Omaha Market Report (Q1, 2022)
This report is based on CoStar data, which takes into account 47.4 million square feet of office space in the Omaha market. There is 420,000 sq. ft. of office space under construction at this time, down from last quarter.
Approximately 64.4 million sq. ft. of retail space was considered for this report. At this time, 301,000 sq. ft. of retail space is under construction, which is down a bit from the end of the prior quarter. Retail landlords and tenants continue to show creativity and versatility, filling space, in some cases, with non-traditional uses.
The industrial sector continues to be the shining star. The total market size is 99.5 million sq. ft. More than 4.4 million sq. ft. of industrial space is under construction right now, which is quite a bit higher than last quarter.
Mutual of Omaha announced that it would build a corporate headquarters skyscraper at 14th & Farnam Street on the current site of the W. Dale Clark Library. The City of Omaha is in the process of moving the library to a historic building under renovation at 14th & Jones Street. Once the library move is complete, demolition will begin on the current library building. Construction of the Mutual of Omaha headquarters will begin in January and is scheduled to be complete in early 2026. While Mutual has not yet announced the exact dimensions, the building is expected to be 40-50 stories, likely the tallest building in the multi-state region. On the same day as Mutual’s skyscraper announcement, the City of Omaha announced a new streetcar system would be built between downtown and the University of Nebraska Medical Center.