Though unemployment for the Tulsa metropolitan area remains well below the recent historical average at 3.1%, job growth in the industrial sector dipped during Q3 2019. According to the Bureau of Labor Statistics, employment in the construction and manufacturing sectors declined by 0.8% and 1.4%, respectively.
The market-wide vacancy rate rose to 3.9% during Q3 2019, as weakened demand from oil and gas manufacturers and oilfield service companies led to negative net absorption for the first time since Q3 2018.
Quarterly investment sales amounted to $14.3 million in Q3 2019, with approximately 264,426 sq. ft. of industrial space involved amongst four transactions.
The aviation and aeronautics industry continues to bring new and expanding businesses to the Tulsa metro, particularly in the North submarket near the Tulsa International Airport. A recent study from the Oklahoma Aeronautics Commission indicates that the industry provides more than 200,000 jobs state-wide, with a total payroll of $11.7 billion.