Heines Real Estate Pollard-Heines Buildings, LLC 903/ Oak Leaf Building 12, % 0 0 $12.00* N/A $2.75 C Carrie Johnson 5528 Old Bullard Road Harbor Properties Winchester Office Complex 12, % 0 0 $12.00 N/A None C Carrie Johnson Winchester Drive Harbor Properties The Colonial 10, % 0 0 $13.00 N/A None B Carrie Johnson 5935 Old Bullard Road Harbor Properties Highlands Office 7, % 0 0 $13.50 N/A None C Bob Matush 2624 Kensington 903/ Bob Matush * Tenant pays for certain charges such as utilities and/or janitorial. Rate shown includes an estimate for these sevices.
9 COMMON Tyler Suburban Office Market Southgate Office Park 11, % 0 0 $15.00 N/A Base Yr. B Mark Whatley 720 WSW Loop 323 Glenn Eikner Genecov Group Burns Commercial Properties 903/ Off Broadway II 22, % 22,990 22,990 Negotiable N/A N/A B Nolan Manziel 2301 S. Broadway Avenue 903/ Nolan Manziel Pruitt Place Building 10, % 4,500 4,500 $15.50 N/A N/A A Don Carroll 1015 Pruitt Place NNN Landbridge Commercial Abby Development 903/ Pruitt Place 8, % 0 0 $15.50 N/A N/A A Don Carroll Abby Development NNN Landbridge Commercial Building 1 903/ Pruitt Place 12, % 0 0 $15.50 N/A N/A A Don Carroll Abby Development NNN Landbridge Commercial Building 2 903/ Old Jacksonville Professional Park 20, % 0 0 $15.50 N/A N/A A Don Carroll 6760 & 6770 Old Jacksonville Road NNN Landbridge Commercial Abby Development 903/ Regions Bank Building 12, % 0 0 $15.50 N/A Base Yr. B Taylor Burns 1000 WSW Loop 323 Burns Commercial Properties WSW Loop Partners, LLC 903/ Jordan Plaza 40, % 2,400 2,400 $11.00 $3.60/SF N/A B Brian Burks Jordan Plaza Blvd. Landbridge Commercial Verian Investments, LP 903/ Kinsey Plaza 26, % 3,156 3,156 $ N/A N/A B Ray Newman 1420 WSW Loop 323 $16.00 Bridgewater Realty ETX Tyler Properties 903/
10 COMMON Tyler Suburban Office Market Broadway Commons 16, % 0 0 $16.00 N/A N/A B Robert Means 8288 S. Broadway Investment Real Estate Svcs. Andres Alarcon 903/ Plantation Center 20, % 6,000 6,000 $14.00 N/A N/A B Robert Means Rice Rd. NNN Investment Real Estate Svcs. 903/ ETS Building 3, % 3,600 3,600 $12.00 N/A N/A C Robert Means 419 Rice Rd. NNN Investment Real Estate Svcs. 903/ Corporate Green Office Park 19, % 4,980 4,980 $16.00 N/A N/A A Matthew Marshall Eagles Nest Blvd. NNN Drake Real Estate Phil Burks 903/ Broadway Hills Plaza 16, % 8,234 4,830 $16.00 N/A N/A A Matthew Marshall 7925 S. Broadway, Bldg. 11 NNN Drake Real Estate CHB Interests, LLC 903/ Suburban Totals: 1,473, % 190,129 $15.94 (avg) Totals For All Properties: 2,233, % 336,730 $15.24 (avg)
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