The past few years have marked an incredible period of expansion for the Omaha Industrial Market. New industrial parks are currently under development, construction is robust, and both local and regional users are contemplating expansion. The past twelve months were no exception. However, what is most impressive is not what happened in 2017, but what lies ahead in 2018 and beyond.
Since 2015, Investors Realty has tracked over 625 acres of undeveloped ground that has sold for new industrial development. This is a staggering number when you consider that the most recent industrial park development prior to two years ago occurred in the early 2000s. Not surprisingly, Sarpy County is seeing most of these developments due to available land. Although the nature of the industrial parks varies from light industrial to warehousing and logistics hubs, these developments will greatly aid the much-needed expansion of the Omaha industrial market going forward.
In 2017, the industrial market saw 951,387 square feet of new construction deliveries. Most of this construction occurred in the new developments in the table above. Oxbow Animal Health, for example, moved into its new 247,000 square foot manufacturing facility and warehouse at 150th and Schram in 2017. R&R Realty’s R&R Commerce Park, located at Hwy 50 and Hwy 370, broke ground in 2017, and will not have space completed and ready for occupancy until 2018. Others, such as the I-80 Logistics Hub, located at 132nd and Cornhusker, are planning to break ground in 2018. What is important is that for the first time in arguably decades, the market has multiple developments in the pipeline at the same time. This will continue to meet some of the growing demand for industrial space going into 2019 and beyond.
By Kevin J. Stratman
The full industrial report can be downloaded at http://files.investorsomaha.com/download/2018IndustrialMarket Report.pdf