Omaha Market Report (Q2, 2023)
Market Overview
This report is based on CoStar data, which takes into account 48.5 million square feet of office space in the Omaha market. There is 1.4 million sq. ft. of office space under construction at this time, up substantially from last quarter.
Approximately 64.8 million sq. ft. of retail space was considered for this report. At this time, 344,000 sq. ft. of retail space is under construction, which is down a little from the end of the prior quarter.
The industrial sector continues to thrive. The total market size is 106 million sq. ft. Approximately 3.4 million sq. ft. of industrial space is under construction right now, which is triple the amount we saw last quarter.
New Developments
During the second quarter, the Nebraska Unicameral passed legislation making the state desirable to semiconductor manufacturers as well as the Good Life Transformational Projects Act, which will incentivize developers to take on massive real estate projects. Both pieces of legislation appear to be bearing fruit already. The greater Omaha area is being considered for a major semiconductor plant. Nebraska Crossing in Gretna plans to more than double its size. In the downtown area, foundation work was mostly completed by the end of the quarter and workers had erected two tower cranes on the Mutual of Omaha skyscraper site downtown.