Office space available across downtown Tulsa
Monday, June 23rd 2003, 12:00 am
By: News On 6
(Tulsa-AP) -- ``For lease'' signs are popping up all over downtown Tulsa.
An unsettled business climate has opened up chunks of office space where the city's largest companies once flourished.
The downtown office market faces an occupancy rate of about 77 percent, the lowest since April 1989. A survey by Wiggin Properties says nearly two-point-five (m) million square feet of office space is available in downtown Tulsa.
The rising inventory of available office space is affecting rent. Ken Tooman of Tooman Partners estimates that rents are down five percent to seven percent from last year.
Wiggin says work force reductions at Williams Companies and WilTel Communications Group has introduced more than 450-thousand square feet of prime office space downtown.