Oklahoma Real Estate Market Holding Own despite Vacancies / According to Visiting Coldwell Banker Official
Driskill, Matt, THE JOURNAL RECORD
Although not as healthy as last year, Oklahoma City's office and industrial real estate market is holding its own despite 22 percent office vacancies and 7 percent industrial vacancies according to Pete Marr, executive vice president of Coldwell Banker.
Marr, who heads up the western division for the real estate congolmerate, said Tuesday the Oklahoma City market is "about average" in terms of office and industrial vacancies.
"I'd say it's healthy, but it's not like it was last year. We're off since the first of the year nationally in most marketplaces.
"It's a tough market. We're going through a time of consolidation. The number of the markets are down, but in this geographic region, a number are doing well," Marr said.
"By and large there is still activity. We'd like to see it better, but we aren't deeply concerned."
Retail markets are holding up well, Marr said, including anything from fast food to strip commercial. But the office building marketplace is "epitomized" across the country as having very high vacancies.
"Especially in lieu of the fact that developers have had the ability to borrow money easily. There is still a lot of money out there.
"As it happened in the past they built more than the existing demand will absorb. The outcome is going to be a pretty big inventory of office space and a very competitive environment," Marr said.
"The market is going to be great for the tenant because the deals they can negotiate today are going to be very competitive. …