OFFICE MARKET HIGHLIGHTS:
- 23,383 sq. ft. of positive absorption in the 3rd Quarter. This is a nominal amount but it is positive in all Classes (A, B and C).
- 144,211 sq. ft. of positive absorption YTD through 3rd Quarter. Annual absorption typically ranges between 150,000 – 250,000 sq. ft. The market is seeing good activity so 2015 absorption should be typical.
- Vacancy rates along West Dodge show the strength of the corridor. Year over year rates are down from 6.4% to 2.5% in the Suburban West Dodge submarket, from 8.1% to 3.2% in Miracle Hills and from 9.1% to 5.8% in the Central West Dodge submarket.
- Average Asking Rental Rates are down $.47 psf from one year ago. A closer look reveals this notable reduction is due to Class C asking rates.
- Construction continues to be busy but the 3rd Quarter didn’t bring any significant new project announcements.
Download the complete report at http://files.investorsomaha.com/download/Office_Report_Q3_2015.pdf