Tulsa Commercial Office Space for Rent

Q3 2026

Q3 2026 Tulsa Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Tulsa's industrial vacancy fell to 2.1% in Q2 2026 on 1.6 million SF of absorption, and Greenheck Group's planned $300 million, 700-job expansion into the former 1.3 million SF Macy's fulfillment center in Owasso will absorb one of the region's largest buildings. Office vacancy is under 10%, with rents up 5.6% year over year. Tenant demand on TenantBase shifted sharply toward office in Q3: office space accounted for 71.4% of all Tulsa tenant searches, up from 20.0% in Q2.

Sector Snapshot

  • Office: Tight. Vacancy was 9.9%, with 356,244 SF of positive absorption year to date.
  • Industrial: Very tight. Vacancy dropped to 2.1%, with asking rents up 9.0% year over year.
  • Retail: Low availability. Availability was 3.5% in the most recent CBRE snapshot.
  • Multifamily: Affordable. Median rent was $1,084, up 2.9% year over year.

Tulsa Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across the Tulsa metro, including Broken Arrow and Owasso, 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: 71.4%
  • Retail/Storefront: 25.0%
  • Warehouse/Industrial: 3.6%

Three-Quarter Trend

  • Office: 17.5% in Q1, 20.0% in Q2, 71.4% in Q3
  • Retail/Storefront: 56.1% in Q1, 50.9% in Q2, 25.0% in Q3
  • Warehouse/Industrial: 26.3% in Q1, 29.1% in Q2, 3.6% in Q3

Key Takeaways

  • Office demand rose for the third straight quarter, from 17.5% in Q1 to 71.4% in Q3.
  • Office tenants are committing longer. 40.0% of Q3 office searches sought terms of 2 years or longer, up from 36.4% in Q2.
  • Retail tenants favor 3 to 5 year leases. 42.9% of Q3 retail searches sought 3 to 5 year terms.
  • Short-term office users need more space. Office searches for terms under one year averaged 1,500 to 3,100 SF.

Office Market

Key Metrics (Q2 2026)

  • Vacancy: 9.9%, compared with about 13.9% nationally (Cushman & Wakefield)
  • Net absorption: positive 201,136 SF in Q2 and 356,244 SF year to date (Cushman & Wakefield)
  • Average asking rent: $19.65/SF full service, up 5.6% year over year, with Class A at $24.84/SF (Cushman & Wakefield)
  • Submarkets: Southeast at 2.3%, South at 3.6%, Mid-Town at 7.7%, CBD at 9.3%, South Central at 12.6%, and East at 22.6% (Cushman & Wakefield)
  • Notable lease: Latshaw Drilling, 31,805 SF at 603 W Stonewood Dr (Cushman & Wakefield)

TenantBase Office Activity

Demand share: 71.4% of Tulsa tenant searches, up from 20.0% in Q2 and 17.5% in Q1.

Lease term preferences:

  • Less than one year: 60.0%
  • 2 to 3 years: 20.0%
  • 3 to 5 years: 20.0%

Space requirements by term:

  • Less than one year: 1,500 to 3,100 SF
  • 2 to 3 years: 500 to 1,000 SF
  • 3 to 5 years: 1,000 to 2,500 SF

TenantBase data vs. the market: With office vacancy under 10% and the South and Southeast submarkets under 4%, Tulsa office tenants should start their search early. The East submarket, at 22.6%, offers the most options and leverage.

Industrial & Warehouse Market

Key Metrics (Q2 2026)

  • Vacancy: 2.1%, down from 3.9% in Q1 (Cushman & Wakefield)
  • Net absorption: positive 1,626,770 SF in Q2 (Cushman & Wakefield)
  • Average asking rent: $7.73/SF NNN, up 9.0% year over year (Cushman & Wakefield)
  • Under construction: 931,483 SF (Cushman & Wakefield)
  • Submarkets: Southeast at 1.3%, Northeast at 1.4%, and South at 2.7% (Cushman & Wakefield)
  • Major projects: Greenheck Group is buying the former 1.3 million SF Macy's fulfillment center in Owasso, a roughly $300 million investment with 700+ jobs (Tulsa Regional Chamber)

TenantBase Industrial Activity

Demand share: 3.6% of Tulsa tenant searches, down from 29.1% in Q2 and 26.3% in Q1.

TenantBase data vs. the market: With vacancy near 2%, industrial tenants returning to the market should expect very limited options and plan well ahead.

Retail Market

Key Metrics (H1 2025)

  • Availability: 3.5%, with asking rent at $14.30/SF NNN (CBRE)
  • South Tulsa/Broken Arrow: 4.4% availability at $16.37/SF (CBRE)

TenantBase Retail Activity

Demand share: 25.0% of Tulsa tenant searches, down from 50.9% in Q2.

Lease term preferences:

  • 3 to 5 years: 42.9%
  • Less than one year: 28.6%
  • 2 to 3 years: 14.3%
  • 5+ years: 14.3%

Space requirements by term:

  • 3 to 5 years: 1,000 to 2,500 SF
  • 5+ years: 5,000 to 10,000 SF

TenantBase data vs. the market: With retail availability near 3.5%, tenants seeking 5,000 SF or more on long-term leases should start early.

Multifamily Market

Tulsa median rent was $1,084 in September 2026, up 2.9% year over year, according to Apartment List.

Q4 2026 Outlook

  • Office: Expect vacancy to stay near 10% with continued small-suite demand.
  • Industrial: Expect very tight conditions as manufacturers expand.
  • Retail: Expect low availability to persist.

Frequently Asked Questions

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

In Q3 2026, office space made up 71.4% of Tulsa tenant searches on TenantBase and retail/storefront made up 25.0%. Office share rose from 20.0% in Q2.

What is the office vacancy rate in Tulsa?

Tulsa office vacancy was 9.9% in Q2 2026, with asking rents up 5.6% year over year, according to Cushman & Wakefield.

What is the industrial vacancy rate in Tulsa?

Tulsa industrial vacancy was 2.1% in Q2 2026, according to Cushman & Wakefield.

How can I find commercial space in Tulsa at no cost?

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

Sources

  1. TenantBase proprietary search data, Tulsa, July 1 to September 30, 2026
  2. TenantBase, Tulsa Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, Tulsa Commercial Real Estate Market Report, Q1 2026
  4. Cushman & Wakefield, Tulsa Office MarketBeat, Q2 2026
  5. Cushman & Wakefield, Tulsa Industrial MarketBeat, Q2 2026
  6. CBRE, Tulsa Retail Snapshot, H1 2025
  7. Tulsa Regional Chamber, Greenheck Group Expansion, September 2026
  8. Apartment List, Tulsa Rent Report, October 2026

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.