Unemployment in the Tulsa metropolitan area rose by a single basis point in Q2 2019, ending the quarter at 3.3%, according to the Bureau of Labor Statistics. This is slightly above the state average of 3.2%, though well below the national rate of 3.7%.
Leasing activity remained consistent with the previous quarter, with 62 leases signed for 239,627 sq. ft., when factoring in new leases and renewals. However, a handful of large moveouts by tenants in the Midtown submarket created net absorption for the market overall.
The market-wide occupancy rate fell from 94.5% in Q1 2019, to 94.1% at the end of Q2 2019.
Investment sales volume fell slightly in H1 2019 compared to H1 2018. The market registered just over $20 million in investment sales in the first half of 2019, compared to approximately $28,055,000 in H1 2018.