Tulsa Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $15.53 2022 Avg. Asking Rent
  • 1.33% Y-o-Y Avg. Asking Rent Change
  • 15.56% 2022 Office Vacancy Rate
  • $51.8M2022 Total Office Sales
  • $67.84Avg. Sale Price/SF

Tulsa office price per square foot in 2022 was $15.53 on average. This marked a +1.33% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.56% across all asset classes combined. The 13 transactions that closed here throughout 2022 amounted to a total sale volume of $51.8M. Tulsa office space commanded an average sale price per square foot of $67.84.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Tulsa Class A & A+ Office Space$18.50
  • Tulsa Class B Office Space$14.69
  • Tulsa Class C Office Space$13.00
  • Oklahoma Class A & A+ Office Space$22.52
  • Oklahoma Class B Office Space$16.08
  • Oklahoma Class C Office Space$13.00

Tulsa, OK Office Asking Rents by Class

Average office rent in Tulsa rested at $15.53 per square foot in 2022. 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 $18.50 per square foot. Across all submarkets, class B office space recorded an average asking rent of $14.69 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $13.00 per square foot, on average. Comparably, statewide Oklahoma average office rents by class in 2022 were: $22.52 per square foot for class A office space; $16.08 per square foot for class B office space; $13.00 per square foot for class C office space.

2022 Office Vacancy Rates in Tulsa

Submarket Asking Rents Vacancy Rates
CBD $17.13 12.11%
Lewis Ave Corridor $15.88 4.99%
North Tulsa $15.00 42.60%
Southeast Tulsa $14.87 33.19%
Yale Ave Corridor $14.64 12.08%
Midtown North $14.50 37.39%
Midtown South $14.31 21.10%
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 15.56% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tulsa was 4.99% in the Lewis Ave Corridor submarket, while the highest office vacancy in the market was 42.60%, recorded in North Tulsa.

Office Spaces for Rent in Oklahoma

Tulsa Office Sale Price per SF

  • $67.842022 Avg. Price per SF
  • -42.01%Y-o-Y Avg. PpSF Change
  • $51.8M2022 Office Sales Volume
  • 132022 Number of Transactions

Tulsa, OK Sale Price per SF Trend

  • Tulsa Avg. Sale Price per SF in 2022$67.84
  • Oklahoma Avg. Sale Price per SF in 2022$103.80
Tulsa office space cost in 2022 marked a -42.01% change compared to the previous year. The sale price for office space in Tulsa averaged $67.84 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Oklahoma average office sale price during the same time period was $103.80 per square foot.

2022 Office Sales Volume

  • Tulsa, OK Total Office Sales Volume in 2022 $51.8M
  • Tulsa, OK Total Number of Office Sales Closed in 2022 13
A total of 13 deals closed on the Tulsa office market in 2022, adding up to a yearly sales volume of $51.8M. Notably, the largest transaction on the market saw 21 Lewis Plaza change hands for $6,900,000 on 2/1/2022.

Largest Tulsa Office Sales in 2022

Property name Address Date Price
21 Lewis Plaza 2424 East 21st Street 2/1/2022 $6,900,000
4750 South Garnett Road 4750 South Garnett Road 5/24/2022 $6,100,000
Beacon Building 406 South Boulder Avenue 12/6/2022 $5,753,000
9322 East 41st Street 9322 East 41st Street 6/24/2022 $5,200,000
1515 East 71st Street 1515 East 71st Street 7/26/2022 $5,000,000
Data provided by Commercial Edge

Coworking Spaces in Oklahoma

2022 Office Construction in Tulsa, OK

  • Tulsa, OK Total SF completed in 2022 241,452

During 2022, 241,452 square feet of new office space were delivered across the market. At the close of 2022, the Tulsa office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 241,452 square feet of office space.

Largest Office Properties Recently Completed in Tulsa
Office building Address SF Completed
405 N Main St 405 N Main St, 74103 80,000 2021
3516 E 31st St 3516 E 31st St, 74135 2,500 2020
Vineyard Office Building #2 7804 East 108th Street, 741`3 7,200 2019
11223 E 31st St 11223 E 31st St, 74146 13,116 2014
905 S Hudson Ave 905 S Hudson Ave TULSA, 74112 7,200 2006
9101 S Toledo Ave 9101 S Toledo Ave, 74137 9,513 2004
9100 Memorial Plaza 7718 East 91st Street, 74133 28,075 2001
The Dominion Building 1645 East 101st East Avenue , 74128 21,436 1993
Oxford Place 6660 South Sheridan Road, 74133 82,400 1986
Bridgeport III 6450 South Lewis, 74136 46,810 1986

Worth noting among recent office completions on the Tulsa market is 405 N Main St, which is currently the largest new office development in the city, at 80,000 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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.