Crout and Taggart both said they were confident that other companies could absorb most of the cut employees.
“It makes you feel bad for the people who are losing their jobs. It's nice that the industry in this area can absorb some of them,” Crout said.
Taggart pointed to the range of strong business and industry in Oklahoma City.
“We have lots of different industries in Oklahoma City,” he said.
Apartment owners and managers — especially of newer, upscale properties that have gone up not far from the Chesapeake campus at NW 63 and Western Avenue — could feel early effects in the form of missed rent payments, said Mike Buhl of Commercial Realty Resources Co., which tracks apartments. Leases seldom have opt-out clauses for job loss, he said
Many Chesapeake employees — and now ex-employees — “are that young demographic” of renters, he said.
“Have you ever driven by the Chesapeake campus during lunch hours and break time? You've got a lot of people playing basketball and roaming around. They're not guys (in their 50s). They're probably not homeowners. They're probably renters, and probably renters of upscale, high-income properties,” Buhl said.