Omaha Market Report (Q2, 2026)
Omaha Market Trends
Office
The 48.7 million sq. ft. Omaha office market ended the 2nd quarter of 2026 with a vacancy rate of 7.4 percent, which was down from last quarter. Absorption over the past 12 months was 207,000 sq. ft. Rental rates were down slightly to $25.59. Approximately 1.7 million sq. ft. of office space is under construction at this time, a little less than last quarter.
Retail
Approximately 65.4 million sq. ft. of retail space was considered for this report, which is based on CoStar data. At this time, 1.2 million sq. ft. of retail space is under construction, which is up dramatically from last quarter. Vacancy went up to 4.7 percent. Rental rates were $18.64 per square foot. The 12-month net absorption was 117,000 sq. ft. at the end of the quarter, up from the previous period.
Industrial
Omaha’s industrial sector continues to be strong. The total market size is 116 million sq. ft. Approximately 3.8 million sq. ft. of industrial space is currently under construction, up from the previous quarter. Industrial vacancy is 3.1 percent, which is up from last quarter. Rental rates are $8.76, up a little from last quarter. The 12-month net absorption is -780,000 sq. ft., which despite being negative, is better than last quarter.
New Developments
During the second quarter, the City of Omaha the $125 million, 6,500 Union Omaha stadium and adjacent $191 million mixed-use development plan with 500 residential units and 39,000 sq. ft. of retail. The state of Nebraska also approved turnback financing for the stadim. Noddle Companies started vertical construction of Nebraska Medicine’s 3-story, 125,000 sq. ft. Gretna Landing Health Center near 192nd & Highway 370. Groundbreaking took place at Gretna Crossing, a 70-acre retail development on the south side of 192nd & Highway 370. The development will have up to 500,000 sq. ft. of retail, restaurant and service space. Building permits were issued in in the second quarter for multiple retailers at the Avenue One Goodlife District including Arhaus, Pottery Barn, Williams-Sonoma. L.L. Bean and Yard House.