Ivanna Sukkar

As published in Scotsman Guide's Commercial Edition, November 2009.

In the city that Forbes magazine called 2008's most recession-resistant, things look like they're still beyond OK. A strong core industry, a growing population and developments that likely will completely make over Oklahoma City could combine to make the city even stronger.

What the Locals Say _____________________________________ "The numbers are actually better than they look on the surface. In the office market, there has been negative absorption, but if you dig down, much of that was because of tenant repositioning in the market. And in the retail sector, we have two large regional malls that are distressed assets, are older and account for 1 million square feet of vacancy. Take those two out, and retail vacancy is not as bad as it looks." — Darren Currin, vice president and research director, OKC Property Research LLC

There was positive activity in almost all commercial property sectors in recent months in Oklahoma's capital.

Some highlights: The multifamily market saw 315 building permits issued this past August, up from four in August 2008. Also in August, investors bought a local AT&T warehouse — which the company will continue to occupy — for $3.7 million. The property had seven offers, which local analysts say indicates that the industrial-investment market is still strong.

Further, the office market likely will be transformed when a new building that broke ground this past October is completed in 2012. The Devon Energy Corp. tower — a $750 million, 50-story skyscraper — will be Oklahoma City's and the state's tallest building and will be fully occupied upon completion. On the flip side: The move will open up about 1 million square feet of office space in five other downtown buildings that the company — the city's fifth-largest private employer — currently occupies.

Vitals

⇑ Population: 551,789

• Population in 2000: 506,132
• Rank (U.S.): 31st-largest
• Metropolitan-area population: 1.2 million
• Metropolitan-area rank (U.S.): 44th-largest

⇓ Average commute: 19.7 minutes

• Average commute in 2000: 20.8 minutes
• U.S: 25.3 minutes

⇑ Median household income: $41,885

• Median household income in 2000: $34,947
• U.S.: $50,740

⇑ Median age: 35 years

• Median age in 2000: 34 years
• U.S.: 36.7 years

⇑ Unemployment: 5.7 percent

• Unemployment in July 2008: 3.8 percent
• U.S. (July): 9.4 percent

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