Omaha Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $23.78 2020 Avg. Asking Rent
  • 6.62% 2020 Office Vacancy Rate
  • $79M2020 Total Office Sales
  • $112.70Avg. Sale Price/SF

Omaha office price per square foot in 2020 was $23.78 on average. The local office market recorded an average vacancy rate of 6.62% across all asset classes combined. The 7 transactions that closed here throughout 2020 amounted to a total sale volume of $79M. Omaha office space commanded an average sale price per square foot of $112.70.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Omaha Class A Office Space$25.08
  • Omaha Class B Office Space$22.39
  • Omaha Class C Office Space$19.92
  • Nebraska Class A Office Space$24.77
  • Nebraska Class B Office Space$21.01

Omaha, NE Office Asking Rents by Class

2020 Office Vacancy Rates in Omaha

Submarket Asking Rents Vacancy Rates
West Dodge Corridor $24.73 7.40%
Southwest $23.99 4.71%
South Central $20.87 7.35%
Downtown $20.62 6.87%
Northwest $20.24 6.46%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Omaha market was 6.62% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Omaha was 4.71% in the Southwest submarket, while the highest office vacancy in the market was 7.40%, recorded in West Dodge Corridor.

Office Spaces for Rent in Nebraska

Omaha Office Sale Price per SF

  • $112.702020 Avg. Price per SF
  • $79M2020 Office Sales Volume
  • 72020 Number of Transactions

Omaha, NE Sale Price per SF Trend

  • Omaha Avg. Sale Price per SF in 2020$112.70
  • Nebraska Avg. Sale Price per SF in 2020$155.57
The sale price for office space in Omaha averaged $112.70 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Nebraska average office sale price during the same time period was $155.57 per square foot.

2020 Office Sales Volume

  • Omaha, NE Total Office Sales Volume in 2020 $79M
  • Omaha, NE Total Number of Office Sales Closed in 2020 7
A total of 7 deals closed on the Omaha office market in 2020, adding up to a yearly sales volume of $79M. Notably, the largest transaction on the market saw Village Pointe - Building 111 change hands for $40,000,000 on 1/15/2020.

Largest Omaha Office Sales in 2020

Property name Address Date Price
Village Pointe - Building 111 111 North 175th Street 1/15/2020 $40,000,000
Village Pointe - Building 110 110 North 175th Street 1/16/2020 $30,065,000
Farnam Tech Center 10826 Farnam Drive 1/24/2020 $15,500,000
9805 Q Street 9805 Q Street 3/17/2020 $6,597,000
2020 South 156th Circle 2020 South 156th Circle 6/29/2020 $6,000,000
Data provided by Commercial Edge

2020 Office Construction in Omaha, NE

  • Omaha, NE Total SF completed in 2020 377,422
  • Omaha, NE Total SF under construction in 2021 838,000

During 2020, 377,422 square feet of new office space were delivered across the market. At the close of 2020, the Omaha office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 377,422 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 838,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Omaha
Office building Address SF Completed
Union Bank & Trust Building 14400 Davenport Street, 68010 137,000 2022
1550 Mike Fahey Street 1550 Mike Fahey Street, 68102 190,000 2021
Heartwood Preserve - 15000 Valmont Plaza 15000 Valmont Plaza, 68154 150,530 2021
Sterling Ridge - Office Building C 13033 Pierce Street, 68144 100,000 2021
Sterling Ridge - Office Building D 13033 Pierce Street, 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
The Offices at the Capitol District 1100 Capitol Avenue, 68102 46,682 2020
West Dodge Hills Office Building II 18205 Capitol Avenue, 68022 115,000 2019

Worth noting among recent office completions on the Omaha market is Union Bank & Trust Building, which is currently the largest new office development in the city, at 137,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.