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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.
by Richard Mize Published: May 5, 2012

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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.”

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...
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