Q2 2022 Omaha Office Market Report

Office rents in the Omaha Market were rising at a 0.9% annual rate during the second quarter of 2022, and have posted an average annual gain of 1.8% over the past three years. In addition to 2.0 million SF that has delivered over the past three years (a cumulative inventory expansion of 4.3%), there is 440,000 SF currently underway. Vacancies were basically in line with the 10 year average as of 2022 Q3, but trended slightly down over the past four quarters.

Non-farm payrolls were recently increasing at an annual rate of 2.7%, a gain of about 13,000 jobs, and the metro’s strongest rate of job creation in over a year.