Omaha Market Report (Q2, 2022)
Market Overview
This report is based on CoStar data, which takes into account 47.3 million square feet of office space in the Omaha market. There is 439,000 square feet of office space under construction at this time, up from last quarter.
Approximately 64.0 million sq. ft. of retail space was considered for this report. At this time, 340,000 sq. ft. of retail space is under construction, which is up 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 103 million sq. ft. More than 1.9 million sq. ft. of industrial space is under construction right now, which is not quite as much as the banner 1st quarter.
New Developments
The City of Omaha approved redevelopment agreements for the $600 million Mutual of Omaha skyscraper and the $306 million urban streetcar. Conceptual designs were released for a $120 million central library planned for 72nd & Dodge Street. Plans were announced for Eppley Airport’s $600 million terminal expansion which will start next year. Ground was broken on the Tower District, a 73-acre, mixed-use development at 84th & Highway 370 in Papillion. Ground was broken on 9-story building in the Blackstone District. Grading has started on Black Elk Development’s 156,000 sq. ft. warehouse east at 138th & Highway 370. Developers announced the $35 million Dizzy Mule, a mixed-use project bounded by Nicholas, 12th, Izard and 13th Streets. It will have 172 apartments and 18,000 sq. ft. of commercial space.