Downtown Omaha Is the Star of the Office Market
The overall Omaha office market experienced negative absorption for the first time since the fourth quarter of 2017. While the Downtown submarket experienced over 37,000 square feet of positive absorption, this was countered by negative absorption of over 49,000 square feet in the suburban areas of Omaha. Year-to-date, absorption for the market is 296,296 square feet, which is above the ten-year annual average of approximately 250,000 square feet.
The Downtown submarket boasts a low vacancy rate of 4.4 percent, 320 basis points lower than the 7.6 percent vacancy rate as a whole and 410 basis points lower than the 8.5 percent vacancy rate in the suburban areas.