Oklahoma City Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $21.53 2023 Avg. Asking Rent
  • -2.34% Y-o-Y Avg. Asking Rent Change
  • 115.10% 2023 Office Vacancy Rate
  • $51.6M2023 Total Office Sales
  • $120.32Avg. Sale Price/SF

Oklahoma City office price per square foot in 2023 was $21.53 on average. This marked a -2.34% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 115.10% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $51.6M. Oklahoma City office space commanded an average sale price per square foot of $120.32.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Oklahoma City Class A & A+ Office Space$26.25
  • Oklahoma City Class B Office Space$18.18
  • Oklahoma City Class C Office Space$14.85
  • Oklahoma Class A & A+ Office Space$23.29
  • Oklahoma Class B Office Space$16.12
  • Oklahoma Class C Office Space$18.67

Oklahoma City, OK Office Asking Rents by Class

Average office rent in Oklahoma City rested at $21.53 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Oklahoma City averaged $26.25 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.18 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.85 per square foot, on average. Comparably, statewide Oklahoma average office rents by class in 2023 were: $23.29 per square foot for class A office space; $16.12 per square foot for class B office space; $18.67 per square foot for class C office space.

2023 Office Vacancy Rates in Oklahoma City

Submarket Asking Rents Vacancy Rates
North $24.55 317.43%
Moore $20.70 13.87%
Memorial Corridor $19.04 16.48%
Southwest $18.84 31.09%
CBD $18.71 7.68%
South $17.88 28.40%
Edmond $17.55 7.50%
Northwest Expressway Corridor $16.85 12.32%
Eastern Oklahoma County $15.00 5.44%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Oklahoma City market was 115.10% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Oklahoma City was 5.44% in the Eastern Oklahoma County submarket, while the highest office vacancy in the market was 317.43%, recorded in North.

Office Spaces for Rent in Oklahoma

Oklahoma City Office Sale Price per SF

  • $120.322023 Avg. Price per SF
  • -17.24%Y-o-Y Avg. PpSF Change
  • $51.6M2023 Office Sales Volume
  • 52023 Number of Transactions

Oklahoma City, OK Sale Price per SF Trend

  • Oklahoma City Avg. Sale Price per SF in 2023$120.32
  • Oklahoma Avg. Sale Price per SF in 2023$93.34
Oklahoma City office space cost in 2023 marked a -17.24% change compared to the previous year. The sale price for office space in Oklahoma City averaged $120.32 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Oklahoma average office sale price during the same time period was $93.34 per square foot.

2023 Office Sales Volume

  • Oklahoma City, OK Total Office Sales Volume in 2023 $51.6M
  • Oklahoma City, OK Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Oklahoma City office market in 2023, adding up to a yearly sales volume of $51.6M. Notably, the largest transaction on the market saw Union Plaza change hands for $27,000,000 on 11/27/2023.
Data provided by Commercial Edge

Coworking Spaces in Oklahoma

2023 Office Construction in Oklahoma City, OK

  • Oklahoma City, OK Total SF under construction in 2024 116,382
Largest Office Properties Recently Completed in Oklahoma City
Office building Address SF Completed
The Phillips Murrah Building 424 NW 10th Street, 73103 79,658 2024
1204 N HUDSON AVE 1204 N HUDSON AVE, 73103 45,000 2024
PROPER Salon Suites at Stephenson Park 142 East 5th Street, 73034 4,114 2024
7800 NW 94th 7800 NW 94th, 73132 1,200 2024
13601 W Memorial Park Dr 13601 W Memorial Park Dr, 73120 25,564 2023
Bethany Business Park 4107 N. Council Road, 73008 23,271 2023
Bethany Business Park 4107 N. Council Road, 73008 23,271 2023
Make Ready 220 NW 13th Street, 73103 18,597 2023
13700 S Western Ave 13700 S Western Ave, 73170 9,600 2023
4308 Grant Blvd. Office 4308 Grant Boulevard, 73099 12,928 2022

Worth noting among recent office completions on the Oklahoma City market is The Phillips Murrah Building, which is currently the largest new office development in the city, at 79,658 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Oklahoma City commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.