Omaha Office Market Trends

Office Rental Market

  • $22.50 2019 Avg. Asking Rent
  • 6.63 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 1,161,500 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Omaha was $22.50 per square foot, and the office vacancy rate across the market averaged 6.63 %. During 2019, developers added 0 square feet of new office space to the Omaha market inventory. Office developments estimated for delivery during 2020 total 1,161,500 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Omaha Class A Office Buildings$24.08
  • Omaha Class B Office Buildings$21.30
  • Omaha Class C Office Buildings$18.24
  • NE Class A Office Buildings$23.89
  • NE Class B Office Buildings$20.44
  • NE Class C Office Buildings$18.24

Omaha, NE Office Asking Rents by Class

Office asking rents vary across the Omaha office market depending on several factors, one of which is property class. While rents for Class A office buildings in Omaha averaged $24.08 per square foot in 2019, Class B office properties garnered average rental rates of $21.30 per square foot. Rental rates for Class C office property in Omaha averaged $18.24 per square foot. On a statewide level, Class B office space rents averaged $20.44 per square foot, while rents for Class A office space across Nebraska averaged $23.89 per square foot. On average, Class C office properties in Nebraska commanded rents of $18.24 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
West Dodge Corridor $23.59 8.34 %
Southwest $22.82 4.95 %
Downtown $20.82 4.84 %
South Central $19.91 7.65 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Omaha was 4.84 % in the Downtown submarket, where asking rents averaged $20.82.
  • The highest office vacancy rate in 2019 in Omaha was 8.34 % in the West Dodge Corridor submarket, where asking rents averaged $23.59.

OFFICE CONSTRUCTION IN Omaha, NE

  • Omaha, NE Total Sqft completed in 2019 0
  • Omaha, NE Total Sqft under construction in 2020 1,161,500
10 Largest Office Buildings in Omaha
Building name Address Total Sqft Year built
Union Pacific Center 1400 Douglas Street, 68179 1,168,090 2004
The Mutual of Omaha Building 3316 Farnam Street, 68131 1,026,520 1940
First National Bank Tower 1601 Dodge Street, 68102 1,000,000 2002
TD Ameritrade Headquarters 200 South 108th Avenue, 68154 530,000 2013
3333 Farnam Street 3333 Farnam Street, 68131 473,693 1932
Central Park Plaza 222 South 15th Street, 68102 458,971 1982
Woodmen Tower 1700 Farnam Street, 68102 440,364 1968
Gallup Riverfront Campus 1001 Gallup Drive, 68102 409,119 2002
CHI Health Creighton University - Bergan Mercy Medical Center 7500 Mercy Road, 68124 333,481 1964
1919 Aksarben Drive 1919 Aksarben Drive, 68106 326,069 2010
Largest Office Properties Recently Completed in Omaha
Office building Address Sqft Completed
Kiewit Headquarters NWC North 15th Street & Mike Fahey Street, 68102 190,000 2021
Fountain Ridge East - Waterford SEC North 192nd Street & West Dodge Road, 68022 183,000 2021
Valmont Industries Global Headquarters SWC South 144th Street & West Dodge Road, 68154 150,000 2021
Union Bank & Trust Building SWC West Dodge Road & North 144th Street, 68010 137,000 2021
Centris Federal Credit Union @ Sterling Ridge 13120 Pierce Street, 68144 115,000 2021
Sterling Ridge - Office Building C SWC Pierce Street & Sterling Ridge Drive, 68144 100,000 2021
Sterling Ridge - Office Building D SWC Pierce Street & Sterling Ridge Drive, 68144 100,000 2021
Millwork Commons - Ashton Building 1218 Nicholas Street, 68102 187,240 2020
California Pointe 13333 California Street, 68154 92,500 2020
Baxter Building 17225 Burt Street, 68118 86,000 2020
Data provided by Commercial Edge

Office Spaces for Rent in Nebraska

OMAHA OFFICE SALES TRENDS

  • $82.622019 Avg. Price per Sqft
  • -58.34 %Y-o-Y Avg. PpSF Change
  • $21.7M2019 Office Sales Volume
  • 42019 Number of Transactions

In 2019, office sales in Omaha averaged $82.62 per square foot. This marked a -58.34 % decrease in office price per square foot, compared to the previous year. A total of 4 office sales closed on the Omaha office market in 2019, amounting to a total sales volume of $21.7M.

Average Office Sale Price per Sqft

Omaha, NE Sales Trends

  • Omaha Price per Sqft$82.62
  • Nebraska Price per Sqft$68.61

Office Sales - Trend and Volume

  • Omaha, NE Total Office Sales Volume in 2019 $21.7M
  • Omaha, NE Total Number of Office Sales Closed in 2019 4

Largest Omaha Office Sales in 2019

Property name Address Date Price
7350 World Communications Drive 7350 World Communications Drive 4/30/2019 $7,900,000
2222 North 111th Street 2222 North 111th Street 6/28/2019 $4,840,000
PayFlex Plaza 10802 Farnam Drive 2/13/2019 $4,700,000
4211 South 102nd Street 4211 South 102nd Street 5/9/2019 $4,300,000
Data provided by Commercial Edge

See trends for nearby markets

The Omaha office market contains an inventory of 27,618,120 square feet of office space, in 343 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Omaha commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.