Commercial Real Estate Market in Norman, OK
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
320 active listings and 3,497 off-market properties in Norman, OK. Commercial property asks $145/SF to buy and $17.22/SF/Yr to lease.
Market Trends
Norman, OK spans 200.2 square miles in Cleveland County, Oklahoma. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Norman, OK asks $164/SF to buy. Vacancy runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Retail
Retail space in Norman, OK asks $188/SF to buy. Vacancy runs 5.4% across the South region in 2025, down from 7% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Industrial
Industrial vacancy in Norman, OK runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily space in Norman, OK asks $134/SF to buy. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Agricultural 74.1%
- Residential 15.4%
- Planned_development 4.9%
- Commercial 1.6%
- Industrial 1.4%
- Open space 0.9%
- Civic 0.2%
Largest Zones share of zoned land by district
Rural Agricultural District
Single Family Dwelling District
Residential Estate Dwelling District
Planned Unit Developments
Unclassified
Rural Agricultural District (A-2)
SEC. 420.2 - A-2, RURAL AGRICULTURAL DISTRICT (As amended by Ord. No. O-2432 - August 3, 1971; O -7475-4 - July 9, 1974; O -7879-42 - January 30, 1979; O -8182-5 - October 13, 1981; O -8182-32 - January 5, 1982; O -8384-135 - June 19, 1984; O-8485-65 - June 11, 1985; O-8687-9 - August 5, 1986; O-8687-49 - March 14, 1987; O-8990-42 - July 24, 1990; O-9293-38…
Market overview
Demographics & Economy
Norman, OK has 132,968 residents in 57,180 households. Density runs 664 people per square mile. Median household income here is $68,890 and median gross rent $1,063 a month.
132,968
Population
57,180
Households
2.3
Avg Household Size
32
Median Age
46%
College-Educated
94%
High-School Grad
200.2 sq mi
ZIP Area
664
Density / Sq Mi
$68,890
Median Household Income
$34,547
Median Earnings
$1,063
Median Rent
$245,689
Median Home Value
Tools
Lease vs Buy Breakeven
At $17.22/SF/Yr lease vs $145/SF buy → buying wins if held > 1 years.
The comparison uses county-wide sale comps against Norman asking rents, so the implied 11.9% gross yield is computed off asking rents rather than a closed-deal cap-rate benchmark. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Noble | $145 (county avg) | — |
| Slaughterville | $145 (county avg) | — |
| Moore | $145 (county avg) | $28.71 |
| Lexington | $145 (county avg) | — |
Commercial property in Norman, OK asks $145/SF. The 4 bordering markets run from $145/SF in Noble to $145/SF in Noble, and the city sits in line with their $145/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in Norman?
Commercial property in Norman, OK asks an average of $145 per square foot. The 4 most recent recorded sales traded at a median of $319/SF. Retail carries the highest asking price at $188/SF.
How much does it cost to lease commercial space in Norman?
Asking lease rates in Norman, OK average $17.22 per square foot per year.
Is it cheaper to lease or buy commercial space in Norman?
Buying beats leasing in Norman, OK if the property is held longer than 1.0 years, comparing $17.22/SF/Yr asking rent with $145/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
How does Norman compare to nearby markets on price?
Norman, OK asks $145/SF against $145/SF in Noble, $145/SF in Slaughterville, $145/SF in Moore and $145/SF in Lexington.
Where does Realmo's Norman market data come from?
Realmo compiles Norman, OK figures from 5 recent recorded sales, 229 active sale listings, 91 active lease listings, 3,497 tracked off-market properties, the current Norman zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 229 active for-sale and 91 active for-lease listings in Norman, OK. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Price per square foot
- The county-level $/SF blends closed sales aggregated over the trailing months of available data, not a single day's snapshot — it can differ from any one month's own median.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 114,374 zoned acres across 27 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- the lease-vs-buy comparison mixes county-wide sale comps with city asking rents, office vacancy is reported at South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
