Oklahoma City, OK – August 11, 2009 – (RealEstateRama) — Tulsa is expected to perform well during the unfolding commercial real estate bust, according to U.S. News & World Report.
The publication cites Tulsa’s employment rate and economic growth as being higher than the national average. U.S. News & World Report says many big construction projects in Tulsa are staying on track, decreasing the likelihood of problems associated with any commercial real estate bust.
U.S. News & World Report says it based its analysis on data provided by REIS, a real estate research firm. The data cover retail and office vacancy rates in the 79 biggest metro areas, including projections for 2010.
Like most of the country Tulsa’s projected vacancy rate will increase slightly in 2010, before improving in 2011 according to U.S. News & World Report.
Oklahoma has performed very well during the recent housing downturn, with one of the lowest foreclosure rates in the country according to real estate data service RealtyTrac.
CNBC recently ranked Oklahoma as having the lowest cost of living in the country and the third strongest economy for 2009. The Brookings Institution recently ranked Oklahoma City No. 2 and Tulsa No. 9 in a study that looks at the strongest metro areas in economic performance during the recession.