Tulsa Commercial Office Space for Rent

Q1 2026

Tulsa Commercial Real Estate Market Report

Focus: Q1 2026 Market Trends

Executive Summary

The Tulsa commercial real estate (CRE) market in Q1 2026 is demonstrating resilience and stabilization, buoyed by a diverse economy and strategic development. The Office sector is stable but cautious, with vacancy hovering around 9.6% to 10.6% as tenants prioritize quality and efficiency. Industrial fundamentals remain a pillar of Tulsa's economy, characterized by an exceptionally low vacancy rate near 2.3% to 3.1% and steady demand from logistics, data center, and manufacturing users. Retail is seeing renewed interest and robust leasing activity for neighborhood centers and new large-scale developments. In the Multifamily sector, the market is moderating after a period of high supply; while recent deliveries created a temporary imbalance, a shrinking construction pipeline is setting the stage for tighter conditions and steady rent growth.

TenantBase Proprietary Data highlights the distribution of active tenant demand over the last 90 days:

  • Retail/Storefront dominated market activity with 56.14% of all searches.
  • Warehouse was the second most active sector at 26.32%.
  • Office accounted for 17.54% of total search volume.

Office Market

Market Overview Tulsa’s office market is holding steady, with a slight uptick in vacancy countered by consistent demand for Class A space.

  • Vacancy & Rates: The office vacancy rate sits between 9.6% and 10.6% in early 2026, representing a much more moderate shift compared to the national average. Asking rents have risen modestly to an average of $18.59 per SF, with Central Business District (CBD) rates commanding a premium at $20.55 per SF.
  • Leasing Trends: Tenant demand is highly focused on flexibility and quality. While sublease availability remains a factor, direct leasing for upgraded, modernized spaces remains steady.

TenantBase Activity

  • Demand Share: Office accounted for 17.54% of total search volume.
  • Lease Term Preference: Tenant demand heavily favors short-term flexibility, with Less than one year capturing 75.00% of specified office searches.
  • Size Requirements: The average lower-bound space requirement for short-term (<1 year) leases is a compact 625 SF, while users seeking 3-5 Year terms require an average lower bound of 1,000 SF.

Industrial & Warehouse Market

Market Overview Tulsa’s industrial market continues to outperform other local real estate sectors, supported by ongoing economic diversification and sustained investor confidence.

  • Vacancy & Rent: The industrial vacancy rate remains incredibly tight at a near all-time low of 2.3% to 3.1%. Asking rents hold steady, with weighted averages around $5.65 per SF for manufacturing space, and higher for flex product.
  • Leasing Drivers: Economic diversification continues to drive industrial growth, supported by expanding manufacturing, logistics, and data center investments. Tulsa’s low operating costs and business-friendly environment remain key to attracting both regional and national industrial users.
  • Construction: The development pipeline has slowed, helping to keep the market tight. New deliveries are increasingly build-to-suit rather than speculative, and infusions of new supply remain scarce.

TenantBase Activity

  • Demand Share: Warehouse space captured 26.32% of total search volume.
  • Lease Term Preference: Industrial tenants display a preference for near-to-mid-term operational stability, with 1-2 Years (42.86%) and 3-5 Years (28.57%) capturing the bulk of active searches.
  • Size Requirements: Mid-term industrial requirements necessitate much larger footprints. The average lower-bound space requirement for 3-5 Year terms is 13,000 SF, which is significantly larger than the 1,000 SF average for 1-2 Year terms.

Retail Market

Market Overview Retail market fundamentals improved significantly, driven by limited new supply, robust backfilling activity, and renewed investor confidence.

  • Market Dynamics: Sales volume for shopping centers increased by 16% recently, and leasing activity is vigorous, with significant deals signed for spaces ranging from 30,000 to 60,000 SF.
  • Major Developments: Tulsa's retail sector is seeing significant growth with the opening of the $100M+ Tulsa Premium Outlets, featuring more than 75 stores. Additionally, the $60M Aspen Ridge mixed-use development will feature shopping, dining, and 170 residential apartments, serving as a vibrant community hub.

TenantBase Activity

  • Demand Share: Retail/Storefront activity dominated the Tulsa market with 56.14% of all search volume.
  • Lease Term Preference: Retailers prioritize operational stability, with 1-2 Years and 3-5 Years each capturing 26.32% of specified deals, followed by 5+ Years at 21.05%.
  • Top Locations: The core Tulsa market captured the vast majority of locational interest (12 deals), followed by targeted suburban searches in Broken Arrow, Catoosa, Owasso, and Vinita.

Multifamily Market

Market Overview The Tulsa multifamily sector is navigating an influx of supply while maintaining strong demand fundamentals driven by employment growth.

  • Demand & Employment: Tulsa recorded employment growth of 1.4% year-over-year, significantly outpacing the national rate. This economic stability attracts new residents and fuels rental demand.
  • Supply & Absorption: The market saw 1,746 units completed recently, with another 2,319 units under construction. While this new supply caused a temporary imbalance, the construction pipeline is shrinking significantly, which will support tighter conditions moving forward.
  • Rent & Occupancy: Rent growth is holding steady at approximately 1.7% year-over-year, while metrowide occupancy sits near a healthy 93.3%. The average price per unit in Tulsa is one of the most accessible in its peer group at $92,650, making it an attractive target for multifamily investors.

2026 Outlook

Looking ahead through 2026, the Tulsa market is positioned for steady, sustainable growth.

  • Office Caution: The office market will remain stable but cautious, with tenants continuing to prioritize high-quality, efficient spaces that offer modern amenities.
  • Industrial Dominance: The exceptionally tight industrial market will continue to favor landlords, with low vacancy rates and steady demand from logistics, data centers, and manufacturing users driving the sector.
  • Retail & Multifamily Balance: Continued investor interest and positive leasing momentum suggest the retail sector will remain a bright spot. In multifamily, as the peak of new deliveries passes and the construction pipeline thins, vacancy is expected to compress, supporting stronger and more consistent rent appreciation.

Sources

  1. TenantBase: Tulsa Commercial Office Space for Rent
  2. McGraw Commercial Properties: Tulsa Industrial Trends Report H2 2025
  3. CBRE: Tulsa Industrial Figures H1 2025
  4. Tulsa Market Report 2025
  5. Cushman & Wakefield: Tulsa MarketBeats
  6. Multi-Housing News: Top 10 Emerging Multifamily Markets of 2026
  7. TenantBase Proprietary Market Data (Dashboard Export: SEO Market Reports, March 22, 2026)

Information in this report is aggregated from various third-party sources and synthesized using artificial intelligence and other research tools. While we believe these sources to be reliable, we cannot guarantee the absolute accuracy or completeness of the data. This report is intended for informational purposes to provide market insight and should be independently verified prior to any use in a real estate transaction or legal commitment.