Oklahoma City Commercial Office Space for Rent

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Q3 2026

Q3 2026

Q3 2026 Oklahoma City Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Oklahoma City's industrial market absorbed 593,000 SF in Q2 2026 as availability fell to 6.7%, and asking rents edged up to $7.64/SF NNN. Retail investment remains active, highlighted by the $82.25 million sale of University Town Center in Norman. Tenant demand on TenantBase shifted toward office in Q3: office space accounted for 62.2% of all Oklahoma City tenant searches, up from 25.9% in Q2.

Sector Snapshot

Office: Mixed. Vacancy averaged about 16% in 2025, with Edmond near 6%.
Industrial: Absorbing. Availability fell 40 basis points to 6.7% in Q2.
Retail: Stable. Vacancy was 9.29% at year-end 2025 across 50.4 million SF.
Multifamily: Affordable and steady. Median rent was $1,114, up 1.1% year over year.

Oklahoma City Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across the Oklahoma City metro, including Edmond, Norman, and Moore, are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

Office: 62.2%
Retail/Storefront: 32.4%
Warehouse/Industrial: 5.4%

Three-Quarter Trend

Office: 21.1% in Q1, 25.9% in Q2, 62.2% in Q3
Retail/Storefront: 53.2% in Q1, 48.1% in Q2, 32.4% in Q3
Warehouse/Industrial: 25.7% in Q1, 27.8% in Q2, 5.4% in Q3

Key Takeaways

Office demand rose for the third straight quarter, from 21.1% in Q1 to 62.2% in Q3.
Office tenants want flexibility. 73.9% of Q3 office searches sought terms under one year, up from 42.3% in Q2.
Retail tenants also want short terms. 81.8% of Q3 retail searches sought terms under one year, up from 19.0% in Q2.
Requirements are small. Short-term office searches averaged 750 to 1,500 SF, and short-term retail searches 1,000 to 2,500 SF.

Office Market

Key Metrics (2025)

Vacancy: 16.03%, flat with 2024 (CommercialCafe, Yardi Research)
Average asking rent: $18.72/SF, with Class A at $21.16/SF (CommercialCafe, Yardi Research)
Under construction for 2026: 120,180 SF (CommercialCafe, Yardi Research)
Submarkets: Edmond at 5.74%, the CBD at 10.76% and $19.43/SF, Memorial Corridor at 13.46% and $24.47/SF, North at 17.35%, and Northwest Expressway at 23.09% (CommercialCafe, Yardi Research)

TenantBase Office Activity

Demand share: 62.2% of Oklahoma City tenant searches, up from 25.9% in Q2 and 21.1% in Q1.

Lease term preferences:

Less than one year: 73.9%
2 to 3 years: 17.4%
3 to 5 years: 4.3%
5+ years: 4.3%

Space requirements by term:

Less than one year: 750 to 1,500 SF
2 to 3 years: 1,750 to 3,750 SF
3 to 5 years: 500 to 1,000 SF

TenantBase data vs. the market: Oklahoma City office tenants on TenantBase are mostly small users seeking short terms, a fit for suites and flexible space. Edmond, at under 6% vacancy, is the tightest submarket, while the Northwest Expressway corridor, above 23%, offers the most leverage.

Industrial & Warehouse Market

Key Metrics (Q2 2026)

Availability: 6.7%, down 40 basis points from Q1 (CBRE)
Net absorption: positive 593,000 SF, up from 151,000 SF in Q1 (CBRE)
Average asking rent: $7.64/SF NNN (CBRE)
By product type: manufacturing at 4.6% availability, distribution/logistics at 7.5%, and flex at 9.5% (CBRE)
Largest submarket: Southwest, with 64.3 million SF and 261,000 SF of Q2 absorption (CBRE)

TenantBase Industrial Activity

Demand share: 5.4% of Oklahoma City tenant searches, down from 27.8% in Q2 and 25.7% in Q1.

Space requirements: Q3 industrial searches averaged 2,500 to 10,000 SF.

TenantBase data vs. the market: Small industrial users will find the most options in flex space, while manufacturing space is tightest.

Retail Market

Key Metrics (Year-End 2025)

Vacancy: 9.29%, up from 8.87% in 2024 (Creek Price Edwards)
Inventory: 50.4 million SF (Creek Price Edwards)
Notable sale: University Town Center in Norman, 416,766 SF, sold for $82.25 million in June 2026 (Creek Price Edwards)

TenantBase Retail Activity

Demand share: 32.4% of Oklahoma City tenant searches, down from 48.1% in Q2.

Lease term preferences:

Less than one year: 81.8%
3 to 5 years: 9.1%
5+ years: 9.1%

Space requirements: Short-term retail searches averaged 1,000 to 2,500 SF.

TenantBase data vs. the market: With retail vacancy above 9%, short-term and pop-up retail tenants have room to negotiate flexible terms.

Multifamily Market

Oklahoma City median rent was $1,114 in September 2026, up 1.1% year over year, according to Apartment List. Oklahoma City and Tulsa vacancy combined was 4.8% in Q1 2026, and deliveries are expected to fall 55% in 2026, according to Northmarq.

Q4 2026 Outlook

Office: Expect small-suite and flexible demand to lead leasing.
Industrial: Expect availability to keep improving as distribution users absorb space.
Retail: Expect steady investment activity and flexible leasing options.
Multifamily: Expect occupancy to firm as deliveries slow.

Frequently Asked Questions

What type of commercial space are Oklahoma City tenants searching for in 2026?

In Q3 2026, office space made up 62.2% of Oklahoma City tenant searches on TenantBase and retail/storefront made up 32.4%. Office share rose from 25.9% in Q2.

What lease terms do Oklahoma City office tenants want?

73.9% of Oklahoma City office tenants on TenantBase sought terms under one year in Q3 2026.

What is the industrial availability rate in Oklahoma City?

Oklahoma City industrial availability was 6.7% in Q2 2026, with 593,000 SF of positive absorption, according to CBRE.

How can I find commercial space in Oklahoma City at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across the Oklahoma City metro at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.

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