The Industrial Market Continues as CRE’s “Darling”
The Omaha industrial market ended the first quarter of 2021 at a 3.5 percent vacancy rate, which is 30 basis points lower than at the end of 2020 and 50 basis points higher than the first quarter of 2020. Over 360,000 square feet of industrial space was absorbed and an additional 169,564 square feet was delivered to the market in the first quarter. New construction continues to meet the demand for warehouse space which has resulted in a record high average asking rent of $7.27 per square foot on a triple net basis. At this time, an additional 3.2 million square feet are under construction in the Omaha industrial market.
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