A snapshot of commercial real estate in OKC 2025
By : J. David Chapman/November 6, 2025
This week I had the pleasure of speaking to a mostly residentially focused group of Realtors at the Oklahoma City Metropolitan Association of Realtors luncheon. I began with an update on the Central Oklahoma Regional Transportation Authority and its plans for commuter rail connecting Norman, Oklahoma City, and Edmond—a project that could reshape the metro’s growth patterns for decades. From there, I provided a quick overview of our commercial real estate markets before closing with an update on Senate Bill 1075 and the new guidelines surrounding the practice of wholesaling in Oklahoma. Below is a summary of my comments regarding commercial real estate that I believe would benefit those selling and managing residential properties.
The retail market is in a period of transition. Big-box closures from chains like Big Lots and Party City pushed vacancy to 5.6%, the highest in more than a decade. Yet the market has responded quickly, with many of these spaces re-leased to experiential users such as Slick City Action Park. New construction, including the OAK development with tenants like Pottery Barn and Williams Sonoma, signals continued investor confidence even as rent growth levels off.
The multifamily sector remains steady. Vacancy has stabilized at 11.4%—well below the 2016 energy-sector peak—while rent growth of 0.9% outpaces the national average. Construction remains modest, focused in high-growth areas like Northwest Oklahoma City and Canadian County. Economic diversification into aerospace, fintech, and biotech continues to broaden housing demand beyond the traditional energy base.
The office market faces the biggest headwinds. Vacancy sits around 10.2%, with tenants seeking smaller, higher-quality spaces. Lease sizes are down 25% from pre-pandemic levels, and landlords are offering generous tenant-improvement packages to stay competitive. The North and Northwest submarkets remain bright spots thanks to their amenities and newer inventory.
The industrial sector remains the metro’s most balanced performer. Limited speculative construction has kept vacancy low while owner-users such as Locke Supply continue to expand. The 1.5-million-square-foot Locke warehouse and strong leasing of new small-bay projects reflect stable demand and long-term confidence in Oklahoma City’s logistics and manufacturing base.
Taken together, Oklahoma City’s commercial real estate landscape remains fundamentally strong—diverse, resilient, and positioned for steady growth as the metro area continues to attract investment and talent.
J. David Chapman is the chair of finance and professor of real estate at The University of Central Oklahoma (jchapman7@uco.edu).