Does anyone know what the office vacancy rates were during the height of the oil boom in the 1980's? I'm curious because OKC was much smaller back then and we had a 31-story Oklahoma Tower built, a 22-story and 16 story twin tower Leadership Square built and a couple of other ones that I'm not sure what the names of those are, but the point is that this city had massive office construction going on. Presently, the office market downtown is full of vacant class C space that is slowly being bought up for conversion to housing. If the overall vacancy is skewed by those properties, then I feel optimistic that in a fairly short amount of time, the vacancy rate will tumble. Last I heard, the class A space was at 16% and I'm sure that there is some absorption of space each quarter. Does anyone know at what rate of vacancy downtown class A needs to get down to in order to fully justify new speculative construction?
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