INDUSTRIAL MARKET OVERVIEW:

• Despite high volume of construction, the vacancy rate remains consistently in the low 3% range. This is due to a number of factors, primarily for pre-leasing on spec warehousing and a large
  amount of owner occupied construction.
• Almost 70% of the new construction in the Omaha market is made up of 3 projects. Amazon’s fulfillment center in Papillion (2.1 million SF), Dollar General’s distribution center in Blair (900,000 SF), and Amazon’s distribution center in Council Bluffs (270,000 SF).
• Class A spec warehousing makes up the remaining balance of new industrial construction. Asking rates for these have risen significantly over the last 5 years, primarily due to lack of available space and rising construction costs.
• New submarkets are beginning to emerge, primarily the Northeast Submarket (150,000 SF by Century Development) and Downtown Council Bluffs (302,300 SF by Opus). Both of these projects are under construction currently. This is a trend we expect to continue as developable sites become harder to find. 

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