Market is Stable; Positive Absorption Continues
The Omaha office market experienced positive absorption for a third consecutive quarter and for five out of the last six quarters. The total absorption for the second quarter of 2017 was 50,025 square feet and moves the total for 2017 to 157,863 square feet halfway through the year. Average annual absorption over the last ten years is approximately 62,500 square feet per quarter. The positive absorption impacted the vacancy rate resulting in a decrease of 300 basis points bringing the overall vacancy to 10.9 percent, down from 11.9 percent one year ago.