Commercial property is doing quite well in OKC, considering, CBRE says

“Record-setting” warehousing-distribution, recovery for office buildings, “hope” for stores — CBRE knows how to write attention-grabbing headlines.

The good news has to do with more than real estate. It means jobs and investment. And business growth.

“Oklahoma City experiencing record-setting trends in its industrial sector,” one headline says.

“Oklahoma City office sector recovering as vacancy falls and absorption rises,” another one says.

And then there’s “2021 brings hope and economic normalcy for OKC retail.”

Pandemic or not, commercial property markets are in pretty good shape around here. Here are highlights from CBRE’s midyear reports on the office, industrial and retail sectors.

Industrial

• Between 2010 and 2020, Oklahoma City’s warehouse-distribution sector grew by 56% or 10,000 jobs, outpacing the state at 33% and nation at 21%.

• “E-commerce and on-demand delivery service accounts for $4.2 billion or 5.5% of total GDP for the Oklahoma City metro today.”

• Cannabis is still inhaling industrial space.

• More companies are turning to build-to-suit properties, which is driving demand up for industrial land.

• “The first half of 2021 brought a few challenges but overall great success to Oklahoma City’s industrial sector as vacancy continues to decrease and absorption, completions and construction continue to climb.”

• Industrial stats at midyear: Vacancy, 2.9%; net absorption, 533,000 square feet; annual average asking lease rate, $6.15 per square foot per year, triple-net (tenant pays for property insurance, property taxes,

RICHARD MIZE/THE OKLAHOMAN Construction entrance to Carvana’s reconditioning and inspection center, a nearly 200,000-square-foot facility, under construction at 5500 S Rockwell Ave.