Employment growth in the industrial sector saw a slowdown during Q1 2019, though the pace of hiring remains above the recent historical average. As a whole, the economy displayed healthy employment growth throughout the quarter. The unemployment rate for the Tulsa metro was down to 3.3% in March, according to the Bureau of Labor Statistics (BLS).
Vacancies in the industrial market rose slightly in Q1 2019, though demand remains strong for logistics and distribution spaces that offer modern amenities.
The Tulsa industrial market saw 38 leasing transactions and 480,159 sq. ft. of gross absorption during Q1 2019.
Several construction projects are underway as outside companies continue to expand and relocate their business operations in the Tulsa area. As a result, there was an uptick in investment sales in the Tulsa industrial market, generating a sales volume of $12.6 million for the quarter.