Tulsa Commercial Real Estate Market

“Opportunities for excellent values available to Buyers and Tenants as Tulsa's economy continues to recover!

Tulsa, OK., has generally mirrored the national economy in recent years. Like many other cities in the United States, Tulsa lost a significant number of jobs, resulting in an adverse affect on many sectors of it's real estate markets. The increasing vacancy rates and lower rental rates caused by Tulsa's loss of jobs in recent years have resulted in a soft real estate market in nearly all product types. Buyers and Tenants have a window of opportunity to take advantage of excellent real estate values available in the metro Tulsa area, as Tulsa's economy continues to recover for the following reasons:

In September 2003, the citizens of Tulsa County approved by a "super majority" vote "Vision 2025", a major capital improvement package for construction of projects located in the Tulsa area during the next 5 to 10 years. Approval of "Vision 2025" was a significant psychological boost for Tulsa, sending a powerful message that Tulsa is a pro-business community. These public investment dollars will stimulate construction activity and should provide a catalyst for increased private investment.

Tulsa is an attractive clean city with an excellent quality of life, low cost of living, significant cultural attractions and many amenities not often found in metropolitan areas with less than one million population. Tulsa was also recently named by "Partners for Livable Communities" as one of the "Most Livable Communities in America" for this decade at the National Press Club in Washington, DC. As Tulsa continues to deal with the impact of announcements of job loss from high profile employers, good news is out there. Since the first of the year, about 4,400 new jobs have been announced in the Tulsa area. What follows below are some of the recent employment announcements with favorable impact on Tulsa's economy:

• Vanguard Car Rental USA Inc., the Florida-based parent of National Car Rental and Alamo Rent A Car, is moving its corporate headquarters and 700 jobs to Tulsa by year-end.
  
• MCI is actually expanding and creating 1300 additional jobs in Tulsa.
  
• State Farm announced they are staying in Tulsa and expanding their operations. The 200 new State Farm jobs will have a total economic impact on the city of almost $91million annually. State Farm has been in Tulsa since 1989.
  
• Several other Tulsa companies announced expansions in the first quarter of 2004, including Bizjet International Sales & Support Inc., Cavalry Portfolio Services, DecisionOne, Sustainable Solutions, Taylor Rigs LLC and United Recovery Systems.

George Thomas CCIM
gmthomas@whitesidegrant.com
918-743-9898

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