Unemployment in the Oklahoma City continues to hover near its lowest point in nearly half a century. According to the Bureau of Labor Statistics, the Oklahoma City metro logged an unemployment rate of 2.9% in September. This is below the state-wide rate of 3.2%, and the Tulsa metro rate of 3.1%.
The industrial market registered negative absorption for Q3 2019, which is only the third time in the previous twelve quarters that absorption fell into negative territory.
Average asking rents remained stable at $5.81 per sq. ft. for Q3 2019.
Deliveries rose substantially during Q3 2019 due to the completion of two large projects in the Southwest submarket. There were 2,702,315 sq. ft. delivered in total, leaving just over 500,000 sq. ft. of remaining construction.