Omaha Office Figures Q1 2026

The market shifted from the sharp contraction of 2024 to modest improvement by Q1 2026. After recording negative 560,000 sq. ft. of net absorption in 2024, the market posted 86,000 sq. ft. of positive absorption in 2025. This inflection carried into early 2026: Q1 2026 net absorption reached 78,000 sq. ft., a swing of 159,000 sq. ft. from the negative 81,000 sq. ft. in Q1 2025. Vacancy declined from 10.7% to 9.9% over the same period, while availability fell 1.3 percentage points to 13.4%, indicating that space was gradually backfilling. Average asking rents also firmed, rising 2.0% year-over-year to $27.48 per sq. ft.  On a quarter-over-quarter basis, Q1 2026 demand strengthened further, with net absorption increasing by 60,000 sq. ft. and vacancy edging down 0.3 percentage points from Q4 2025, even as availability ticked up slightly. The construction pipeline expanded materially year-over-year, with space under construction up 175.9% to 240,000 sq. ft. across three projects, while there were no new deliveries over the past year.