Omaha Office Figures Q1 2025

The Omaha office market experienced its sixth straight quarter of negative absorption, posting 78,310 square feet of negative absorption for the quarter.

The vacancy rate in the Omaha metro area ticked up 30 basis points to 10.3% from 10.0% in the fourth quarter of 2024. However, vacancy is 310 basis points lower than at the height of the Covid-19 pandemic vacancy rate of 13.4% in the fourth quarter of 2021.

While sublease space is roughly half its peak of over one million square feet in the fourth quarter of 2022, more space was added quarter-over-quarter. Available sublease space in the Omaha office market is now 549,157 square feet, up from 447,743 square feet in the fourth quarter of 2024. Gallup listed 94,812 square feet and Green Plains Energy listed 53,970 square feet of sublease space in the first quarter of 2025.

Average asking rents overall have increased to $26.95 per square foot during the current quarter, on a full-service gross basis. This represents a $0.84, or 3.2%, increase from the previous quarter.