REAL ESTATE HIGHLIGHTS
OKLAHOMA CITY RETAIL MARKET OVERVIEW For the seven-county Oklahoma City metropolitan area, 2024 calendar year total taxable retail sales declined by 1.5% over prior year. Year-over-year increases had been enjoyed for three consecutive years prior (2021, 2022 and 2023). The increases in both 2021 (+13.6%) and 2022 (+11.6%) had been the largest seen in at least 30 years. Forecasted 2025 numbers anticipate a 3.1% growth. At approximately $29.5 billion, the Oklahoma City metro accounts for 45% of the taxable retail sales for the entire state of Oklahoma and 36% of the state’s population. This continues to make the Oklahoma City metro a driving force for retail trade in the state. Per the Price Edwards 2024 OKC Year End Retail Market Summary, retail vacancy in the Oklahoma City market ended the year at 8.87%, improving slightly from 8.97% prior year. Total tracked retail square footage is approximately 51 million square feet.
OKLAHOMA CITY INDUSTRIAL MARKET OVERVIEW The CoStar Industrial Market Report (January 2025) reports that the Oklahoma City market has an inventory of 152 million SF of industrial space. Rent grew by 0.4% over the prior year, well below the 10-year historical average (4.7%). The vacancy rate in January 2025 was 5.3% and expected to remain flat in 2025. There is currently 610,000 SF of industrial construction underway in Oklahoma City. Most of the space underway is in the Southeast Submarket. Unlike past construction waves, which tend to be focused on owner- occupied mega projects for existing companies, the current slate of construction is virtually all speculative. OKLAHOMA CITY OFFICE MARKET OVERVIEW Oklahoma City’s office market experienced flat rent growth over the past year and was below the U.S. average of 1.2%. On a positive note, the Oklahoma City vacancy rate of 9.6% is outperforming the nation (approximately 14%). According to CoStar, there is currently over 70 million SF of office space in the Oklahoma City market. As of early 2025, just over 400 thousand SF of office product is currently under construction. Asking rates average $20.32 across all property types ($16.75-$24.14).
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2025 ECONOMIC OUTLOOK
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