MAIN SQUARE TOWERS
16th & Main • Tulsa, Oklahoma 74119
918.585.9625
2003 Tulsa Office Market Report
> United States Office Vacancy ReportPrintable PDF reports issued by the firm of CB Richard Ellis
Listing of available reports in PDF format issued by Wiggin Properties, LLC
Tulsa Office Summary:
Tulsa has an MSA population of 803,000. Its population growth since 1990 has averaged 1.3% per year, approximately the same as the national average. Employment growth in the last year and the last ten years has exceeded the national average. Growth by job sector is shown in the bar chart below. Recent cutbacks in the telecommunications and internet sectors have had an impact on Tulsa which has prided itself in its robust telecommunications industry. Other important industries are computer services and manufacturing, aircraft manufacturing, education, and healthcare.
For additional information about the Tulsa economy, the following links may be helpful:
Tulsa Chamber of Commerce
Oklahoma Department of CommerceTulsa's office market consists of 18.8 million square feet of multi-tenant office space in buildings larger than 25,000 square feet. This is exclusive of government and medical buildings. Of this amount, 7.7 million square feet are downtown, and the balance of 11.1 million square feet are in the suburbs. Overall, the suburbs have an occupancy rate of 80%, down from 92% three years ago. Class A and B buildings downtown have an average occupancy rate of 82%, down slightly from three years ago. Current class A asking suburban rent rates range from $15 to $21 per square foot and class B asking suburban rent rates range from $12 to $15 per square foot. Class A downtown asking rent rates range from $14 to $18 per square foot and class B downtown asking rent rates range from $10 to $13 per square foot. Rent rates have held steady over the past two years as occupancy rates have dropped.