Construction Slows, Uncertainty Remains On The Horizon
The Omaha industrial market vacancy rate ticked down ten basis points to 3.0 percent in the first quarter from 3.1 percent in the fourth quarter of 2019. 142,576 square feet was absorbed and 236,181 square feet of new construction were completed and delivered to the market. Overall, average asking rents are still north of $6.00 per square feet. While national data is not yet available for the current quarter, average asking rents in Omaha were higher than the Midwest U.S. average and comparable to average asking rents in the United States as a whole.