Industrial employment continues to experience sustained growth. According to the Bureau of Labor Statistics (BLS), Oklahoma City accounted for 4,800 of the 13,000 jobs added to Oklahoma industrial employment September year-over-year.
Q3 2018 absorption in the Oklahoma City industrial market saw substantial growth compared to the previous quarter. This was due in large part to the delivery of a 1.0 million sq. ft. development, the final phase of Hobby Lobby’s campus expansion.
The industrial market saw close to 80 transactions and over 1.8 million sq. ft. of gross absorption during the quarter.
At the close of Q3 2018, there was 5.5 million sq. ft. of proposed construction projects, the majority of which are speculative and could begin construction as early as mid-2019. The largest of the planned projects, a 2.56 million sq. ft., four-story distribution building will be in the Southwest submarket and will begin construction in early Q1 2019.