Covid-19 Clinics Help Fill Large Retail Spaces in First Quarter of 2021
The Omaha retail market ended the first quarter of 2021 with a vacancy rate of 8.1 percent which is up slightly from 7.8 percent at the end of 2020. While 84,500 square feet of retail space was absorbed in the first quarter, much of this space is temporary in nature. Average asking rental rates remained flat at $13.02 per square foot on a triple net basis.
As changes in retail habits continue to change and more consumers move toward online shopping, both the local and national retail markets have seen some creative, non-traditional uses occupying former retail vacancies.