Overall, the past few years have shown increasing occupancy throughout the Tulsa area. Rising population, purchasing power, and total retail sales have resulted in constricted vacancy within existing centers, as well as expanded growth in the Blue Dome and Brady Arts entertainment districts.
Tenant recruiting has commenced for The Annex, a downtown Tulsa planned mixed-use community with 42,000-sq.ft. of grocery/retail, and 240 apartments. Construction is scheduled to begin next summer for 2020 delivery.
CBRE Econometric Advisors forecasts Tulsa retail sales volumes to reach $11.9 billion in 2018, a 4.1% increase from 2017. Similar sales growth is projected to continue over the next five years at an annual rate of 3.7%, in line with the U.S. average.
In July, Tulsa residents celebrated the grand opening of specialty retailer Cost Plus World Market at Midtown Village. The 18,500-sq.-ft. space will share the center with anchors Best Buy and Bed, Bath & Beyond with easy access from Interstate 44 and in close proximity to Tulsa Promenade and Southroads.