• Despite an unemployment rate of less than 3.0% for the third consecutive quarter, office-using employment in the Oklahoma City metropolitan area remained soft in Q4 2019 due to losses in the energy and professional and business services sectors.

 

  • Volatility in the oil and gas industry has curtailed the appetite for office space from energy-related occupiers, which contributed to negative absorption in four of the six local submarkets.

 

  • Investment sales increased in Q4 2019, due in large part to activity in the North and Northwest submarkets. Total investment sales for office property in Oklahoma City amounted to $95.4 million, an increase of $18.4 million from 2018 totals.

 

  • Construction levels fell during Q4 2019 with the delivery of two office buildings in the CBD and Midtown submarkets. In the CBD, a former car dealership was converted into modern office space, while the 53,000-sq. ft. Monarch building was completed in Midtown.