The Oklahoma City labor market continued to tighten throughout Q2 2019, as unemployment fell to 2.9% in May 2019. In terms of office-using employment, the Professional & Business Services sector has grown by 4.2% in the last year.
The market-wide vacancy rate increased 20 basis points (bps) during the quarter, from 16.1% in Q1 2019 to 16.3%.
The Oklahoma City office market saw 42 lease transactions and 136,492 sq. ft. of gross absorption during Q2 2019.
Construction activity remains robust in the CBD and Midtown Submarkets, particularly in sites along Automobile Alley. In addition to the Monarch and Heartland Payment Systems buildings currently under construction, the former Cotter Tower is undergoing extensive renovations and will be the new HQ for BancFirst.