Levy Beffort Releases 2008 Real Estate Outlook for Oklahoma City
Chambers, Kelley, THE JOURNAL RECORD
The Oklahoma City commercial real estate market looks to continue its upward momentum in 2008 despite national credit problems and the risk of a looming recession, according to a report from one local real estate firm.
The local office of global real estate firm Grubb & Ellis, called Grubb & Ellis Levy Beffort and headed by Harrison Levy and Mark Beffort, reported on several aspects of commercial real estate regionally and in and around Oklahoma City and gave a published forecast for the year ahead.
Robert Bach, chief economist for Grubb & Ellis, is familiar with the Oklahoma City market after living in Dallas in the late 1970s and early 1980s and doing consulting studies and market research on the local market over the years.
Bach said the Oklahoma City commercial market appears to be healthy and strong heading into 2008.
"This is the first time I can recall where the outlook for Oklahoma City looks better than the outlook for the U.S. overall," Bach said.
And while the term "insulated" is often thrown about to describe how nationwide trends have not dragged down the Oklahoma City market, Bach said the local market is more susceptible to a slump or serious woes than it used to be.
Looking ahead, Bach said there is a 50/50 chance the U.S. is in a recession or could drop into one.
"The other 50-percent chance is that we won't and we'll just see slow growth in the first and second quarters," he said.
There are, however, several factors that have and could contribute to Oklahoma and Oklahoma City's prosperity and ability to ride out a recession. …