The Omaha Office Market Is On Fire
Last quarter, Colliers International reported record low vacancy for the Omaha office market. This quarter surpassed that record with a new record low vacancy rate of 6.7 percent across class A, B and C office buildings. This represents a quarterly decrease of 60 basis points from the first quarter of 2019 and a decrease of 110 basis points from the second quarter of 2018. Both the downtown and suburban markets are performing well with vacancy rates of 6.2 percent and 6.9 percent, respectively. Such little supply of available office space has created an environment that is ripe for the development of new office construction. As of the second quarter of 2019, there is over 1.2 million square feet of office space under construction.