Weekly Market Report – July 4, 2024

Nicole Buntgen, Contributing Writer

Legacy Chophouse, a new modern-rustic steakhouse concept, is slated to open October 1st in the former Jams Legacy space at 170th & West Center Road. Daryl Leise, former manager of The Drover, will own the 10,000 sq. ft. steakhouse. The public is invited to enter their email addresses on the “coming soon” landing page at legacychophouse.com to be entered into a drawing for a chance to attend a free preview dinner event before the restaurant opens to the public.

A company called Shammy’s Pub and Grill has registered with the state of Nebraska to establish a restaurant at 414 South 10th Street in the former Gate 10 location (previously known as Stadium Club). The Old Market spot is just west of Embassy Suites.

Jamba has opened its first Nebraska location in the former Scarlett Highway space at Nebraska Crossing. Jamba shares the space with Auntie Anne’s which had been in a different bay. Jamba sells fruit and vegetable smoothies, fresh-squeezed juices and some food items. The Atlanta-based chain has 764 stores in 36 states. The closest existing locations are in Minneapolis, Iowa City, Iowa and Wichita, Kan.

Runza will open a new location this month at 533 Highway 6 in Ashland near the intersection of Highway 6 & Silver Street. The development is part of the OxBow Crossing development, which also includes Ruhlman’s Steakhouse and a Bryan Health clinic.

Construction is underway on a 2,621 sq. ft. building for Panda Express at 12448 Southport Parkway in La Vista. That’s just east of Cabela’s and south of Embassy Suites. Several other businesses have opened recently in the immediate area including Starbuck’s, Charred Burger + Bar, Dirty Dough and Smash Park.

Fore Seasons, a golf simulator and sports lounge, is opening its first Omaha-area location in a 4,500 sq. ft. space near 192nd & Pacific Street. The locally owned business will allow customers to golf more than 285 simulated PGA courses. Plans call for future locations in Gretna, Bennington and Lincoln.

Perkins Restaurant & Bakery is changing its name to Perkins American Food Co. in an attempt to freshen the 66-year-old diner chain’s brand, according to CNN. Many of the stores will be remodeled. The Atlanta-based company has 300 locations in 32 states. The only remaining Omaha-area location is just south of Eppley Airfield.

Five fine-dining establishments in Omaha have been recognized by Wine Spectator Magazine’s 2024 Restaurant Awards for their outstanding wine programs. The honored Omaha restaurants are Spencer’s for Steaks & Chops, V. Mertz, Dynamite Woodfire Grill, 801 Chophouse, and Sullivan’s Steakhouse. Additionally, three restaurants in Lincoln, one in South Sioux City, and one in Nebraska City received recognition.

Veg.Edible, a vegan and gluten-free shop in Benson, was recognized by People for the Ethical Treatment of Animals as one of six top eateries with the best vegan donuts in the country. Other recognitions include businesses in New York, Texas, Wisconsin, Hawaii and New Jersey.

Quasar Drive-In plans to add an additional movie screen at 13427 North 300th Street in Valley. The outdoor theater currently hosts an 85-foot screen that will eventually rotate to the new display, which is expected later this summer, according to KETV.

The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!

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Clio Celebrates Family History with Delectable Mediterranean Cuisine

“Clio” is the muse of history and is of one of the eight muses in Greek mythology. Clio is also the name of the new Mediterranean restaurant in Old Market. The name was chosen to go along with the restaurant’s concept of Mediterranean cuisine that celebrates family histories.

Clio is a brand-new concept from Flagship Restaurant Group that went through an extensive evolutionary process. Initially, it was going to be wine bar focused on a few antipasti and charcuterie options. The more the primary owners (Nick Hogan, CEO; Tom Allisma, president and architect; Anthony Hitchcock, COO; and Tony Gentile, chief culinary officer) worked on the concept, the more it became apparent that Clio should represent their family backgrounds.

