New Product Drives Upward Asking RentsThe Omaha industrial market ended 2018 on a healthy note and remains healthy with a still low vacancy rate of 3.4%, the same rate as the previous quarter and 70 basis points higher than the beginning of 2018. While the local market has been hovering around 3% for a few years now, the national market is now at an all-time low vacancy rate of 4.9%, the first time for national vacancy to fall below 5%. The fourth quarter of 2018 experienced 117,438 square feet of net absorption bringing 2018 to a total absorption of 203,170 square feet, which is significantly lower than 2017’s absorption of over one million square feet. For the quarter, 39,522 square feet of newly constructed inventory were added to the market, bringing the annual total to 708,262 square feet, compared to over one million square feet delivered in 2017. Average asking rents as a whole, increased by twenty cents year-over-year, landing at an average of $5.80 per square foot for all industrial property types.