The unemployment rate for the Tulsa metropolitan area was 3.3% in June, according to the Bureau of Labor Statistics.
Despite a modest softening in demand for office space, Q2 2019 net absorption remained positive. A handful of vacancies in the CBD were countered by nearly 40,000 sq. ft. of positive absorption in the South and East submarkets, bringing market-wide net absorption to positive 18,358 sq. ft. for the quarter.
Construction continued on the Vast Bank Building, a 101,061-sq. ft., Class A office building that will be the new corporate headquarters for Vast Bank. The building will be delivered with 100% occupancy upon completion.
Investment sales activity fell slightly during Q2 2019, recording $8.8 million in sales during the quarter. For CBRE-tracked properties, there were 62 leases signed during the quarter for nearly 170,000 sq. ft.