It's not the sexiest asset class to most people, but those numbers just don't lie.
The industrial real estate sector has proven to be remarkably resilient during these economic times, providing a much-needed boost to the Oklahoma City commercial real estate market. Occupancy rates for industrial properties in the city remain high, with the industrial sector consistently outpacing other commercial real estate markets.
THE NUMBERS
According to CoStar data, in the first quarter of 2021, industrial occupancy rates in Oklahoma City were 97.4%, compared to 94.8% for retail, 87.9% for office space and 82.8% for multifamily housing. The industrial sector has also seen a surge in new construction, helping to meet the high demand from tenants. In the first quarter of 2021, the industrial sector saw a total of 3.2 million square feet of new construction, representing a 9.9% increase from the same time period in 2020.
POSITIVE OUTLOOK
This new construction is helping to create new opportunities for businesses to expand into the market. Overall, the industrial real estate sector in Oklahoma City has proven to be resilient even during these uncertain times. High occupancy rates and increased construction demonstrate that this sector is still a viable and desirable option for businesses looking to expand or relocate. This resiliency has helped to maintain stability in the Oklahoma City commercial real estate market, and is likely to continue even as the economy continues to recover.
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