The Oklahoma City Commercial Real Estate Market

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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. Over 92% of Crexi’s online traffic consists of actively-searching principals and tenants seeking the ideal Oklahoma City CRE. 

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 $540 billion in property transactions and marketed properties totaling more than $5 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.

The State of Commercial Real Estate in Oklahoma City

Oklahoma City, affectionately known as OKC, is centrally located in the heart of the state. As Oklahoma’s capital and largest city, it also serves as the anchor of an expansive eight-county metropolitan area. This bustling metropolis, characterized by its unique blend of Southern charm and vibrant city life, stretches across a sprawling land area, making it one of the largest cities in the US by that measure. 

The metropolitan area encompasses several counties, including Canadian, Cleveland, and Logan. It’s an attractive location for residents and businesses, offering a high quality of life, affordable cost of living, and a robust business environment. 

Whether it’s the allure of the Great Plains’ natural beauty or the promise of economic opportunity, Oklahoma City and its surrounding metropolitan area stand out as a compelling destination in the heartland of America.

Oklahoma City Regional Breakdown

The Oklahoma City metro area is experiencing a steady population growth fueled by many factors. The region’s robust economy, affordable cost of living, 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.

  • OKC is the state capital and largest city in Oklahoma, home to more than 1.4 million in the metropolitan area.
  • The city population has increased by 114,800 since 2010 and has added over 13,700 new residents over the past year alone, according to the most recent census.
  • The largest cities include Oklahoma City, Edmond, Norman, Moore, and Midwest City.
  • The cost of living is 16% lower than the national average, based on data from PayScale.
  • Per capita income is $32,703, and median household income is $61,815, both figures about 10% higher than the amount in Oklahoma.
  • The median age is 36.1, about 90% of the figure in the US.

Job Market

The economy in the Oklahoma City region is diverse and robust, with key sectors including aviation and aerospace, oil, natural gas, and petroleum products. Tourism and a top livestock market further bolstered the area’s economic vitality, which contributes significantly to direct spending. Various factors influence job growth in the region, with aviation and aerospace, oil, and natural gas playing a crucial role. 

  • GDP is nearly $87.7 billion, with employment sectors such as mining and logging, construction, information, leisure, and hospitality showing the most robust growth.
  • The unemployment rate is 2.7% (as of May 2023).
  • Major employers include the State of Oklahoma, Tinker Air Force Base, University of Oklahoma, and INTEGRIS Health.
  • Companies with a large market presence include Love’s, Hobby Lobby, Sonic, Boeing, AT&T, Dell, and UPS.
  • Niche.com gives Oklahoma City an A- grade with solid scores for public schools, housing, nightlife, and diversity.
  • The largest colleges and universities with the most enrollment are the University of Oklahoma-Norman Campus, Oklahoma State University, and the University of Central Oklahoma.
  • About 90% of the residents are high school grads, while over 33% hold a bachelor’s degree or higher.

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.

Oklahoma City Industrial Market

The Oklahoma City industrial market is experiencing a rapid growth phase, bolstered by an influx of Class A warehouse space. Much of this expansion is driven by speculative development, with new constructions underway despite the absence of pre-secured users, increasing vacancy rates. The state’s medical cannabis market is also facing a challenging period, with recent legislative developments creating additional hurdles for many cannabis companies, resulting in broken leases and a rise in vacancies.

Market overview (NAI Sullivan Group Q1 2023

  • Inventory: 132,786,282 SF
  • Vacancy rate: 4.2% overall
  • Absorption: -3,568 SF (Q1 2023)
  • New construction: 6,310,689 SF under construction
  • Submarkets with highest rents: Moore/Norman $8.88/SF, Edmon $8.79/SF, OKC South $6.99/SF

Crexi Intelligence

These are the most recent industrial lease and sales trends from Crexi Intelligence (as of July 2023):

For Lease (active)

  • Asking rate/SF (median): $10 per year
  • Median SF/listing: 5,025
  • Days on market: 157
  • Total listings on Crexi: 251 spaces

For Sale (active)

  • Median asking price: $1.5 million
  • Price/SF: $121
  • Asking cap rate: 9.1%
  • Days on market: 129
  • Total listings on Crexi: 72 listings for a total of 2.16 million SF

Sales Comps (past 12 months)

  • Median sold price: $750,000
  • Sold price/SF: $78
  • Total sales volume: $206 million
  • Sold cap rate: 6.3%
  • Median SF sold/transaction: 8,750
  • Total SF sold: 2.77 million
  • Days on market (median): 157

Learn more about Oklahoma City industrial space for rent.

