OKC employment gains turn the tide for office sector
The current market ratings by Moody’s Analytics have Oklahoma City placed within recovery status, showcasing the metro’s gains in employment. Office-using employment experienced notable growth in H2 2017. Professional and Business Services registered 4.2% year-over-year employment growth in October 2017.
Leasing overpowers vacancy as year ends on a positive note
The CBD and North submarkets experienced an increase in occupancy. Notably, Eide Bailey leased approximately 19,625 sq. ft. in the newly renovated Heritage Building in the CBD. Additionally, an undisclosed tenant expanded out of an owner-occupied building and leased 50,000 sq. ft. in the North submarket.
Investment sales taper
Investment sales ended the year on a quiet note with only $6.9 million in transactions. Meanwhile, expectations are piqued as the 823,631 sq. ft. Cotter Portfolio was announced to be for sale in December 2017.