The Omaha office market remains a busy one, with Investors Realty reporting that the metropolitan area saw 68,122 square of positive absorption in this sector during the third quarter. And for the year? That figure is a strong 225,985 square feet.
As Investors Realty reports, this continues a trend in Omaha: The area’s office sector is strong today and has been for several years.
The absorption has brought office vacancy rates down significantly. In the third quarter of 2016, Omaha’s office vacancy rate stood at 12.2 percent. At the end of the third quarter in 2017, it had fallen to 10.6 percent.
As with all commercial sectors, office isn’t performing equally well throughout the Omaha market. The downtown market is performing especially well, seeing more absorption than the city’s suburban markets.
Investors Realty said that the downtown market accounted for 68 percent of the total office space leased during the third quarter. This part of the market recorded 46,165 square feet of positive net absorption for the quarter. During the same time, Omaha’s suburban markets saw 21,957 square feet of absorption.
Investors reported that the Class-B office sector saw the highest absorption, totaling 43,554 square feet in the third quarter. It’s important to note, though, that this is actually a bit of a slowdown. That figure is just 20 percent of the absorption level that Class-B office space recorded in the third quarter of 2016.