Positive Absorption and New Construction Fuel Omaha Office Market
The Omaha office market ended the first quarter of 2021 with a vacancy rate of 10.4 percent, which is 110 basis points higher than the vacancy rate of 9.3 percent at the end of 2020 and 300 basis points higher than the vacancy rate of 7.4 percent in the first quarter of 2020. Even so, over 75,000 square feet of office space was absorbed and over 320,000 square feet was delivered during the first quarter. Looking forward, there is over 1 million square feet of new office space under construction in the Omaha market.
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