Oklahoma City Commercial and Office Space Overview
The largest city and capital of Oklahoma, Oklahoma City ranks 27th in terms of U.S. population, growing considerably since the 2010 census to nearly 750,000 people, with the metropolitan area reaching 1.3 million.
Originally settled in 1889 as part of the Land Run, the state was admitted to the Union in 1907 and Oklahoma City became a major population and trading hub along the famous Route 66 highway.
Hundreds of commercial real estate listings are available throughout Oklahoma City limits topping out at a median rate of $21 per square foot/year, making the city an attractive alternative to other cities of a similar size and to those seeking a low-cost entry in the startup world.
Economy of Oklahoma City
While its tradition as a governmental and energy center continues to this day, Oklahoma City’s economy has expanded to healthcare, information technology, administration, and corporate retail. The city is home to many regional headquarters, including AT&T, Hobby Lobby, and Boeing, employing thousands of people in the region and accounting for millions to the nation’s GDP.
Oklahoma City residents enjoy a median household income of $51,581. While below the nation’s average, the city outpaces the rest of the state and provides a viable economic buoy for new graduates and experienced professionals alike. Housing costs, on average, hover around $150,000 per single family home, making it one of the more affordable housing markets for cities its size in the United States.
Trends of Oklahoma City
Oklahoma City has seen nearly 30 major development projects crop up over the last several years, promising hundreds of thousands of square footage of new residential and commercial space throughout the city’s vast 630 square miles. These projects promise new residential spaces, mixed-use areas, and plenty of retail and commercial environments for new or expanding businesses looking to build upon Oklahoma City’s rampant growth.
Agriculture, service industries, and trade and transportation lead the city’s defining features, but art and culture have begun to take hold in OKC for the first time in its history. Cultural and entertainment attractions like the Oklahoma City Thunder are a regional powerhouse that draw thousands to the city each year, as are the many music standbys within the city limits. The Oklahoma City Philharmonic are an award-winning group, and the ballet, museum of art, and independent artist gallery make for an enlightening life for residents of the city.
