The Omaha office market saw 180 new lease transactions for 718,246 square feet in 2020 (leases in excess of 1,000 SF), which is down from a typical year where we usually see a little over 200 lease transactions and 1 million square feet. While only 10% fewer transactions than a typical year, the amount of leased space is down nearly 30% which indicates a lack of larger transactions. Still, 180 transactions is not bad considering the market was at a near standstill in the second quarter. However, due to continued uncertainty, activity remains off as we move into 2021. Vacancy climbed sharply in 2020 due to a lack of new activity, new building deliveries, and several large tenant moveouts.
In a year like we have never seen, some tenants forged ahead with their office space expansions and relocations in 2020, believing those decisions to be long term and the effects of COVID-19 generally short term. But others pressed pause, obtaining shorter term renewals to buy some time.
What can we expect in the 2021 office market?
OFFICE REPORT HIGHLIGHTS:
- Omaha Office Market Overview
- Construction Update
- Vacancy Analysis
- Absorption Update
- Detailed Data by Omaha Office Submarkets
- Lease Transactions
- Notable Transactions
To read and download the complete report please click here.