The ultimate effects of the global COVID19 pandemic and local decline in the energy industry are yet to be fully known, but the initial results are obviously negative. The calendar year 2020 showed significant changes in the Oklahoma City office market, and most of those changes were negative despite some significant positive announcements. During 2020 the market experienced overall negative absorption of approximately 618,000 square feet. The total vacancy rate rose from 20.9% to 24.8%, but rental rates remained fairly flat only declining from $19.55 per SF to $19.53 per SF during the year. Local landlords continue to hold fast to existing face rates but offer lease incentives such as free rent and increased construction allowances.