“There is a really cool connection to the Italian, southern France, the Turkish and the Lebanon kind of area of the Mediterranean that we draw a lot of influence from,” said Lexi Christiansen, Clio’s general manager. “We are authentically inspired by the Mediterranean, so some of the dishes we have very much are our own dishes.”

This section is brought to you by All Makes and Allsteel. For more than a century, All Makes has remained family-owned and committed to supplying businesses with workplace solutions, specifically furniture and technology. To learn more, visit one of our showrooms in Omaha, Lincoln, Des Moines, Columbus, Kearney, or North Platte.

Second Quarter Commercial Real Estate Market News

NAI NP Dodge produces a report on Omaha’s commercial real estate market each quarter. Below are some highlights for Q2 of 2024. Omaha’s office, retail and industrial markets remain impressively strong.

Office Market

The 48.6 million sq. ft. Omaha office market ended the 2nd quarter of 2024 with a vacancy rate of 7.0 percent, which was up a tad from last quarter. Absorption over the past 12 months was 176,000 sq. ft. Rental rates were up to $25.30. Approximately 1.3 million sq. ft. of office space is under construction at this time, about the same as last quarter.

Retail Market

More than 66 million sq. ft. of retail space was considered for this report, which is based on CoStar data. At this time, 434,000 sq. ft. of retail space is under construction, which is up from last quarter. Vacancy was 4.4 percent, down. Rental rates were $17.43 per square foot. The 12-month net absorption was 334,000 sq. ft. at the end of the quarter, down substantially from the previous period.

Industrial Market

Omaha’s industrial sector continues to be strong. The total market size is $107 million sq. ft. Approximately 4.4 million sq. ft. of industrial space is currently under construction, down from the previous quarter. Industrial vacancy is 3.0 percent, which is higher than last quarter. Rental rates are $8.15, which is up from last quarter. The 12-month net absorption is 1.6 million sq. ft., which is up from last quarter.

Second Quarter Announcements

Construction started on several commercial buildings at Gretna Landing, a mixed-use development northwest of 192nd & Highway 370 in Gretna. A groundbreaking ceremony took place recently to kick off a 220-unit apartment complex as part of that project.

The University of Nebraska Medical Center received approval to build a $65 million residential facility to accommodate 300 residents. Located near 39th & Dewey Street, the site currently consists of a surface parking lot and several low-density apartment buildings currently used as UNMC student housing.

Food Bank for the Heartland held a groundbreaking for a $37 million building planned for the northeast corner of 84th & L Street. The food bank will sell its current building at 10525 J Street. The 105,000 sq. ft. building will be constructed on a 12-acre site formerly occupied by H&H Chevrolet before it moved to the Steel Ridge development near Interstate 80 & Highway 370. Completion is planned for 2026.

Bellevue’s expansive $60 million waterpark development officially announced its name. Bellevue Bay Indoor Waterpark will be a 100,000 sq. ft. facility open year-round, featuring a retractable roof, attached hotels and retail stores.

During Mayor Jean Stothert’s press conference updating streetcar plans, it was revealed that 11 yet-to-be-announced, urban-core development projects totaling $400 million are currently in the planning stages.

Isaiah Ang, Contributing Writer

Clarity Development Company plans to build a 5-story, 194-unit apartment building southeast of 27th & Leavenworth Street. The layout includes 56 studio, 115 one-bedroom and 23 two-bedroom apartments. The planning board this week approved rezoning the site to a transit-oriented designation allowing for reduced parking ratios. The first floor will have 127indoor parking stalls. An existing building at 810 South 26th Street will house an additional 12 parking stalls.

The developers stated that they tried to maximize the amount of parking on the property, however some neighbors have expressed concern. The developer is confident that the parking will be sufficient. Furthermore, the developer is working with Metro to ensure that an existing bus stop on the property will be rebuilt after the project is completed. Additional transit opportunities are supported by 18 on-site bicycle stalls, the adjacent Leavenworth bike lane and the future Modern Streetcar route to the north.

