NAI NP Dodge, the commercial real estate division of N.P. Dodge, produces a report on Omaha’s commercial real estate market each quarter. Below are some highlights from the second quarter of this year.
Office
The 49 million sq. ft. Omaha office market ended the 1st quarter of 2025 with a vacancy rate of 8.3 percent, which was up from last quarter. Absorption over the past 12 months was -489,000 sq. ft. Rental rates were down to $23.92. Approximately 1.2 million sq. ft. of office space is under construction at this time, a little less than last quarter.
Retail
Approximately 66 million sq. ft. of retail space was considered for this report, which is based on CoStar data. At this time, 252,000 sq. ft. of retail space is under construction, which is down a bit from last quarter. Vacancy went up to 4.8 percent. Rental rates were $18.36 per square foot. The 12-month net absorption was 326,000 sq. ft. at the end of the quarter, down from the previous period.
Industrial
Omaha’s industrial sector continues to be strong. The total market size is 110 million sq. ft. Approximately 4.6 million sq. ft. of industrial space is currently under construction, up over the previous quarter. Industrial vacancy is 2.6 percent, which is down from last quarter. Rental rates are $8.40, up over last quarter. The 12-month net absorption is 1.1 million sq. ft., which is down from last quarter.
New Developments Last Quarter
During the second quarter, NAI NP Dodge listed several lots for sale in Bellevue’s Good Life District near Highways 75 & 34 at about the same time construction kicked off on the district’s massive indoor water park.
Noddle Companies and Nebraska Medicine announced a 125,000 sq. ft. health center northwest of 192nd & Highway 370 in Gretna as part of a 31-acre, mixed-use development. A separate. 70-acre development was announced last quarter southwest of 192nd & Highway 370. It will ultimately have 500,000 sq. ft. of retail space.
Woodbury Corp. broke ground on its $850 million Crossroads development. The first tenant will be Gamescape by Cinemark, a nearly 100,000 sq. ft. indoor entertainment center.
Hoppe Development of Lincoln plans to tear down the former 402 Hotel at 2211 Douglas Street and replace it with a 73-unit, senior housing building.
Photo by Brad Williams
