Omaha Industrial Figures Q1 2025

Vacancy in the Omaha industrial market fell 70 basis points to 2.1% in the first quarter of 2025, from 2.8% in the fourth quarter of 2024. Vacancy is 50 basis points lower than one year ago and is below 3% for the thirteenth quarter in a row.

The market absorbed over 640,000 square feet in the first quarter of 2025, which is 80% of total net absorption of 809,599 square feet for all of 2024.

One property, a 41,990 square foot flex building in Gretna, delivered to the market this quarter.

An additional nine properties totaling 684,677 square feet are under construction, which is only 42.7% of the post-Covid peak of over 1.6 million square feet under construction in the fourth quarter of 2022.

The amount of available sublease space fell by 86,608 square feet and now stands at only 0.4% of the total industrial inventory in the Omaha market.

Average asking rents are now $7.25 per square foot on a triple net basis.