Omaha Office Figures Q2 2026

Since Q2 2023, the market shifted from pronounced occupancy losses to gradual recovery. Year-to-date net absorption was negative 560,000 sq. ft. in Q4 2024, marking the trough. By Q2 2026, year-to-date net absorption improved to 85,000 sq. ft., reflecting sustained positive quarters. Vacancy peaked at 10.9% in Q2 2025 before easing later. Quarter-over-quarter, vacancy in Q2 2026 increased by 50 basis points, indicating modest loosening. Year-over-year, vacancy in Q2 2026 recorded a negative 60 basis points change, confirming improvement. Quarter-over-quarter, average asking rents grew 1.9% in Q2 2026, underscoring pricing resilience. Year-over-year, average asking rents increased 2.7% in Q2 2026 despite elevated vacancy. Since Q2 2023, average asking rents advanced 10.3%, supporting a positive long-term trend.

Space under construction totaled 153,000 sq. ft. in Q2 2026, extending the pipeline of options. A delivery during the quarter added 97,000 sq. ft. to inventory, contributing to higher availability. Alff Construction committed to 20,000 sq. ft. in Midtown during the quarter, showing solid demand. Capital Express leased 19,000 sq. ft. in North Park, adding to diversified activity. Holmes Murphy & Associates took 15,000 sq. ft. in Boys Town/Sterling Ridge, broadening the submarket mix. Together, these transactions represented 54,000 sq. ft. of new leasing in the reported sample.