Tulsa finished Q1 2019 with an unemployment rate of 3.3%, which remains well below the recent historical average. There were nearly 1,000 jobs added in the professional and business services sector, while the oil and gas industry also turned in a strong performance.
There was a slight increase in the overall market vacancy rate to begin the year. Utilizing space in an efficient manner is a growing priority for tenants in the Tulsa office market, which involves reducing their office footprint in many cases.
The Tulsa market saw 66 lease transactions totaling 243,752 sq. ft., making it the top market in the state in terms of leasing activity.
Downtown Tulsa continues to take shape with a variety of office and non-office construction projects planned throughout the year. In addition to continuing construction on the Vast Bank Building, the city has also taken strides to address parking concerns in older parts of town.