Omaha Market Report (Q3, 2023)
Market Overview
This report is based on CoStar data, which takes into account 48.7 million square feet of office space in the Omaha market. There is 1.3 million sq. ft. of office space under construction at this time, up slightly from last quarter.
Approximately 65.4 million sq. ft. of retail space was considered for this report. At this time, 274,000 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 105 million sq. ft. Approximately 5.3 million sq. ft. of industrial space is under construction right now, which has increased since last quarter.
New Developments
During the third quarter, the University of Nebraska Medical Center made significant progress on its west campus and its long-anticipated Project NExT. The concrete shear tower started rising at the Mutual of Omaha tower construction site. Google announced it will invest hundreds of millions of additional dollars at its existing Papillion data center. Multiple buildings along the south side of Dodge Street between 46th and 48th streets have been demolished to make way for an $82 million, 330-unit apartment building. Heartland of America Park and Lewis & Clark Landing both opened during the quarter. The new Riverfront park system is expected to spark additional private real estate investment in the area.