Economy: Jobs And Unemployment Rise Yoy
Tulsa's economy remained relatively stable, with employment totaling approximately 486,000 jobs, up about 0.4% from the 484,000 reported in Q3 2025. The city's diversified employment base continues to provide a steady foundation for the commercial real estate market.
The unemployment rate increased 0.8 percentage points year-over-year (YOY), from 3.0% to 3.8%, remaining 0.5 percentage points below the U.S. rate of 4.3%. The national unemployment rate was unchanged YOY.
Demand: Leasing And Ytd Absorption Improve
Through the first three quarters of 2026, net absorption totaled 185,922 square feet (sf), compared with -226,353 sf a year earlier, an improvement of 412,275 sf. Vacancy reached 10.5%, up 40 basis points YOY from 10.1%.
Leasing activity totaled 613,625 sf year-to-date, up 20.2% from 510,605 sf in Q3 2025. Third-quarter net absorption was -186,132 sf, compared with -165,286 sf in Q3 2025.
Tenants continue to favor modern amenities and move-in-ready space. Improvement allowances and concessions remain important to leasing decisions.
Pricing: Asking Rents Increase 4.9% Yoy
The Tulsa office market recorded an overall average asking rent of $19.51 per square foot (psf), up $0.91, or 4.9%, from $18.60 psf in Q3 2025. The Central Business District (CBD) averaged $22.11 psf, a $1.48, or 7.2%, YOY increase.
Class A asking rent averaged $25.02 psf, up 14.3% from $21.89 psf a year earlier. Landlord concessions and tenant improvement packages continue to limit effective rent growth.
