Oklahoma City office market healthy, Xceligent reports
Xceligent's office market summary reported a healthy first quarter in the metro area, thanks largely to purchases by Chesapeake Energy Corp.'s purchases and continued expansions by medical, engineering, law and energy companies.
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Here are highlights from Xceligent's first-quarter office summary for Oklahoma City:
• Users absorbed 140,000 square feet of space for the fourth straight quarter.
• The vacancy rate was down 1.6 percentage points from the first quarter of last year, at 11.1 percent, as a result of purchases by Chesapeake Energy Corp. taking office space off the market, and continued expansions by medical, engineering, law and energy companies.
• “Brokers report strong activity, landlord leverage with fewer rent concessions, and a concern of declining supplies of large blocks of space,” Xceligent reported.
• Even with Devon Energy Corp.'s 1.8-million-square-foot tower coming on line, Xceligent said, “it is still hard not to be bullish on downtown as companies like Continental Resources start backfilling former Devon space.”
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