Unemployment in the OKC metro remains near its lowest point in decades, ending the year at 2.8%, according to the Bureau of Labor Statistics.
Despite job losses in the energy and manufacturing industries, the trade, transportation, and utilities sector proved to be a bright spot for the OKC industrial market to end the year, adding 2,100 jobs in Oklahoma City during Q4 2019.
Overall net absorption increased for the OKC industrial market, but this was primarily the result of one sizable occupancy of pre-leased space. Without the large move-in in the Southwest submarket, the market as a whole recorded 290,788 sq. ft. of negative absorption.
Investment sales activity remained soft in Q4 2019, with $11.4 million in sales accumulated during the quarter, based on data from Real Capital Analytics. For 2019, the Oklahoma City industrial market recorded $62.3 million in investment sales.
In terms of leasing activity for 2019, the Central, South, and Southwest submarkets led the way with 2,313,081 sq. ft. of positive absorption, collectively.
As of year-end, there were several small to mid-sized warehouse properties under construction throughout the market, with the majority of construction focused in the Southwest submarket.