Tulsa’s industrial market posted net absorption of almost 700,000 sq. ft., roughly two-thirds of the net absorption in H1 2017. . About 373,000 sq. ft. of net absorption was from the delivery of build-to-suit (BTS) projects.
The NNN average asking rate saw growth with a $0.12 per sq. ft. increase since H1 2017.
Vacancy dropped from 4.1% in H1 2017 to 3.8% in H2 2017, the lowest rate in the current cycle. The market rate has fallen by 170 basis points (bps) since H1 2016.
During H2 2017, three new construction projects broke ground, two BTS and one speculative.