Omaha Retail Figures Q4 2023

January 9, 2024 5 Minute Read

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- Omaha retail market vacancy fell 40 basis points to 6.0% in the fourth quarter of 2023, is 80 basis points lower than in the fourth quarter of 2022 and 230 basis points lower than pre-pandemic levels in the fourth quarter of 2019. Vacancy is the lowest level since the first quarter of 2017 as new retail construction has delivered at a modest average annual rate of 50,000 square feet during this same period.

- The Omaha retail market experienced 98,099 square feet of positive net absorption in the fourth quarter of 2023, bringing net absorption to over 400,000 square feet for the year. 

- For the first time since the first quarter of 2021 no new retail properties delivered to the market in the fourth quarter.

- Eight properties totaling 166,167 square feet are under construction in the Omaha market. Approximately half of this space is located in the Southwest submarket while the other half is located in the West Dodge Corridor.

- Average asking rents are $14.64 per square foot on a triple net basis, which is $1.07, or 7.9%, higher than the fourth quarter of 2022.