Parkway Development Company plans to build a 5-story, 86-unit apartment building on the northeast corner of 36th & Leavenworth Street, replacing a vacant Family Dollar store. The Omaha planning board this week approved a request to rezone the property to transit-oriented. Some neighbors are concerned that the building will have only 58 parking garage stalls. The developer expressed confidence that an existing bus stop on the property and the proximity to the University of Nebraska Medical Center will help alleviate the need for the usual number of parking stalls.

The Gretna City Council this week voted to again delay setting a January 2025 date for a special election for funding the Good Life District, according to the Omaha World-Herald. The council has until November 22 to approve a resolution if the special election is to be held in January. The 2,000-acre district, located around and including Nebraska Crossing, is intended to attract tourist-oriented businesses.

Holy Name Housing Corporation is planning a $3.9 million housing project in north Omaha. Plans call for 13 single-family houses south of Lake Street near John A. Creighton Boulevard. Each house will have three bedrooms and two baths and will be listed for $250,000. The developer is seeking $515,000 in Tax Increment Financing. Construction should start this fall and be complete by May 2025. – Isaiah Ang

Google announced $1 billion in additional investment at its existing Council Bluffs data center campus. Three new buildings are expected to be completed within one year. Since Google’s initial investment of $600 million more than 15 years ago, the tech giant has invested more than $5.5 billion in the Council Bluffs area.

Additionally, Google has made significant investments into the community bringing free wi-fi to certain parts of the city, providing laptops to public school students, and announced during this week’s press conference, donating $1.3 million to help restore flood damage along the Missouri River.

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Fly Fitness plans to open this fall in a recently completed, 4-story building at 1501 Mike Fahey Street in the Builders District downtown. Fly Fitness is headquartered in Lincoln and has five existing locations in Lincoln; Fargo, N.D.; and Loveland, Colo.

Berkshire Hathaway chairman Warren Buffett has converted 8,674 Berkshire “A” shares into 13,011,000 “B” shares in order to donate 13,008,758 shares of “B” stock to five foundations: 9,930,357 to the Bill & Melinda Gates Foundation Trust, 993,035 shares to the Susan Thompson Buffett Foundation and 695,122 shares to each of the Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation. Buffett’s ownership now consists of 207,963 “A” shares and 2,586 “B” shares.

The Charlotte Douglas International Airport in North Carolina has selected Omaha-based HDR to provide civil engineering services for the airport for the next four years. The selection builds on nearly two decades of supporting the airport’s projects and initiatives, including a current role providing on-call environmental services.

Baker’s Candies has started work on a multi-million-dollar construction project that will double the size its Greenwood, Neb. store and expand the parking lot, according to the Omaha World-Herald. The store sells more than 800 types of candy including its own products.

Werner Enterprises this week celebrated its 25-year anniversary of doing business in Mexico. The Omaha-based, Fortune 1000 trucking company’s Cross-Border Team now has 150 employees working in 10 offices in Mexico and the United States.

Union Pacific Corporation will release second quarter 2024 financial and operating results on Thursday, July 25, at 6:45 a.m. CDT The company’s management team will host a conference call and live webcast at 7:45 a.m.

For only the third time in 2024, the Creighton University Mid-America Business Conditions Index, an economic indicator for the nine-state region stretching from Minnesota to Arkansas, climbed above growth neutral. The June reading was 51.3, up from 48.2 in May. A reading of 50.0 is growth neutral.

Tipping Fatigue – Approximately 63 percent of Americans say that too many places are asking for tips and roughly 48 percent say they’re tired of being asked to tip, according to USA Today.

LEADERSHIP & MANAGEMENT

In the knowledge economy, expertise is widely distributed. If you want to build a high-performing team, according to Fast Company, you need to source highly specialized talent with more knowledge than yourself. “If you think you know more about everything than your team, you are either hiring poorly or deceiving yourself.”

