Omaha Market Report (Q4, 2021)
This report is based on CoStar data, which takes into account 47.4 million square feet of office space in the Omaha market. There is 795,000 square feet of office space under construction at this time, up from last quarter. Approximately 64.3 million square feet of retail space was considered for this report. At this time, 323,000 square feet 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 98.5 million square feet. More than 3.1 million square feet of industrial space is under construction right now, which is not as high as last quarter.
Ground has been broken on a 1.4 million SF data center project for a yet-to-be-announced company on 250 acres near State Street and Highway 133. The city of Omaha announced its downtown library will relocate. Public-facing services will move to a 30,000 SF historic building at 14th & Jones Street. Administrative and distribution functions will move to 84th & Frederick. The city hopes to replace the current library at 14th & Farnam with a high-rise office building. Plans were announced to add a 17-story addition to the twin towers of Central Park Plaza downtown. The University of Nebraska Medical Center released a rendering of its 16-story, 350,000 SF administrative building planned for the southwest corner of 44th & Farnam Street.