Omaha Market Report (Q3, 2022)

Market Overview

This report is based on CoStar data, which takes into account 47.6 million square feet of office space in the Omaha market. There is 413,000 square feet of office space under construction at this time, down a tick from last quarter. 

Approximately 64.3 million sq. ft. of retail space was considered for this report. At this time, 311,000 sq. ft. of retail space is under construction, which is down 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 thrived in the 3rd quarter. The total market size is 103 million sq. ft. More than 2.8 million sq. ft. of industrial space is under construction right now, which is much more than last quarter.

New Developments 

The Planning Board approved a preliminary plan to rezone a 36-acre subdivision southeast of 180th & West Maple Road to build Omaha’s third Costco. Construction topped out at the Moxy by Marriott hotel on the southeast corner of 12th & Harney Street in the Old Market. The 6-story hotel should open early next year on the site that was once home to the Old Market Diner. REI Co-op opened its first Nebraska Store at Nebraska Crossing. The Planning Board approved Tax Increment Financing for a 4-story office and retail building planned for 1501 Mike Fahey Street. That’s just south of Kiewit’s global headquarters building and in a part of north downtown known as The Builder’s District.

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