If you want to be an authentic leader, develop self-awareness, cultivate emotional intelligence, be true to your values, practice transparency, encourage diverse perspectives, lead with empathy and commit to continuous growth, according to Forbes

According to Expedia’s 2024 Vacation Deprivation Report, 53 percent of Americans don’t plan on using all their time off this year — the fewest of any country surveyed. While American vacation deprivation (the feeling of not having enough time off) has hit an 11-year high at 65 percent, rates are down in many other parts of the world.

Remote Work – “Mouse shuffling” occurs when employees feign productivity by constantly moving their mouse or appearing online, according to Forbes. Forty-three percent of employees say their online activity is being monitored, and 25 percent of those admit to pretending to be online while engaging in non-work activities.

SALES

When deciding how to allocate their time, sales pros should focus on tasks that directly drive results, says author Mark Hunter: “Too many salespeople spend far too much time doing anything but the work they need to do to be productive. They know what work they need to do, and when really pushed, they know why they should be doing it. But they simply choose not to do it.”

Sales Statistic – 57 percent of sales pros spend three-to-10 hours per week using CRM tools, according to HubSpot.

Attention Top Producers – Would you like to turn those big commission checks into long-term wealth? According to Business Insider, rich people do five things to stay rich: 1. They have a financial plan; 2. They’re neither worried about their investments nor managing them often; 3. They’ve over-planned for retirement; 4. They find ways to reduce their taxes; 5. They incorporate charitable giving into their financial planning.

WISDOM

“It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” – Steve Jobs

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Did you know Omaha-based Berkshire Hathaway owns See’s Candies, which is more than 100 years old? See’s Candies started in California in 1921 and now has more than 250 stores nationwide including one inside Nebraska Furniture Mart in Omaha.

Did you know that in 1979, Boys Town admitted its first group of girls, the first five of whom graduated in 1983?

Did you know that Omaha’s Henry Doorly Zoo grows its own bamboo? In fact, the zoo sold nearly 400 pounds of bamboo to other zoos in 2023.

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Red, White, Brew Crawl on July 6th: Mark your calendars for July 6th and prepare for an epic evening filled with patriotic festivities, exceptional themed drinks, and a sense of camaraderie that only a bar crawl can inspire. This is not just any bar crawl—it’s a red, white and blue extravaganza that offers locals a spectacular way to kick off their Fourth of July celebrations.

Omaha Farmers Market happening on Saturdays: The Farmers market is back in Omaha! Join in every Saturday in the Old Market for Omaha’s best selection of farm-fresh, local produce and other goodies. The Market is open rain or shine from 8 a.m. to 12:30 p.m., May 5 through October 13.

Modus Free Coworking Day on July 11th: Join Modus for a FREE coworking day on the second Thursday of each month from 8 a.m. to 5 p.m. High speed wifi and office amenities are readily available. Unlimited Amateur coffee and Artemis tea are always ready to go as well. Whether you are traveling through Omaha or have been needing a new spot to make your workday more meaningful, come to Modus and get the experience you are missing!

Jazz on the Green – USAF Heartland of America Band “Raptor” & Hector Anchondo Band on July 11th: Kick off the free Jazz on the Green concert series with USAF Heartland of America Band “Raptor” & International Blues Challenge winner Hector Anchondo Band. The United States Air Force Heartland of America Band is a 15-member organization that presents exciting & uplifting music to inspire patriotism and tell the Air Force Story. Hector Anchondo is a blues musician and singer-songwriter known for his soulful vocals and masterful guitar skills. Come out and experience Jazz on The Green with two memorable performances!

Yoga in The Garden on July 11th: Vinyasa yoga keeps your body moving in sync with your breath, leading toward an alignment of your physical, mental and spiritual self. Join instructor Jose Villegas for an expansive range of poses (and modifications) that make each class interesting and fun! No yoga experience needed – this class is perfect for beginners and welcoming to experienced yoga practitioners who seek a peaceful practice in a lovely setting. Bring whatever props (i.e., pillow, mat, cork blocks, bolster, eye-mask, blanket) that you feel are necessary to make your practice the most comfortable it can possibly be. Pre-registration is required!

