2023 was another interesting year for the Oklahoma City office market. While the market experienced positive absorption of 30,307 square feet, that does not tell the whole story. The north submarket was the clear leader in 2023, with positive absorption of 164,433 SF, which can be attributed to two of the larger deals done in the market in 2023, Diamondback Energy taking a sizable portion of Building 13 at Chesapeake, and OU Health signing a major lease at Central Park. Looking at the other submarkets, we experienced more of the same when it comes to negative absorption, with the Midtown (-44,309 SF) and CBD (-53,656 SF) submarkets experiencing it the heaviest. While it does seem like things are beginning to calm down in the market, it is evident there are still major decisions to be made by certain tenants in the coming years as it pertains to their office space. Despite this, the office team at Price Edwards remains optimistic about the future of the Office market in Oklahoma City, as companies begin to evaluate what their return to the office might look like.
