So, one-third of the way through 2018, how is the industrial market? We have had some big announcements and some significant construction projects. Amazon has announced that Oklahoma City will be the site of a 2.5 million square foot Fulfillment Center. A Fulfillment Center is an Amazon warehouse, in this case, four stories tall, warehousing items which are directly shipped to Amazon customers. A project of this size reinforces the notion that OKC has come of age. In addition to this is the construction of a 1.0 million square foot warehouse addition to the Hobby Lobby campus.
Big Box retail space is becoming more readily available in the OKC and Tulsa markets. But, what is the demand for these spaces?
Modernizing office building finishes is paying dividends when attempting to attract top prospective tenants.
The 1st Quarter of 2018 is showing the results of a tough year of leasing in 2017 and is indicative of a slowdown now occurring in the office sales market. Higher vacancy rates eventually effect capitalization rates and projected returns on investment.