Newspaper article THE JOURNAL RECORD

Area Industrial Vacancy Rate Up to 12.77%

Newspaper article THE JOURNAL RECORD

Area Industrial Vacancy Rate Up to 12.77%

Article excerpt

Oklahoma City rose to 12.77 percent for the fourth quarter of 1989, its highest level since the first quarter of 1987.

The industrial vacancy rate was up from 12.27 percent for the third quarter and up from 11.08 percent for the fourth quarter of 1988, according to a quarterly report released Wednesday by the Oklahoma City office of Coldwell Banker Commercial Real Estate Services.

The 12.77 percent vacancy rate for the fourth quarter was the highest industrial rate since the first quarter of 1987, when the rate was 12.99 percent, according to Coldwell Banker.

"The market experienced a total absorption of 1.8 million square feet in 1989," said Jim Austin, resident manager of the Oklahoma City Coldwell Banker Commercial Real Estate Services office.

Coldwell Banker polled 914 firms in the metropolitan area.

Of a total of 56.7 million square feet, 7.2 million were vacant in the fourth quarter. Absorption for the quarter was 492,947 square feet, Coldwell Banker said.

"This is the lowest square footage amount for the decade of the '80s," Austin said. "This was caused by both the lack of expansion by local Oklahoma City firms and the relative lack of in-migration."

The predominant users of industrial space continue to be manufacturers, with about 22 million square feet, Coldwell Banker said.

"1989 saw only one new project in the industrial market," Austin said. "This being a distribution center.

"The demand for new distribution space remains the strongest with the industrial market in Oklahoma City."

The Industrial Vacancy Index, an exclusive study by Coldwell Banker, reports on four areas - Central Business District, North, Southeast and Southwest.

- The Southwest area had a fourth quarter industrial vacancy rate of 10.12 percent, the lowest of any of the four areas. …

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