Omaha Retail Market Sees Unexpected Rebound
After two straight quarters of negative absorption, the Omaha retail market experienced an unexpected positive absorption of 69,608 square feet, bringing year-to-date absorption to 25,002 square feet.
The vacancy rate fell ten basis points from 8.1 percent in the first quarter of 2020 to 8.0 percent in the second quarter of 2020. With the United States still heavily fighting the COVID-19 pandemic, a decrease in the vacancy rate was unexpected. Non-traditional retail users, combined with a limited construction pipeline, contributed to Omaha’s success this quarter.