The Tulsa office-using employment sector to grow. According to the Bureau of Labor Statistics, Tulsa accounted for 2,400 of the 5,500 jobs added to Oklahoma office employment since September of last year.
Compared to Q2 2018, the market-wide vacancy rate increased by 20 bps but declined by 40 bps year-over-year. The South and CBD submarket vacancy rates ticked upwards and Midtown vacancy decreased slightly quarter-over-quarter, all other submarkets were relatively unchanged.
The Tulsa office market saw 59 transactions and 303,000 sq. ft. of gross absorption.
Two large projects are planned for the CBD submarket: Santa Fe Square, a 7-story building with over 180,000 sq. ft. of office space; and GreenArch Phase II, a mixed-use property with three floors of office space.