City Industrial Vacancy Rate 25%, Says Survey
Tipton, David, THE JOURNAL RECORD
Of the industrial space which was either leased or bought in Oklahoma City, 60 percent of it was absorbed by warehousing/distribution businesses this year, according to the report.
There is no way to compare the report to the Coldwell Banker Industrial Index, because they do not divide up the city the same way. However, it should be noted that Coldwell Banker's latest survey showed a similar 28.3 percent vacancy downtown and suburban rates ranging from 4.1 percent to 12.1 percent.
The Society of Industrial Realtors reported that the majority of industrial space leased or bought in Oklahoma City was for warehouse and/or distribution purposes. The second highest demand in Oklahoma City was for high technology space.
The report shows 25 percent of the industrial market was absorbed by high technology businesses. The remaining 15 percent of industrial space was either purchased or rented by manufacturing operations.
The figures for Oklahoma City vary only slightly from the overall average composition of absorption reported for the other cities located in the mid-continent region of the United States.
The Society of Industrial Realtors does a semiannual survey of market conditions in six major regions in the country. Oklahoma City, along with Tulsa and St. Louis, is among the nine cities included in the mid-continent region.
The Society of Industrial Realtors most recent survey shows 76 percent of the available industrial space in the mid-continent region was absorbed by warehousing/distribution companies.
However, the overall average absorption by high technology industries - 8 percent - was far below the 25 percent figure for Oklahoma City.
In addition, manufacturing accounted for 16 percent of the absorption in the region, just one point higher than that for Oklahoma City. …