Unemployment in Tulsa continues to trend below historical levels. According to the Bureau of Labor Statistics, the unemployment rate in the Tulsa metropolitan area was 3.3% in March 2019.
With the implementation of State Question 792, which allows for the sale of full-strength wine and beer by grocery and convenience stores, producers and distributors are increasing their footprint in Tulsa. National brands are updating their supply chain and logistical strategies to capture an increase in demand, while local breweries continue to take up space throughout the metro.
The current construction inventory is largely made up of mid-sized build-to-suit projects in growing residential areas. The absence of new multi-tenant developments has helped maintain occupancy levels at 94.5%.
Leasing activity kept pace with the recent quarterly average, recording 63 leases during the quarter for a total of 202,240 sq. ft.