Unemployment in the Tulsa metropolitan area decreased by 20 basis points at the close of Q3 2019. According to the Bureau of Labor Statistics (BLS), the Tulsa MSA registered an unemployment rate of 3.1% in September.
Vacancies rose during Q3 2019, which can largely be attributed to the soft demand for office space among companies in the energy sector. In addition to weak oil prices, the industry has experienced significant technological advances in recent years that allows energy companies to reduce their office footprint.
Investment sales activity dipped in Q3 2019, with $3.6 million in sales recorded during the quarter. In terms of leasing activity, there were 62 leases signed for 142,173 sq. ft., when factoring in both new leases and renewals.
Progress on the 100,000-sq. ft. Vast Bank Building continued in the CBD, which is expected to be delivered in early 2020. Also located in the CBD, the new WPX Energy headquarters is in the early stages of construction, with delivery projected for 2022.