Q1 2019 Omaha Office Market Report

The diverse economy is the bedrock of Omaha's strong office fundamentals. The strength of the economy has kept the unemployment rate at or below 3%, which is among the lowest in the state, as well as the nation. Even with a tight market, job growth remains steady, hovering along the lines of the national average. Although job creation remains sound, absorption over the next few years could lessen as a result of such a tight labor market. Demand has been stronger into early 2019 and helped vacancies stay compressed below 7%. Indeed, the metro's continued population growth, coupled with outsized wage increases since the recession, is a good sign for businesses in the short term. Investors appear bullish on Omaha's fundamentals and economic outlook, as prices remain elevated in the metro.