Retail Market Is Rebounding From Covid-19 Pandemic, Experiences Three Straight Quarters of Positive Absorption
The Omaha retail market experienced over 150,000 square feet of positive absorption in the second quarter of 2021. This marks three straight quarters of positive absorption after several years of stagnant activity primarily due to changes in retail habits.
The retail vacancy rate increased slightly from 8.1 percent in the first quarter to 8.4 percent in the second quarter, however, average asking rents now sit at $13.24 per square foot on a triple net basis, which is $0.14 higher than one year ago. Four new properties were completed and added to the local retail market in the second quarter and an additional 233,017 square feet of retail space is currently under construction.