Demand for Class A office space remains high in Oklahoma City’s Central Business District, but renovations being undertaken across downtown look to meet that demand.
Between 2007 and 2011, employment growth in the urban core was 2.2 percent, compared to 0.5 percent in the suburbs. This means more office space is necessary for increased business scope and the general growth in downtown’s economy.
At the end of 2014, downtown’s Class A office space availability was down to 0.7 percent, comparable to that of the oil boom years in the 1980s. Renovating office spaces to bring them up to Class A standards is a goal for many historic building developers.
The Journal Record Building is undergoing a $26.7 million renovation, with help from the city, to bring 100,000 square feet of Class A office space to the market. Developers hope to move tenants in by the end of 2016. The Dowell Center at 222 N. Robinson Ave. is undergoing its own set of restorations. When completed, it will make 500,000 square feet of office property available to downtown businesses...
Read the full article here in the July 1st edition of The Journal Record.