Tulsa Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $15.61 2023 Avg. Asking Rent
  • 0.56% Y-o-Y Avg. Asking Rent Change
  • 18.62% 2023 Office Vacancy Rate
  • $37.9M2023 Total Office Sales
  • $71.53Avg. Sale Price/SF

Tulsa office price per square foot in 2023 was $15.61 on average. This marked a +0.56% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.62% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $37.9M. Tulsa office space commanded an average sale price per square foot of $71.53.

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

  • Tulsa Class A & A+ Office Space$18.41
  • Tulsa Class B Office Space$14.50
  • Tulsa Class C Office Space$13.52
  • Oklahoma Class A & A+ Office Space$23.29
  • Oklahoma Class B Office Space$16.12
  • Oklahoma Class C Office Space$18.67

Tulsa, OK Office Asking Rents by Class

Average office rent in Tulsa rested at $15.61 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 Tulsa averaged $18.41 per square foot. Across all submarkets, class B office space recorded an average asking rent of $14.50 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $13.52 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 Tulsa

Submarket Asking Rents Vacancy Rates
CBD $17.05 19.72%
Midtown South $15.07 22.08%
Yale Ave Corridor $14.90 11.66%
Midtown North $14.69 31.27%
Southeast Tulsa $14.58 32.43%
Lewis Ave Corridor $14.46 6.58%
East Tulsa $13.44 35.14%
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 Tulsa market was 18.62% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tulsa was 6.58% in the Lewis Ave Corridor submarket, while the highest office vacancy in the market was 35.14%, recorded in East Tulsa.

Office Spaces for Rent in Oklahoma

Tulsa Office Sale Price per SF

  • $71.532023 Avg. Price per SF
  • 3.51%Y-o-Y Avg. PpSF Change
  • $37.9M2023 Office Sales Volume
  • 72023 Number of Transactions

Tulsa, OK Sale Price per SF Trend

  • Tulsa Avg. Sale Price per SF in 2023$71.53
  • Oklahoma Avg. Sale Price per SF in 2023$93.34
Tulsa office space cost in 2023 marked a +3.51% change compared to the previous year. The sale price for office space in Tulsa averaged $71.53 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

  • Tulsa, OK Total Office Sales Volume in 2023 $37.9M
  • Tulsa, OK Total Number of Office Sales Closed in 2023 7
A total of 7 deals closed on the Tulsa office market in 2023, adding up to a yearly sales volume of $37.9M. Notably, the largest transaction on the market saw South Pointe Medical Park change hands for $11,400,000 on 7/7/2023.
Data provided by Commercial Edge

Coworking Spaces in Oklahoma

2023 Office Construction in Tulsa, OK

  • Tulsa, OK Total SF under construction in 2024 160,000
Largest Office Properties Recently Completed in Tulsa
Office building Address SF Completed
222 North Detroit Avenue 222 North Detroit Avenue, 74103 260,283 2022
Davenport 405 N Main St, 74103 80,000 2021
Davenport 405 N Main St, 74103 80,000 2021
3516 E 31st St 3516 E 31st St, 74135 2,500 2020
905 S Hudson Ave 905 S Hudson Ave TULSA, 74112 7,200 2006
The Riverpark Building 1874 S Boulder Ave, 74119 5,042 2006
9101 S Toledo Ave 9101 S Toledo Ave, 74137 9,513 2004
One Technology Center 175 E 2nd Street, 74103 626,802 2001
9100 Memorial Plaza 7718 East 91st Street, 74133 28,075 2001
1425 E 71st Street 1425 East 71st Street, 74136 4,665 1998

Worth noting among recent office completions on the Tulsa market is 222 North Detroit Avenue, which is currently the largest new office development in the city, at 260,283 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 Tulsa 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.