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)
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 % |
- 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
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 |
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 |
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 |
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.