New Warehouse Space Drives Down the Omaha Industrial Market Vacancy Rate
The Omaha industrial market absorbed over 725,000 square feet of industrial space in the third quarter of 2021 bringing year-to-date absorption to over 1 million square feet. The vacancy rate fell 50 basis points to 3.4 percent, down from 3.9 percent in the second quarter of 2021 and equal to the 3.4 percent vacancy rate in the third quarter of 2020. The vacancy rate for industrial properties in Omaha has remained below 4 percent for 30 consecutive quarters. Weighted average asking rents continue to rise and now stand at an average of $7.17 per square foot for the market on a triple net basis. Additionally, there is 3.4 million square feet under construction in the Omaha metropolitan area.