The unemployment rate for the Oklahoma City Metro was 3.3% in March, according to the Bureau of Labor Statistics. This matches the state-wide unemployment rate and remains well below the national rate of 3.7%.
The market-wide vacancy rate continued to tighten throughout the quarter, declining from 3.6% in Q1 2019 to 3.3% for Q2 2019.
Average asking rents for industrial property grew to $5.85 per sq. ft. by the close of Q2 2019. Rental rates for Class A industrial space are generally found between $6.50 and $7.00 per sq. ft. Class A rent growth has slowed, however, largely due to an oversupply of space and competition for tenants amongst landlords.
The aviation and aeronautics industry continues to expand their footprint in the Oklahoma City industrial market. There are nearly 240 aviation-related institutions in the greater metropolitan area, producing a combined economic output of $4.9 billion per year.