NAI NP Dodge, the commercial real estate division of N.P. Dodge, produces a report on Omaha’s commercial real estate market each quarter. Below are some highlights from the first quarter of 2026.
Office
The 48.5 million sq. ft. Omaha office market ended the 1st quarter of 2026 with a vacancy rate of 7.7 percent, which was up from last quarter. Absorption over the past 12 months was 79,00 sq. ft. Rental rates were down slightly to $25.76. Approximately 1.8 million sq. ft. of office space is under construction at this time, more than last quarter.
Retail
Approximately 65.3 million sq. ft. of retail space was considered for this report, which is based on CoStar data. At this time, 480,000 sq. ft. of retail space is under construction, which is about the same as last quarter. Vacancy went up to 4.6 percent. Rental rates were $18.72 per square foot. The 12-month net absorption was -66,800 sq. ft. at the end of the quarter, down from the previous period.
Industrial
Omaha’s industrial sector continues to be strong. The total market size is 115 million sq. ft. Approximately 3 million sq. ft. of industrial space is currently under construction, up from the previous quarter. Industrial vacancy is 2.8 percent, which is down from last quarter. Rental rates are $8.69, up a little from last quarter. The 12-month net absorption is -1.1 million sq. ft., which much worse than last quarter.
First Quarter Development Highlights
During the first quarter it was revealed that Buc-ee’s, the uber popular, Texas-based chain of mega gas stations, plans to open a 74,000 sq. ft. store southeast of Interstate 80 & Highway 31 in Gretna.
The Mutual of Omaha tower held a topping-out ceremony, marking the installation of the final piece of structural steel.
PENN Entertainment provided renderings of its new Hollywood Casino, which will replace Ameristar Casino in Council Bluffs. Plans call for a 2-story, 135,000 sq. ft. casino building to be constructed on the current Ameristar parking lot.
Some of the restaurant and retail announcements during the quarter included Meddy’s at One Pacific Place, Perry’s Steakhouse & Grille at 192nd & West Dodge Road, Chipotle Mexican Grill along West Broadway in Council Bluffs, JD Sports at Nebraska Crossing, Peach Cobbler Factory at a yet-to-be-announced site and State & Liberty at Village Pointe.
Photo by Brad Williams
