Scott + Reid Leverages Tulsa’s Resilient Market for Growth

photo by: Jon Grogan

 

Tulsa, Oklahoma, stands as a beacon of economic resilience and growth amidst evolving trends in the nationwide commercial real estate market, as outlined in recent insights from the National Association of Realtors (NAR) [1].

 

As the commercial real estate landscape across the United States faces potential shifts and adjustments in 2024, Tulsa’s market maintains its stability and promise for continued growth. With a steady rebound in its economy and a robust office sector, Tulsa remains an attractive destination for businesses seeking affordability and opportunity.

 

According to MarketBeat Tulsa: Office Q4 2023, A Cushman & Wakefield Research Publication, Tulsa’s economy has entered an expansion mode, characterized by a flat unemployment rate of 3.2% in Q4 2023, which is 0.6% below the national rate [2]. This, coupled with a slight increase in the workforce population, continues to attract companies to the metro area, contributing to its economic vibrancy.

 

NAR’s analysis suggests that the commercial real estate market nationwide may experience a “reset” this year, characterized by changing dynamics in leasing, investment, and tenant preferences [1]. However, Tulsa’s commercial real estate sector, bolstered by low rents, energy costs, and taxes, is well-positioned to weather potential market adjustments and capitalize on emerging opportunities.

 

Against this backdrop, Scott + Reid continues to exemplify the local market’s resilience and adaptability. With strategic initiatives such as the recent relocation of our regional office to One Williams Tower and the promotion of Brian Travis to Division Director, Scott + Reid continues to demonstrate its commitment to navigating evolving market trends and delivering innovative solutions to meet client needs.

 

While national trends may signal a period of recalibration in commercial real estate, Tulsa’s steady economic growth and favorable business environment offer a foundation for continued investment and development. Scott + Reid’s proactive approach to embracing change and driving progress underscores its leadership in shaping Tulsa’s commercial real estate landscape.

 

As Tulsa continues to distinguish itself as a hub of opportunity and growth, Scott + Reid will remain at the forefront of innovation, leveraging local expertise and industry insights to deliver exceptional construction solutions [3].

 

[1] Source: Will the Commercial Market Hit the Reset Button in 2024, National Association of Realtors
(NAR), https://www.nar.realtor/magazine/real-estate-news/commercial/will-the-commercial-market-
hit-the-reset-button-in-2024

[2] Source: MarketBeat Tulsa: Office Q4 2023, A Cushman & Wakefield Research Publication, chrome-
extension://efaidnbmnnnibpcajpcglclefindmkaj/https://cw-gbl-gws-prod.azureedge.net/-
/media/cw/marketbeat-pdfs/2023/q4/us-
reports/office/tulsa_americas_alliance_marketbeat_office_q42023.pdf?rev=8ff2b07666634121af59f43f
568d82a8

[3] Information from various articles and provided materials.

https://www.cbre.com/insights/figures/tulsa-office-figures-h1-
2023#:~:text=As%20a%20result%20of%20heightened,as%20of%20mid%2Dyear%202023.