Omaha Market Report (Q1, 2023)
Market Overview
This report is based on CoStar data, which takes into account 48 million square feet of office space in the Omaha market. There is 605,000 square feet of office space under construction at this time, up from last quarter.
Approximately 64.6 million sq. ft. of retail space was considered for this report. At this time, 365,000 sq. ft. of retail space is under construction, which is up a little from the end of the prior quarter.
The industrial sector continues to thrive. The total market size is 105 million sq. ft. Almost a million sq. ft. of industrial space is under construction right now, which is much lower than last quarter.
New Developments
Before the first building was completed, Google announced it would expand its data center campus near 114th & State Street, adding 187 acres. Amazon formally opened is massive regional fulfillment center at Highways 50 & 370 in Papillion. The initial employment of 300 is expected to grow dramatically. Mutual of Omaha broke ground on its 677-foot, 44-story office tower. Completion is planned for early 2026. The owners of the Union Omaha pro soccer team revealed plans to build a $100 million, 10,000 sq. ft. stadium somewhere downtown or on the north side. The owners of Nebraska Crossing are hoping to expand the popular Gretna property by 1,000 acres, adding new-to-the market retailers, hotels, a water park and a youth sports facility.