Economy: Employment Up 0.4% Year Over Year
Tulsa nonfarm employment averaged 484,450 in Q3 2026, up approximately 2,017 jobs, or 0.4%, from 482,433 a year earlier. U.S. employment rose 0.3% over the same period to 159.0 million, placing Tulsa slightly ahead of national job growth.
Tulsa unemployment reached 4.3%, compared with 3.4% in Q3 2025, an increase of 0.9 percentage points. The local rate was 0.1 percentage point above the U.S. rate of 4.2%. National unemployment declined from 4.3% a year earlier.
Demand: Ytd Absorption Reaches 941,008 Sf
Tulsa recorded 202,339 square feet (sf) of positive net absorption in Q3, following 1.76 million sf in Q2. Year-to-date absorption totaled 3,199,852 sf, versus negative 171,112 sf through Q3 2025. South Central led Q3 gains with 131,299 sf, followed by Southeast at 98,049 sf. Manufacturing absorbed 142,983 sf, warehouse/distribution gained 74,619 sf, and flex posted negative 15,263 sf.
Vacant available space totaled 1.83 million sf, or 2.2% of inventory, up from 2.0% in Q2 but below 2.5% a year earlier. Q3 deliveries totaled 87,000 sf. Four buildings totaling 844,233 sf remained under construction, down 9.3% from Q2 and equal to 1.0% of the 84.89-million-sf inventory. Northeast accounted for 680,783 sf, or 80.6%, of the construction pipeline.
Pricing: Rents Up 9.0% Yoy, Down 0.8% In Q3
Overall NNN asking rents averaged $7.62 per square foot (psf), up from $6.99 in Q3 2025 but below $7.68 in Q2 2026. The 9.0% annual gain contrasted with a 0.8% quarterly decline. Flex commanded the highest average at $8.70 psf, followed by manufacturing at $7.66 psf and warehouse/distribution at $7.53 psf.
Manufacturing rents rose 25.6% year over year, flex increased 7.1%, and warehouse/distribution declined 1.1%. Northeast flex averaged $12.00 psf, while South warehouse/distribution reached $9.60 psf. West manufacturing averaged $4.90 psf, illustrating the range in asking rents across submarkets and property types.
