Share “Oklahoma City housing should weather...”

Oklahoma City housing should weather Chesapeake Energy's job cuts

Homebuilders, Realtors and some apartment managers and owners will feel effects from Chesapeake Energy's job cuts, but the rest of the local economy will help cushion the blow, industry leaders said.
by Richard Mize Modified: October 8, 2013 at 9:23 pm •  Published: October 9, 2013
Advertisement

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.

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Tony Romo calls Pro Bowl an honor, but hopes Cowboys can't play
  2. 2
    Census: State population grows by nearly 25,000 in past year
  3. 3
    Former President George H.W. Bush To Remain In Hospital
  4. 4
    Lawton's Jalin Barnett gets chance to face nation's No. 1 player
  5. 5
    Fans drunk in love with Drinking Jacket Kickstarter
+ show more