The Oklahoma City Commercial Real Estate Market

Shanti Ryle

January 2, 2025

Rainbow-colored office buildings in Oklahoma City's downtown area

Oklahoma City brokers, buyers, tenants, and landlords close more deals faster using Crexi's commercial real estate tools suite. Across the US, investors and organizations eye Oklahoma City's commercial real estate market as a promising investment with a growing population, stable fundamentals, and good ROI.

Crexi's technology empowers interested property seekers to explore hundreds of Oklahoma City assets and quickly reach Oklahoma City-focused brokers. Brokers use Crexi's listing and lead management tools to win deals in Oklahoma City and its surrounding cities. Crexi's simple, robust marketplace allows Oklahoma City commercial brokers to connect directly with buyers and tenants who've indicated an interest in the MSA.

As of this writing, Crexi's tools have facilitated over $610 billion in property transactions and marketed properties totaling more than $7 trillion in value.

Crexi proudly serves Oklahoma City, Edmond, Yukon, McLoud, Mustang, and the surrounding cities as the fastest-growing online commercial real estate marketplace.

A man-made pond reflects two commercial real estate buildings in Oklahoma City

The State of Commercial Real Estate in Oklahoma City

Oklahoma City (OKC), the capital and largest city in Oklahoma, is a central hub in the heartland of the United States.

Spanning an expansive eight-county metropolitan area, OKC blends Southern charm with modern city living, offering an affordable cost of living, vibrant cultural scene, and robust economic opportunities. The city’s strategic location makes it an important gateway for commerce and industry, with its extensive infrastructure connecting to major markets across the Midwest and beyond.

Key interstates like I-35, I-40, and I-44, along with Will Rogers World Airport, bolster OKC’s reputation as a logistical and economic powerhouse.

Oklahoma City Regional Breakdown

The Oklahoma City metropolitan area is home to approximately 1.4 million people, with steady annual growth fueled by economic opportunities and an attractive quality of life. Since 2010, the city has added over 114,800 residents, with more than 13,700 new residents arriving in 2023 alone.

OKC’s median age of 36.1 reflects a dynamic demographic of working professionals and young families. Education levels are competitive, with over 90% of residents holding a high school diploma and more than 33% having completed a bachelor’s degree or higher. Median household income stands at $61,815, approximately 10% higher than the state average.

The Oklahoma City metro area is experiencing a steady population growth fueled by many factors. The region's robust economy, affordable cost of living 16% below the national average, and job opportunities in diverse sectors are drawing newcomers to the area. The city's continuous investment in infrastructure development and revitalization projects also makes it an attractive destination, with a strategic focus on fostering a vibrant business environment and enhancing the quality of life.

Downtown Oklahoma City's office business sector

Oklahoma City Job Market

Oklahoma City’s economy is diverse and resilient, with leading industries including aerospace, oil and gas, biotechnology, and logistics. The city’s GDP reached $87.7 billion as of 2024, bolstered by the continued expansion of sectors like advanced manufacturing and health services. Major employers such as Tinker Air Force Base, the University of Oklahoma, and INTEGRIS Health anchor the local economy, while private-sector giants like Devon Energy, Love’s Travel Stops, and Sonic contribute significantly to job creation and economic stability. OKC’s unemployment rate of 2.8% (as of November 2024) remains well below the national average, underscoring its robust labor market.

The region's transportation infrastructure is extensive, featuring major interstates like I-35, I-40, and I-44, as well as key infrastructure such as the Will Rogers World Airport (WRWA) and the Oklahoma City Streetcar system. Major cities like Dallas, Kansas City, Houston, Austin, and Denver are all accessible within a one-day drive.

A bird's-eye view of a roundabout intersection in Oklahoma City

Oklahoma City Industrial Market

The Oklahoma City industrial market continues to expand, with 1.6 million square feet of space under construction as of Q3 2024. While the vacancy rate has increased to 5.1%, reflecting the absorption of speculative developments, demand for Class A properties remains strong. Rental rates have averaged $7.71 per square foot annually, with submarkets like Edmond commanding the highest rents at $9.25 per square foot. Notable developments include a 120,000-square-foot distribution facility on I-240 Service Road, delivered in December 2024.

