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 fourth quarter of 2025.
Office
The 48.5 million sq. ft. Omaha office market ended the 4th quarter of 2025 with a vacancy rate of 7.3 percent, which was down from last quarter. Absorption over the past 12 months was -82,600 sq. ft. Rental rates were up to $25.82. Approximately 1.5 million sq. ft. of office space is under construction at this time, a little less than last quarter.
Retail
Approximately 65.4 million sq. ft. of retail space was considered for this report, which is based on CoStar data. At this time, 483,000 sq. ft. of retail space is under construction, which is up from last quarter. Vacancy went down to 4.3 percent. Rental rates were $18.68 per square foot. The 12-month net absorption was 197,000 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 114 million sq. ft. Approximately 2.8 million sq. ft. of industrial space is currently under construction, down substantially from the previous quarter. Industrial vacancy is 2.9 percent, which is the same as last quarter. Rental rates are $8.53, down one penny from last quarter. The 12-month net absorption is 1.2 million sq. ft., which is up from last quarter.
Fourth Quarter Development Highlights
During the fourth quarter, the Avenue One development announced that upscale retailers West Elm, Arhaus, Williams-Sonoma and Pottery Barn plan to open stores at the 192nd & West Dodge Road site in 2027.
The City of Omaha created a program to incentivize the construction of upscale hotels near major attractions such as the CHI Health Center.
The Union Omaha professional soccer team, in partnership with the City of Omaha, announced plans to develop a $114 million stadium as well as a 20-acre, mixed-use development district northeast of Charles Schwab Field in North Downtown.
Escape Lounges announced that will open Eppley Airfield’s first-ever airport lounge when the $1 billion new terminal opens.
Photo by Brad Williams
