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2020 | Q3 | Omaha | Office Market Report

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Taking A Pause

While Omaha entered 2020 with a strong economy, the Covid-19 crisis has resulted in a downturn in the commercial real estate market, both nationally and locally. After record low vacancy of 6.3 percent at the end of 2019, the Omaha office market has now experienced negative absorption three quarters in a row resulting in an 8.9 percent vacancy rate at the end of the third quarter of 2020. While the Omaha office market typically experiences an annual average positive absorption of 250,000 square feet, there is now over 130,000 square feet of negative absorption so far for 2020. In spite of the increased vacancy it is important to note that the Omaha office market remains balanced with a vacancy rate still below what is considered to be equilibrium. Because all elements of the economy were strong prior to the Covid-19 crisis, Colliers International | Omaha believes that this economic downturn is different, and more temporary in nature, than economic downturns of the past. Several new, large office projects were already under way in the Omaha metropolitan area prior to the Covid-19 crisis. There is still activity in the market and optimism for the future. Two large projects were delivered to the market in the third quarter and other large projects are still under way.


Omaha, Office

2020 | Q3 | Omaha | Office Market Report

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Mike Potthoff

President, Principal |Omaha

Omaha

Mike joined Colliers International in 2015 with a strong ability to build relationships through his high level of initiative and extremely strong work ethic. After successfully commanding his position as Vice President, Director of Brokerage, Mike was promoted to President of Colliers | Omaha in 2019. In his role as president, Potthoff directs the operational excellence of the entire firm while concentrating on the development of new business as well as maintaining strong client relationships. Most importantly, Potthoff focuses on gaining market share and providing expert commercial real estate insight. 

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Adam Marek

Vice President | Omaha

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Adam joined Colliers International in January 2008 as an associate with the advisory services group. He brings with him almost two decades of commercial real estate knowledge. His experience lies in both retail and commercial sales, leasing and management. Adam’s understanding of the commercial real estate environment allows him to provide his clients with the best possible advisory services available in the marketplace.

Prior to joining Colliers, Adam worked as a brokerage associate at a local commercial real estate firm assisting national and local clients with site selection and excess space disposition. He completed a multitude of leases for both tenants and landlords as well as a number of investment sales.

 

Adam began his commercial real estate career as a property manager dedicating himself to the day-to-day responsibilities of eight to ten retail shopping centers in Omaha totaling over 500,000 square feet. Not only was he accountable for the physical condition and the financial performance of the properties, but he was also responsible for the marketing of the available space.​

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Kyle Peterson

Chairman & CEO, Principal | Omaha

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Kyle Peterson joined Colliers International in 2005 as an associate in the advisory services group and was named President/CEO of the Nebraska office in 2013. In his career, Kyle has participated in over $500 million worth of investment sales and leasing transactions. His areas of emphasis include the sales and leasing of commercial office and investment properties. Peterson’s background as a former Major League pitcher and television broadcaster provides a solid competitive and communications core that serves as a backbone in his client relationships.​

Prior to joining Colliers, Kyle was the youngest Major League analyst in the history of ESPN. His responsibilities included both studio and in-game coverage and he has appeared on over 600 Nationally Broadcast events including the College World Series, Little League World Series and the Major League Baseball Playoffs. He was a part of two Emmy-nominated ESPN productions, the 2003 Little League World Series and the 2004 Major League Baseball Playoffs.

 

Kyle was selected in the first round of the 1997 Major League draft and was with the Brewers organization for seven years, with parts of three years in the Major Leagues. During that time he fostered lifelong relationships with players and coaches from all around the world. He was active in the Major League Players Association and was the assistant team representative of the Brewers in 2000.​​

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