The unemployment rate for the Oklahoma City metropolitan area remained at 2.9% to close out Q3 2019. However, the slower pace of activity in the financial activities and oil & gas sectors have softened office-using employment growth.
The market-wide vacancy rate increased by 80 basis points (bps) during the quarter, from 16.3% in Q2 2019 to 17.1%.
The investment sales market recorded $28.8 million in overall sales in Q3 2019. Over half of the sales volume for the quarter was the sale-leaseback of the Chaparral Energy headquarters in the North Submarket, which sold for $17.7 million in September 2019.
One of the main components of MAPS 4 includes the creation of an innovation district to the east of the CBD and Midtown. Building off of the existing R&D presence in medical research, the goal of the program is to increase the presence of the biotechnology, engineering, and aerospace industries in Oklahoma City.