Oklahoma City Office Market

Oklahoma City’s office market continues to show resilience, with an upturn in net absorption and vacancy rates outperforming the national average. Despite a downward trend in rent growth, the city’s historically lower rents provide value amid expense sensitivities. Investment sales have declined, but with cap rates trading higher than the national average, opportunities persist for local and out-of-state investors.

Market overview (Cushman & Wakefield Q2 2023)

  • Inventory: 45,424,726 SF
  • Vacancy rate: 11.8%
  • Leasing activity: 922,462 SF
  • Absorption: -54,309 SF
  • Key leases by tenant: Diamondback Energy 114,156 SF, Lifechurch 14,168 SF, Powerline Church 13,870 SF
  • New construction: 575,166 under construction
  • Largest submarkets: Northwest, North, Central Business District

Crexi Intelligence

Crexi provides up-to-date data on the Oklahoma City office market. Here are the most recent lease and sales trends (as of July 2023):

For Lease (active)

  • Asking rate/SF (median): $16 per year
  • Median SF/listing: 2,685 SF
  • Days on market: 198
  • Total listings on Crexi: 726 spaces

For Sale (active)

  • Median asking price: $1.17 million
  • Price/SF: $150 
  • Asking cap rate: 5.8%
  • Days on market: 160
  • Total listings on Crexi: 66 listings totaling 2.71 million SF

Sales Comps (past 12 months)

  • Median sold price: $1.02 million
  • Sold price/SF: $150
  • Total sales volume: $170 million
  • Sold cap rate: 6.3%
  • Median SF sold/transaction: 8,528 SF
  • Days on market (median): 86

Learn more about Oklahoma City office space for rent. 

Oklahoma City Retail Market

The retail market in Oklahoma City is in a robust growth and development phase, with new mixed-use projects bringing in luxury retailers and a boom in the industrial sector. In addition, there’s a strong push for recruiting targeted retailers and developers to enhance the city’s retail landscape further. The growth in surrounding suburban communities has also allowed them to capture a significant portion of the retail sales market. 

Market overview (NAI Sullivan Group Q1 2023

  • Inventory: 101,506,474 SF
  • Vacancy rate: 5.1% overall
  • Absorption: 37,957 SF 
  • New construction: 716,357 SF under construction
  • Largest submarkets: Moore/Norman, Northwest, Edmond

Crexi Intelligence

Lease and sales trends from Crexi Intelligence (as of July 2023):

For Lease (active)

  • Asking rate/SF (median): $18 per year
  • Median SF/listing: 2,485 SF
  • Days on market: 138
  • Total listings on Crexi: 431 spaces

For Sale (active)

  • Median asking price: $1.79 million
  • Price/SF: $233
  • Asking cap rate: 6.0%
  • Days on market: 131
  • Total listings on Crexi: 80 listings for a total of 3.1 million SF

Sales Comps (past 12 months)

  • Median sold price: $732,000
  • Sold price/SF: $146
  • Total sales volume: $297 million
  • Sold cap rate: 8.1%
  • Median SF sold/transaction: 5,748 SF
  • Days on market (median): 142

Learn more about Oklahoma City retail space for rent.

Oklahoma City Multifamily Market

The multifamily market in Oklahoma City has shown resilience and growth over recent years. The sector continues to thrive with historically low vacancy rates and rent growth. As the 46th largest multifamily market, OKC has many completed units and more in development. The wave of demand for multifamily properties has led to a tight market, presenting opportunities for owners and managers. 

Market overview (NAI Sullivan Group Q1 2023)

  • Total housing units: 615,726
  • Multi-unit: 123,145
  • Vacancy rate: 10.4%
  • Average monthly rent: $1.09/SF/YR
  • New construction: 3,817
  • Recent sales by property: Sycamore Farms $59 million, London Square Village $18.1 million, Pelican Hill $3.8 million
  • Top submarkets: NE OKC, NW OKC, Edmon, Moore/Norman

Crexi Intelligence

Here are the most recent Multifamily Insights from Crexi (as of July 2023):

For Sale (active)

  • Median asking price: $1.5 million
  • Price/SF: $301
  • Price/Unit: $206,000
  • Asking cap rate: 6.4%
  • Days on market: 92
  • Total listings on Crexi: 20 listings totaling 494,000 SF

Sales Comps (past 12 months)

  • Median sold price: $229,000
  • Sold price/SF: $106
  • Sold price/unit: $63,800
  • Total sales volume: $307 million
  • Sold cap rate: 6.0%
  • Total SF sold: 2.71 million
  • Days on market (median): Unavailable

Learn more about Oklahoma City multifamily property for sale.

Get more in-depth Oklahoma City market data with Crexi Intelligence.

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Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

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