Omaha Office Market Is Firing On All Cylinders
After a historically low vacancy rate of 6.7 percent in the second quarter of 2019, vacancy in the third quarter of 2019 rose slightly to 7.0 percent. The vacancy rate is still 60 basis points lower than the third quarter of 2018 and 140 basis points lower than the third quarter 2017. While the national figures for the third quarter have yet to be released, Colliers International reported that the office vacancy rate nationally sat at 11.5 percent in the second quarter of 2019. Omaha’s vacancy rate is currently 450 basis points lower than the vacancy rate that was reported in the second quarter. New construction this quarter added 48,980 square feet to the local office market inventory while 50,799 square feet were absorbed.