OKLAHOMA CITY, OK — Oklahoma City is expected to maintain fairly solid office fundamentals this year as limited supply additions are offset by modest job gains, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.
The metro’s ties to the booming energy sector should support job growth going forward and w
ill likely curb the market’s exposure to the national economic slowdown.“The investment outlook for Oklahoma City is bright, given the area’s healthy job growth and modest additions to supply,” says Gary R. Lucas, (top right photo) regional manager of the Oklahoma City office of Marcus & Millichap.
Following are some of the most significant aspects of the Oklahoma City Office Research Report:
· Employers are expected to expand payrolls 1.3 percent this year with the creation of 7,200 positions.
· Builders are anticipated to bring 50,000 square feet of office space online by year end, increasing inventory by 0.3 percent.
· Vacancy is projected to finish the year at 15.5 percent.
· Asking rents are predicted to reach $14.77 per square foot by year end, a gain of 1.9 percent.
· Effective rents will climb $12.76 per square foot, an increase of 2.5 percent.
For a copy of the complete Oklahoma City Office Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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