Omaha’s Office Market is performing better than many other metropolitan areas. Omaha saw a reduction in vacancy, reasonable absorption and a healthy number of transactions in 2022. One area of concern is the presence of more sublease space than ever before. Office sales were brisk in the first half of 2022 but decreased sharply in the second half, mostly as a result of the increase in interest rates. Leasing activity was stable and picked up in the later part of 2022 as sales decreased. This report includes a list of the more notable lease and sale transactions.
The relatively stable market is due to several factors. First, it seems Omaha based companies tend to want their employees working in the office, although most offer some hybrid solution. Secondly, there is a continuing flight to quality as employers try to entice employees back to the office. We’re seeing some office users decrease their footprint in conjunction with increasing the quality of their space. Also, the conservative nature of the development community kept new construction at appropriate levels prior to the pandemic.
OFFICE REPORT HIGHLIGHTS:
- Omaha Office Market Overview
- Vacancy Analysis
- Absorption Update
- Construction Update
- Sublease Space
- Detailed Data by Omaha Office Submarkets
- Lease Transactions
- Notable Transactions
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