Seasonal & Discount Retailers Strengthen Local Market
After two consecutive quarters of negative absorption, the Omaha retail market experienced positive absorption of 305,825 square feet in the third quarter of 2019. This activity was primarily fueled by temporary and discount retailers.
The vacancy rate fell 30 basis points from 9.5 percent at the end of the second quarter to 9.2 percent at the end of the third quarter. The average asking rent for the quarter was $12.52 per square foot on a triple-net basis, trending down forty cents from last quarter and ninety-two cents from the third quarter of 2018.