City Projects in Downtown Oklahoma Freeze Amidst Energy Industry Turbulence
Published By : 04 Feb 2015 | Published By : QYRESEARCH
Downtown Oklahoma City rises with skylines growing high. However, the pace of that growth has started to slow down as uncertainty continues to dwell over the plunging oil prices.
The oil prices were once hovering above $100 per barrel but this does not prove to be an entirely ill-development for the city. This raised questions to many developers and civic leaders as to whether plenty of apartments were set to over flood the market.
This also included the under-construction projects that were approximately more than 1,000 new apartments and more than a couple dozen for sale homes. While the skyline grew more towers in the city, it became quite disloyal to ask whether the high demand for the three new office towers existed or not?
The constantly growing Devon Energy and OGE Energy Corporation is planning to occupy much of the property of those towers.
The Class A office space is expected to remain tight. Due to the energy uncertainties two of the new project developers who were planning to venture ambitious new projects are putting off their plans on hold for a while.
Nevertheless, other two big developments are confident in moving ahead.
The First National Center that is yet to be announced is challenged by unpaid bills and liens. They are also planning to move forward despite the turbulence in the energy industry.
Clayco is also proposing to build four huge towers including two residential and two offices. These will be on the block that was home to Stage Center. The company insists on moving forward with the development as another development called Hines – that is all set to build a 27-story office tower north of the Clayco project.