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, searching for the perfect 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.
Crexi’s tools have facilitated over $330 billion in property transactions and marketed properties totaling more than $2 trillion in value as of this writing.
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
The Oklahoma City commercial real estate market is “hitting all sectors,” with net absorption, rents, and sales prices rising. Although the metro area is home to only about 1.4 million residents, OKC has received top rankings from LendingTree and CBRE as one of the best cities for entrepreneurs and one of the best metros for tech talent growth.
Located in the middle of the state, Oklahoma City is the capital of Oklahoma, the most populous city in the state, and the 11th largest in the Southern U.S. The economy is driven by a diverse blend of business and industry, including agriculture and livestock, federal government and military defense, and the healthcare and biotech industries.
Oklahoma City Regional Breakdown
Since 2010, the population of Oklahoma City has grown by 17%, almost three times as fast as the entire state and nearly twice as fast as the US average. The influx of residents is expected to attract more employers and entrepreneurs to the metro area in the coming years:
- Oklahoma City is home to over 680,000 people in the city and more than 1.4 million residents in the metropolitan area.
- Oklahoma City is the capital and the largest city in the state.
- Over the past ten years, the population of Oklahoma City has grown by 17.4%, a gain of over 101,000 new residents.
- Oklahoma City is projected to grow by another 100,000 people by the end of 2023 and will have nearly 2 million residents by 2040.
- The median age in Oklahoma City is 35.6 years, a little less than the figure for the state and the US.
- The median household income in Oklahoma City is $60,605 and per capita income is $32,577.
- Last year median household incomes grew by 5.4%, while median property values increased by nearly 3.7%.
Oklahoma City has added more than 330,000 new jobs since 2010, with employment in the metro area growing right along with the population. Unemployment is down to just 1.6% while living costs are still 14% below the national average.
- The GDP of Oklahoma City is nearly $74.4 billion and has grown by more than 25% over the past ten years.
- The unemployment rate in Oklahoma City is down to 1.6%, decreasing nearly 50% over the past six months alone.
- Fastest-growing employment sectors in the metro area are education and health services, leisure and hospitality, trade and transportation, and mining and logging.
- Oklahoma City Innovation District is a thriving ecosystem for the healthcare, bioscience, aerospace, technology and energy, and specialized manufacturing sectors.
- The largest employers in Oklahoma City include the FAA, the United States Air Force-Tinker AFB, the City and the State of Oklahoma, Integris Health, and the University of Oklahoma Health Sciences Center.
- Large businesses and corporations in the metropolitan area include American Fidelity Insurance, MidFirst Bank, AT&T, and The Boeing Company.
- The University of Central Oklahoma, University of Oklahoma, and Oklahoma City Community College are three of the higher education institutions in the region.
- Nearly 90% of the residents of Oklahoma City are high school graduates or higher, while over 31% hold a bachelor’s degree or an advanced degree.
The transportation infrastructure of Oklahoma City includes freight rail service, five interstate highways, and the Will Rogers World Airport.
Oklahoma City Industrial Market
The industrial market in Oklahoma City has been on a tear the entire year, with nearly 1.5 million square feet of space absorbed through Q3 2021. Asking rents for Oklahoma City warehouse and industrial space have increased by 6.1% year-over-year, with the hottest submarket of Edmond boasting a vacancy rate of just 0.6%:
- Total industrial inventory: 139,039,765 SF
- Average asking rent: $7.12 per SF per year, overall, NNN
- Vacancy rate: 3.2%
- Absorption: 884,503 SF through Q4 2021
- Key lease transactions by tenant: e-tailer Inc, Spiers New Technologies
- New construction: 1.6 million SF delivered over the past 12 months, with 2.4 million SF currently under construction
- Sales investment trends: 69 industrial sales transactions in Q3 2021, total sales volume $102 million, median price per SF $66.13, average cap rate 8.09%
- Largest industrial submarkets by buildings: OKC South, OKC West, OKC Central
Oklahoma City Office Market
Over 60 office buildings in Oklahoma City changed hands in Q3 2021, with sales transaction volume totaling more than $86.2 million. Office space net absorption at the end of the quarter was nearly 479,000 square feet, with rent prices and vacancy rates holding steady:
- Total office inventory: 67,162,729 SF
- Average asking rents: $18.13 per SF year, full service gross
- Vacancy rate: 10.0%
- Absorption: 478,594 SF Q3 2021
- Key leases by tenant: Business Imaging Systems, Coop Ale Works, Liberty Dental
- New construction: 33,518 SF delivered in 2021, with 379,561 SF currently under construction
- Most active cities for new construction: Oklahoma City, Norman, Yukon
- Sales investment trends: 63 office building sales transactions in Q3 2021, total sales volume of $86.2 million, median price per SF $123.97, actual cap rate of 6.92%
Oklahoma City Retail Market