Market overview (NAI Sullivan Group Q3 2024)

Inventory: 140,024,379 SF
Vacancy rate: 5.1% overall
Absorption: 221,380 (Q1 2023)
New construction: 1,626,367 SF under construction

Crexi Insights

These are the most recent industrial lease and sales trends from Crexi Intelligence (as of January 2025):

For Lease (active)

Asking rate/SF (median): $10 per year
Median SF/listing: 4,800
Days on market: 194
Total listings on Crexi: 281 spaces

For Sale (active)

Median asking price: $1.4 million
Price/SF: $115
Asking cap rate: 6.6%
Days on market: 121
Total listings on Crexi: 76 listings for a total of 2 million SF

Sales Comps (past 12 months)

Median sold price: $500,000
Sold price/SF: $82
Total sales volume: $217.1 million
Median SF sold/transaction: 6,539
Total SF sold: 4.1 million
Days on market (median): 157

Find Oklahoma City industrial space for rent.

Sunset light frames tall buildings in Oklahoma City with their reflection in a water feature in the foreground

Oklahoma City Office Market

The office market in Oklahoma City remains tenant-driven, with vacancies rising to a record 8.4 million square feet as tenants reduce footprints. Leasing activity has grown 14% year-over-year, led by interest in smaller, efficient spaces, particularly in North and Northwest submarkets. Despite limited speculative development, a shift toward office-to-residential conversions, like Gardner Tanenbaum’s $10.2 million purchase of the Robinson Renaissance building, underscores the market’s evolving nature. However, rising interest rates, increased concessions, and softening rent growth suggest challenges ahead as Oklahoma City navigates fluctuating demand and elevated vacancies.

Market overview (Cushman & Wakefield Q4 2024)

Inventory: 13,408,327 SF
Vacancy rate: 36.3%
Leasing activity: 472,989 SF
Absorption: -226,031 SF
Key leases by tenant: Halo Project 16,327 SF, Xpress Wellness 15,049 SF, Quintessa LLC 11,311 SF
New construction: 115,000 under construction
Largest submarkets: Northwest, North, Central Business District

Crexi Insights

Crexi provides up-to-date data on the Oklahoma City office market. Here are the most recent lease and sales trends (as of January 2025):

For Lease (active)

Asking rate/SF (median): $18 per year
Median SF/listing: 1,810 SF
Days on market: 182
Total listings on Crexi: 652 spaces

For Sale (active)

Median asking price: $989,900
Price/SF: $156
Asking cap rate: 7.3%
Days on market: 173
Total listings on Crexi: 99 listings totaling 3 million SF

Sales Comps (past 12 months)

Median sold price: $467,900
Sold price/SF: $107
Total sales volume: $62.4 million
Median SF sold/transaction: 4,277 SF
Days on market (median): 225

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A giant green-list sculpture forms the frame of a bridge across the river from Oklahoma City

Oklahoma City Retail Market

Oklahoma City’s retail sector has shown resilience despite headwinds such as national retail closures. Vacancy rates remain low at 5.4%, supported by strong demand in suburban submarkets like Edmond and Moore/Norman. The average rental rate for retail space is $16.05 per square foot annually. New developments, such as the Rose Creek Plaza in Edmond, are attracting tenants, while high-profile transactions like the $8 million sale of a retail property on Danforth Road highlight continued investment interest.

Market overview (NAI Sullivan Group Q3 2024)

Inventory: 102,896,944 SF
Vacancy rate: 5.4% overall
Absorption: -126,988 SF
New construction: 684,372 SF under construction
Largest submarkets: Moore/Norman, Northwest, Edmond

Crexi Insights

Retail lease and sales trends from Crexi Intelligence (as of January 2025):

For Lease (active)

Asking rate/SF (median): $16 per year
Median SF/listing: 1,985 SF
Days on market: 173
Total listings on Crexi: 502 spaces

For Sale (active)

Median asking price: $995,000
Price/SF: $161
Asking cap rate: 7.0%
Days on market: 146
Total listings on Crexi: 104 listings for a total of 3.2 million SF

Sales Comps (past 12 months)

Median sold price: $550,000
Sold price/SF: $99
Total sales volume: $326.1 million
Sold cap rate: 5.4%
Median SF sold/transaction: 3,958 SF
Days on market (median): 80

Find Oklahoma City retail space for rent.

Oklahoma City's downtown area features many multifamily buildings with easily accessible retail commodities

Oklahoma City Multifamily Market

The multifamily market in Oklahoma City remains a standout, with strong absorption trends and rising rental rates. As of Q3 2024, average rents reached $1.18 per square foot, a 5% increase year-to-date. Vacancy rates have declined to 10.6%, reflecting consistent demand driven by population growth and affordability challenges in homeownership. Notable projects like The Residences at Oak, a 320-unit development slated for delivery in early 2025, underscore the sector’s growth trajectory.