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Tulsa Office Figures H1 2023

August 9, 2023 5 Minute Read

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  • The Tulsa office market began 2023 on solid footing as it posted 439,050 sq. ft. of net absorption for the first half of the year. Unless negated in H2 2023, this will be the first annual round of positive net absorption since 2019.

 

  • Downtown Tulsa had 470,000 sq. ft. in three new office buildings delivered in the past 12 months. Santa Fe Square is 98% leased, 222 N Detroit is 60% leased and 21 N Greenwood is 33% leased. There has been a flight to quality to these new buildings as businesses compete for new talent.

 

  • As a result of heightened occupancy, marketwide vacancy compressed to 16.1% after exceeding 17% at year-end 2022. Tulsa office vacancy outperformed the overall U.S. rate of 18.2% as of mid-year 2023.

 

  • Downtown Tulsa, which accounts for one-third of the market’s office inventory, holds an average employee “return to office” rate of 74% according to May 2023 data from Placer.AI via the Downtown Tulsa Partnership. This level exceeds many peer downtowns office utilization rates.