Omaha Market Report (Q3,2026)
Omaha Market Trends
Office
The 48.5 million sq. ft. Omaha office market ended the 3rd quarter of 2026 with a vacancy rate of 7.6 percent, which was up from last quarter. Absorption over the past 12 months was 217,000 sq. ft. Rental rates were up to $25.93. Approximately 1.8 million sq. ft. of office space is under construction at this time, a little more than last quarter.
Retail
Approximately 65.9 million sq. ft. of retail space was considered for this report, which is based on CoStar data. At this time, 1.2 million sq. ft. of retail space is under construction, which is the same as last quarter. Vacancy went down to 4.5 percent. Rental rates were $18.52 per square foot. The 12-month net absorption was 227,000 sq. ft. at the end of the quarter, up from the previous period.
Industrial
Omaha’s industrial sector continues to be strong. The total market size is 119 million sq. ft. Approximately 2.1 million sq. ft. of industrial space is currently under construction, down dramatically from the previous quarter. Industrial vacancy is 3.9 percent, which is up from last quarter. Rental rates are $8.87, up a little from last quarter. The 12-month net absorption is 1.9 million sq. ft., which is up substantially.
New Developments Article
During the 3rd quarter, Lanoha announced that it will develop a 150,000 sq. ft. office building for Koley Jessen law firm at Heartwood Preserve. Construction is expected to begin in late 2027, with completion anticipated at the beginning of 2030. The Drury Plaza Hotel plans moved forward as construction started on the 8-story building southeast of 10th & Harney Street downtown. GreenSlate Development Partners announced it would build a 6-story, “workforce” apartment building southwest of 24th & Dodge Street. The Gretna City Council approved the development agreement that will afford Buc-ee’s access to Good Life District incentives. Buc-ee’s proposed budget totals more than $100 million, including $23 million for infrastructure improvements to the Interstate 80 & Highway 31 interchange. Construction is estimated to start early 2027 and finish by fall of 2028.