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OFFICE
Oklahoma City's office market continues to hold firm with market rents positive at 0.7% over the trailing 12-month period and the vacancy rate hovering near 9.7%. With the current average sales price hovering around $141/SqFt. The OKC market contains around 70M SqFt of Office.
INDUSTRIAL
New supply is coming to Oklahoma City at a healthy pace as firms choose central Oklahoma for their industrial presence. Fueled by steady population growth and the rise and relevance of e-commerce, the region has added 16.4 million SF of new space since 2010. With the area's central location, steady job growth, and strong transportation infrastructure, the region continues solidifying itself as an emerging logistics hub.
RETAIL
The Oklahoma City retail remains on firm footing with vacancy rates holding steady thanks to consistent demand over the past several years. Stable demand has kept vacancy rates from expanding beyond pre-crisis norms. Availability rates are also compressing, yielding greater competition for space among tenants. OKC’s Metro market is seeing an average Market Rent of $16.49/SqFt.
MULTIFAMILY
Oklahoma City's vacancy rates are shifting higher because of the weakest net absorption in over 20 years. The trend is a dramatic shift from the wave of demand that pushed vacancy rates to 20-year lows in 2021. Like many multifamily markets, demand levels are lower over the past 12 months as stubborn inflation and economic unease are weighing on households' propensity to sign new leases. Even as vacancy rates rise, they remain within the range of typical performances over the past 10 years.
Data & information has been sourced from CoStar, the industry leader in commercial real estate information, analytics and news.