Both retail leasing activity in Oklahoma City and investment sales are on the rise, with tenants scrambling for longer-term leases. Sales transaction volume in Q3 2021 was nearly $76.6 million, with grocery-anchored shopping centers and single-tenant net lease properties garnering the greatest investor interest:
- Total retail inventory: 99,738,052 SF
- Average asking rent: $14.77 per SF per year, NNN
- Vacancy rate: 5.1%
- Absorption: 238,616 SF in Q3 2021
- Key leases by tenant: Aaron’s, Peak Fitness, and Tacos 4 Life Grill
- New construction: 579,132 SF delivered year-over-year, with 161,897 SF currently under construction
- Sales investment trends: 82 retail sales transactions in Q3 2021, total sales volume $76.6 million, median price per SF $135.87, actual cap rate 6.37%
Oklahoma City Multifamily Market
The demand for multifamily property in Oklahoma City is pushing asking prices up and cap rates down. Multifamily sales in Q3 2021 alone totaled $233 million, more than the total for the first half of the year. Rapidly increasing home prices are turning many would-be buyers into renters, with rent prices up by 8.6% over the past year and vacancies the lowest they have been since 2014:
- Total housing units: 582,820
- Renter occupied: 37%
- Market asking rent: $870
- Asking rent growth: 8.6% year-over-year
- Vacancy rate: 6.8%
- New construction: 1,454 units delivered in 2021, with 1,450 units currently under construction
- Sales investment trends: 46 apartment buildings sold in Q3 2021, total sales volume $234 million, average price per unit $66,747, actual cap rate 3.70%
- Sales activity: Median sales price per unit $300,500, 3.9% average cap rate year-to-date, with cap rates on recent sales at 3.5% or lower
- Recent sales by property: Isola Bella Apartments $56 million, Residence at North Penn $38.6 million, Seminole Ridge Apartments $15 million
- Median household income: $60,605
- Per capita income: $32,577
How Crexi Connects Buyers and Tenants to Oklahoma City Commercial Properties
Using Crexi’s free marketplace, buyers and tenants across the US can easily browse through available Oklahoma City properties across asset classes. As Oklahoma’s capital and fastest-growing metro population, Oklahoma City represents a thriving business center with plentiful investment options, attractive cap rates, and low vacancy.
Searching buyers and tenants can quickly sort Oklahoma City property for sale and lease using Crexi’s powerful search tools. Interested parties can sort and browse assets by class, property subtypes, price or rate per square foot, square footage, cap rates, and even neighborhoods.
After finding their perfect commercial investment, interested parties can directly reach out to the listing broker using Crexi’s secure messaging tool. Oklahoma City property seekers can immediately download brochures and OMs and even submit a letter of intent (LOI) through Crexi’s secure platform.
Intelligence Connects Investors to Data and Market Knowledge
When entering their market search, Oklahoma City investors and tenants want to make the best investment decisions. That’s where Crexi Intelligence enters.
The Crexi Intelligence subscription equips investors and tenants with a massive database featuring thousands of third-party verified sales comps and real-time information about dozens of markets. With Intelligence, buyers and tenants enjoy in-depth access to market trends and detailed demographic insights on every property page, helping them to make the most informed CRE decisions possible.
How Oklahoma City Brokers Thrive with Crexi
Crexi features nearly 400 Oklahoma City properties for sale and over 900 listings for lease within the city itself. Oklahoma City properties are currently attracting plentiful tenants and investors seeking favorable cap rates and convenient options for 1031 exchanges.
Using Crexi, local brokers can quickly list and manage properties in multiple asset classes, including:
- Industrial units
- Multifamily units
- Retail buildings
- Hospitality facilities
- Mixed-Use developments
- Office buildings
- Land Parcels
- Non-traditional buildings such as data centers, medical offices, etc.
Crexi’s digital tools allow brokers to guide their properties from the initial list to close quickly. Oklahoma City agents can efficiently reach out to interested leads while monitoring buyer and tenant behavior in real-time.Crexi’s secure file vault also allows brokers to aggregate and safely store any due diligence paperwork online.
However, Crexi’s full potential reveals itself with Sale PRO, Lease PRO, and All PRO.
Crexi All PRO
Crexi Sale PRO and Lease PRO accelerate and simplify Oklahoma City brokers’ workflows with robust lead management capabilities, branded and customized lead reports, and detailed marketing analytics. PRO brokers’ listings receive automatic preferential placement at the top of Crexi’s search pages, immediately viewed by buyers and tenants looking for Oklahoma City property.
Crexi also sends out weekly email blasts to thousands of leads across the country, highlighting relevant PRO listings based on each user’s search history. Powered by machine-learning, this customization earns Crexi marketing emails a higher engagement and click-through rate (CTR) average of 10-15%.
Crexi PRO users also enjoy unrestricted access to Intelligence’s database of 40 million sales comps and in-depth demographic tools.
Brokers — including those in the Oklahoma City-Napier-Elgin MSA — use Crexi PRO to directly and efficiently connect with the more than 70,000 leads interested in Oklahoma City in the last two years and over 12.5 million leads nationwide added in 2021 alone.
On average, PRO brokers earn 125% more leads and close six-to-eight more deals on average than non-PRO subscribers.