Economic bright spots, Part 2
In my column last week, I talked about bright spots for Oklahoma City in 2021. There are several other things that have me optimistic about this year, despite the unpredictability of the national economy in the first few months and how recovery might play out in the second half of the year.
One area of optimism is the industrial sector. Oklahoma City is well-positioned to continue to benefit from the 7% year-over-year growth rate of industrial rent. Industrial sites need to be near population centers, but typically require over 100 contiguous acres. That’s where we have an advantage that few other cities offer. The Alliance, Oklahoma Industries Authority and Greater Oklahoma City Chamber have coordinated the purchase and trade of undeveloped land in Oklahoma City to join large swaths needed for expansion and growth in manufacturing, distribution, research and development, data centers and aerospace.
I predict we’ll see more announcements in 2021.