Omaha Market Report (Q4, 2022)

Market Overview

This report is based on CoStar data, which takes into account 47.6 million sq. ft. of office space in the Omaha market. There is 480,000 sq. ft. of office space under construction at this time, up from last quarter. 
Approximately 64.3 million sq. ft. of retail space was considered for this report.  At this time, 361,000 sq. ft. of retail space is under construction, which is up from the end of the prior quarter. 
The industrial sector continues to thrive. The total market size is 103 million sq. ft.  More than 2.7 million sq. ft. of industrial space is under construction right now, which is just a little less than last quarter.

New Developments

Just before the 4th quarter ended, crews finished demolition of the W. Dale Clark library at 14th & Farnam Street. That will pave the way for construction to begin on Mutual of Omaha’s 44-story headquarters building this month. The City of Omaha approved $440 million in bonds for the planned downtown-midtown street car. The Child Saving Institute announced a $46 million expansion of its campus at Saddle Creek Road & Dodge Street. Children’s Hospital & Medical Center announced an $89 million pediatric behavioral health hospital just west of its existing buildings. Construction has started on a 5-story, mass-timber-built office building at 1501 Mike Fahey Street in the Builders District.