Download the 2024 Midyear Office Market Report (email required)
The first half of 2024 brought welcome improvements to the overall health of the Oklahoma City office market. The market is beginning to show signs of recovery from the initial damage and aftermath of the COVID-19 pandemic. The total market vacancy rate, which measures the percentage of unoccupied space, has decreased from 25.2% at the end of 2023 to 24.2%.
This decrease is coupled with another positive indicator: the overall absorption in the office market reached 187,681 square feet, with the bulk of that absorption occurring in various suburban submarkets. The Northwest submarket was a significant driver of overall market absorption, accounting for 122,967 SF. This change is largely attributed to activity at Union Plaza on Northwest Expressway, where the new owner, Sovereign Bank, took over an additional three floors, and Essential Offices expanded their co-working concept into two additional floors. The Northwest submarket will always be one to closely follow, due to its close proximity to some of the fastest-growing communities in the state... Read More
