Non-Retail Users Occupy Retail Space
The Omaha retail vacancy rate decreased 60 basis points from 9.0 percent in the second quarter to 8.4 percent in the third quarter. Net absorption for the quarter is a strong 216,341 square feet. After experiencing negative absorption in the first two quarters of the year, year-to-date absorption now sits at 164,570 square feet. This compares favorably to the negative 144,835 square feet of absorption one year ago. The strongest submarkets currently are Sarpy East/Bellevue, South Central, Northwest, West Dodge Corridor, Southwest and Sarpy West; all having a vacancy rate lower than the market as a whole. Year-to-date, the North Central submarket has been hit hardest by negative absorption. This quarter, however, the North Central submarket had the largest positive absorption due to the sale of Shopko on North 90th Street.