Resources

ECONOMY:

Oklahoma City demonstrates its resilience in the face of evolving market challenges. In Q1 of 2024, the city maintains lower unemployment rates and higher population growth compared to the national average. However, job growth in Q4 falls below the national average. As Oklahoma City works to diversify its economy by attracting larger businesses in the technology and energy sectors, the state remains optimistic that job growth as well as other areas of the economy will recover in 2024.

MARKET OVERVIEW:

Despite market turbulence, the office market in Oklahoma City remains stable. When looking at all office classes (Medical Office, Co-Working Space, etc.) and among all office sizes, we have a vacancy rate of 9.2%. The core Oklahoma City office market* showing a vacancy rate of 25.3%, Oklahoma City continues to outperform national rates of 26.5%. While leasing activity gains momentum, sales activity remains stagnant due to challenging financing conditions. The leasing landscape is dominated by smaller leases as office users reassess their office utilization amid the trend of hybrid office schedules. Oklahoma City remains an appealing market for office users, offering a diverse range of spaces at affordable rental rates in comparison to national averages.
*Sample criteria: 10,000SF+; Classes A, B, & C; traditional office product

OUTLOOK:

The Cushman & Wakefield (“C&W”) office team notices a steady pattern of office tenants opting for downsizing into nicer more efficient office spaces within the city. During this transitional phase of the “return to work” for certain larger corporate office users, the C&W team anticipates a slight increase in larger office clients seeking new space in central Oklahoma City. Despite the myriad of uncontrollable factors affecting global commercial real estate markets, the local C&W office team maintains an optimistic outlook on the local office market and its future growth.