73128 Flex Industrial Market Report: NW Oklahoma City & Yukon
Market Overview
The 73128 ZIP code, covering northwest Oklahoma City and the Yukon corridor, has become one of the metro's most active flex industrial submarkets. With proximity to I-40 and the Kilpatrick Turnpike, this area offers logistics advantages for distribution, light manufacturing, and flex office-warehouse users.
Key Market Metrics
As of Q4 2025, the 73128 flex industrial market features approximately 2.8 million square feet of inventory. The vacancy rate sits at 4.2%, well below the metro average of 5.8%. Average asking rents are $7.25 per square foot NNN, reflecting steady demand from e-commerce and regional distribution tenants.
Supply and Demand Trends
Net absorption in 73128 has been positive for six consecutive quarters, driven by growth in third-party logistics (3PL) operators and small-to-mid-size manufacturers. New construction deliveries totaled 185,000 SF in 2025, with an additional 120,000 SF in the pipeline for 2026.
Investment Activity
Cap rates for flex industrial assets in this submarket range from 6.5% to 7.5%, depending on tenant credit and lease term. Investor interest remains strong due to below-replacement-cost pricing and consistent rental growth averaging 3.2% annually.
Outlook for 73128
The 73128 submarket is positioned for continued growth as Oklahoma City's western corridor expands. Proximity to Will Rogers World Airport and the expanding turnpike system make this area increasingly attractive for last-mile delivery and regional distribution operations.
FAQs
What types of properties are available in the 73128 ZIP code?
The area primarily features flex industrial spaces including warehouse-office combinations, distribution centers, and light manufacturing facilities ranging from 5,000 to 100,000 SF.
What are typical lease rates in 73128?
Average asking rents are approximately $7.25 per square foot NNN, with newer Class A product commanding $8.50 to $9.00 per square foot.
Is 73128 a good area for industrial investment?
Yes. With low vacancy, consistent absorption, and cap rates between 6.5% and 7.5%, the 73128 submarket offers attractive risk-adjusted returns for industrial investors.
