Tulsa Commercial Office Space for Rent

Q4 2025

Tulsa Commercial Real Estate Market Report

Focus: Q4 2025 Market Trends

Executive Summary

The Tulsa commercial real estate (CRE) market in late 2025 is demonstrating resilience and stabilization, buoyed by a diverse economy and strategic development. The Multifamily sector is moderating after a period of high supply, with rent growth holding steady at 1.7% and vacancy rates adjusting as new units are absorbed [1]. Industrial fundamentals remain strong, with vacancy at a low 3.1% and steady demand from logistics and manufacturing users, despite some national headwinds [2]. Retail is seeing renewed interest, with sales volume up 16% and leasing activity robust for neighborhood centers [3]. Office activity is stable but cautious, with vacancy hovering around 9.6% as tenants prioritize quality and efficiency [4].

TenantBase Proprietary Data [6] highlights the distribution of active tenant demand over the last 90 days:

  • Retail/Storefront led market activity with 54.55% of all searches [6].
  • Warehouse was the second most active sector at 30.30% [6].
  • Office accounted for 18.18% of total search volume [6].

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 was 9.6% in early 2025, a relatively healthy figure compared to national averages [4]. Asking rents have risen modestly to $18.59 per SF, with CBD rates commanding a premium at $20.55 per SF [4].
  • Leasing Trends: Tenant demand is focused on flexibility and quality. Sublease availability remains a factor, but direct leasing for upgraded spaces is steady [4].
  • Tenant Activity: TenantBase data reflects a cautious but active market, with a preference for shorter lease commitments [6].

TenantBase Activity [6]

  • Demand Share: Office accounted for 18.18% of total search volume [6].
  • Lease Term Preference: There is a clear preference for short-term leases, with 60.00% of inquiries seeking Less than one year terms [6].
  • Size Requirements: The average size requirement for short-term office leases is roughly 750–1,750 SF, while longer-term inquiries (3-5 years) are for larger spaces averaging 2,500–5,000 SF [6].

Industrial & Warehouse Market

Market Overview The industrial sector remains a pillar of Tulsa's economy, characterized by low vacancy and steady rent growth.

  • Vacancy & Rent: The industrial vacancy rate was a low 3.1% in mid-2025, driven by strong absorption and limited speculative construction [2]. Asking rents have stabilized, with weighted averages around $5.65 per SF for manufacturing space and higher for flex product [2].
  • Construction: The development pipeline has slowed, which is helping to keep the market tight. New deliveries are primarily build-to-suit rather than speculative [5].
  • Leasing Highlights: TenantBase data shows a focused demand for warehouse space, though the sample size for lease terms was limited [6].

TenantBase Activity [6]

  • Demand Share: Warehouse accounted for 30.30% of total search volume [6].
  • Lease Term Preference: The single recorded inquiry with a specified term sought a 3-5 Year lease, aligning with the stability seen in the broader industrial market [6].
  • Size Requirements: The average size requirement for warehouse space is substantial, at 27,000 SF [6].

Retail Market

Market Overview Tulsa's retail sector is performing well, with positive absorption and investor interest in shopping centers.

  • Performance: Sales volume for shopping centers increased by 16% in the first half of 2025, signaling strong investor confidence [3].
  • Leasing: Leasing activity is vigorous, with significant deals signed for spaces ranging from 30,000 to 60,000 SF [3].
  • Tenant Interest: Retail dominated search activity in Q4, accounting for over half of all inquiries [6].

TenantBase Activity [6]

  • Demand Share: Retail/Storefront activity dominated with 54.55% of all search volume [6].
  • Lease Term Preference: Retail tenants show a healthy appetite for longer-term commitments:
    • 3-5 Years: 40.00% of deals [6].
    • 2-3 Years: 30.00% of deals [6].
    • 5+ Years: 20.00% of deals [6].
  • Top Locations: Tenant interest is overwhelmingly concentrated in Tulsa (City) (9 deals), with scattered interest in surrounding areas like Catoosa and Claremore [6].

Multifamily Market

Market Overview The multifamily market is stabilizing after a period of high supply, with rent growth moderating but remaining positive.

  • Rent Growth: Annual rent growth was 1.7% in Q2 2025, outperforming the national average despite a slowdown from previous highs [1].
  • Absorption & Supply: Net absorption dipped slightly as 689 new units were delivered, creating a temporary imbalance [1]. However, the construction pipeline has shrunk significantly, which will support tighter conditions in 2026 [1].
  • Outlook: With the peak of new deliveries passing, the market is expected to see a gradual tightening of vacancy and continued steady rent appreciation [1].

2026 Outlook

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

  • Multifamily Balance: As the construction pipeline thins, multifamily vacancy is expected to compress, supporting stronger rent growth [1].
  • Industrial Stability: The tight industrial market will continue to favor landlords, with low vacancy rates and steady demand from logistics and manufacturing users [2].
  • Retail Resilience: Continued investor interest and positive leasing momentum suggest the retail sector will remain a bright spot for the local economy [3].

Sources

  1. MMG Real Estate Advisors: Tulsa Q2 2025 Market Report
  2. Cushman & Wakefield: Tulsa Industrial MarketBeat Q2 2025
  3. CBRE: Tulsa Retail Figures H1 2025
  4. Cushman & Wakefield: Tulsa Office MarketBeat Q1 2025
  5. CBRE: Tulsa Industrial Figures H1 2025
  6. TenantBase Proprietary Market Data (Tulsa - Last 90 Days)

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.