2018 Was A Very Good Year, 2019 Could Be Even Better
The Omaha office market ended the year strong. The vacancy rate landed at 7.7%, a full 100 basis points lower than the end of 2017. Annual net absorption was 405,346 square feet, much higher than the annual average of 200,000 square feet. Over 500,000 square feet of new construction were delivered to the market for the year, with another 500,000 square feet currently in the construction pipeline. This year’s delivered office space is much higher than the 63,000 square feet of new construction delivered in 2017 and represents the highest amount since 2013, when the new TD Ameritrade headquarters opened. The office market performed well in 2018 by all measures.