Downtown Activity Drives Stable Office Market
The Omaha Office Market experienced positive absorption for a fourth consecutive quarter and six out of the last seven quarters. The total absorption for the third quarter of 2017 was 68,122 square feet and 225,985 square feet for the year-to-date. Average annual absorption over the last ten years is approximately 250,000 square feet annually and year-to-date absorption is tracking accordingly. The positive absorption in the quarter impacted the vacancy rate resulting in a decrease of 30 basis points bringing the overall vacancy rate to 10.6 percent; the lowest rate in the past 18 years.