Employment gains drive four straight quarters of positive demand
- The Q1 2018 market ratings by Moody’s Analytics have Tulsa within mid expansion status of the business cycle, making the leap from recovery to self-sustaining expansion. In addition, the Tulsa metro is forecasted to grow 3.1% in gross metro product totaling $47.9 billion by year-end.
- Office-using employment experienced sustained growth through the first quarter. According to the Bureau of Labor Statistics (BLS), professional and business services sector registered 1.7% year-over-year employment growth in January 2018.
In with the old and out with the new; investor preference for renovations
- As the trailing year has landed consistent positive absorption investors are taking note of the shrinking supply. As an alternative to new construction, investors are salvaging underutilized space to meet the demand of expanding office users.
- In the Southwest section of the CBD known as the Cathedral District, there is a combination 80,000 sq. ft. under renovation/conversion in the Bovaird Building, Crafton Tull building and adjacent warehouse. The newly renovated space will be available for occupancy in Q2 2018.