- Tulsa’s Economic strength shines
According to the Bureau of Labor Statistics (BLS), unemployment rates dropped to 4.4% as of October 2017. The rates were pushed lower by employment gains in manufacturing and business/professional services. The rebound in manufacturing demand from aerospace and energy pushed a 6.0% year-over-year growth in manufacturing employment as of November 2017.
- Construction lag boosts demand fundamentals
Construction activity was still flatlined for Tulsa in H2 2017. Halted development has helped turn the market back to the black as current market inventory has declined.
- Absence of energy consolidation leads to net positive absorption
The CBD and Midtown submarkets experienced the largest increase in net absorption in H2 2017 --the two combined areas represented 76.7% of market activity. The CBD contributed the majority of positive net absorption with 91,085 sq. ft.
Investment sales ended the year only clocking $13.6 million in transactions, down 68% the same period last year. As the economy continues to improve, expectations are high that investments sales will see a boost in 2018.