Omaha’s office market modestly improved throughout 2025. Activity in Q4 2025 increased dramatically in leasing and modestly in sales. We are confident this momentum will lead to a much improved office market in 2026.
All 2025 metrics were positive.
- The vacancy rate decreased
- Absorption was positive
- Sublease space was down
- More buildings are under construction
2025 SUMMARY
- The Omaha office market showed modest improvement in 2025 due to uncertainty around the election, but high interest rates and construction costs continued to be challenges.
- Leasing transactions outpaced sales for the third year in a row.
- Office vacancies decreased across the overall office market.
- Office sales volume increased for both owner-users and investment buyers. Class A office product continued to demand premium pricing, while Class B and C office product achieved dramatically lower pricing.
- Absorption improved to positive 61,509 square feet, a big shift from the negative 238,335 square feet recorded in 2024.
- New construction has increased, and the first speculative office building in years is under construction.
- Sublease space has decreased for the second [3.1]year in a row.
- For the first time in years, the market saw both existing tenants wanting to expand and new companies entering Omaha.
2026 OUTLOOK
- Leases signed in the beginning of 2026 should lead to mild tightening of the Class A office market and increase activity in the Class B market.
- Small and mid-sized leases have dominated the market in recent years, but by late 2025, larger tenants began surveying the market for space. This should lead to a decreased vacancy in 2026 – or even spark more build-to-suit office buildings.
- Return-to-office expectations continue to evolve, and more businesses are requiring their employees to be in the office at least 4 days per week.
- Limited speculative construction will support the existing inventory.
- Overall fundamentals in the office market will continue to improve through 2026.
To view the full Omaha Year-End Office Report, click here
This article appeared in our company newsletter in March 2026. Please click here to download the entire newsletter.