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NP Dodge Real Estate has welcomed new residential sales associates including Heather Leibbrandt and Rayneesha Phillip.

Scoular has appointed Kari O’Neill Potts as Chief Legal Officer & corporate secretary. She also will join Scoular’s Senior Leadership Team. She previously served as Scoular’s senior associate general counsel – international commercial transactions.

Bankers Trust has announced its new Omaha Community Board: Jerry Banks, founder of Jerry Banks Group; Connie Ryan, CEO of Streck, Inc.; and Jay Stewart, CEO of Drake-Williams Steel.

The Omaha Community Foundation has added four new members to its board of directors: Chandler Green, interior designer at Alley Poyner Macchietto Architecture; Jon Grob, attorney and president of McGrath North; Matt Muehling, tax managing director at Deloitte Tax, LLP; and Jay Noddle, president & CEO of Noddle Companies.

Lutz, an Omaha-based business solutions firm has added Payton Coughlin as a client resource assistant. She graduated from the University of Nebraska-Omaha with a bachelor’s degree in communication and media studies.

Dr. Dele Davis has been appointed as interim chancellor of the University of Nebraska Medical Center. He has been serving as UNMC’s senior vice chancellor for academic affairs and dean of graduate studies for several years. Former chancellor Jeffrey Gold officially became president of the overall University of Nebraska system on July 1st.

The Board of Commissioners for the Accreditation of Education in Nursing has selected College of St. Mary nursing professor Kathleeen Zajic as a member. Her three-year term begins October 1st.

The Greater Omaha Chamber is a catalyst and connector, advocating for businesses small and large. Learn, share and grow with more than 12,000 professionals from 3,000 member businesses across Greater Omaha. Click HERE to see our latest events.

Which came first, the chicken or the egg? The answer. Yes, which is a perfect segue into my financial bloviating. Do stocks move the indexes or do indexes move the stocks. Answer. Yes!

There has been a lot of jaw flapping in the financial media about Nvidia and the role it played in the market’s recent bout with volatility. Wall Street’s mental giants seem to think the world would be a better place if we removed Navida from its centerfold position. But, as is always the case, Internet Investors have figured things out and are quietly picking up a buck or two.

The main function of a market index is to provide investors with a broad, unfettered picture of the market’s activity. In this context, the only three that qualify as undefiled are the S&P 500, the Dow and the Nasdaq. The remaining 3,734 indexes are bastardized versions of the sacred three that are designed to enhanced performance (and increase Wall Street’s bottom line). But this is like messing with Mother Nature. And we all know it’s not nice to mess with Mother Nature.

Now back to the egg thing. There are dozens of websites where you can spend $5-grand and a couple of weekends learning how to pick – sure to make you a gazillionaire – stocks. Or in about an hour or two, you can have a pretty good understanding of how an index works. And with less time and effort, you’ll be able to outperform the Wall Street nerds mentioned above.

The S&P 500 is weighted by market cap. This means that the stocks with the biggest market caps have the highest impact on the index’s movement. The S&P 500 is a product of the Dow Jones organization, and there is a committee that manages it. They select the stocks in the index, and on an irregular basis, they make changes.

The market caps used to calculate the index are not adjusted on a minute-by-minute basis. So, we cannot tell you precisely at 12:21 p.m. on Monday, July whatever, exactly what Nvidia market cap number is being used to calculate the S&P. Big whoop…If I did know, it wouldn’t change my thinking. But remember the talking heads don’t get paid ginormous bucks for saying, “I don’t have a clue.”

Just to give you insight as to how Internet Investors are making money by ignoring Wall Street’s yammering, consider the following; the number-one stock in the S&P is Microsoft with a 7.2 percent weighting. Nvidia is number two with a 6.4 percent weighting. Following Nvidia are Apple with a 6.24 percent, Amazon at 4.7 percent and Facebook with a 2.3 percent weighting. Also in the top ten we have Google, Berkshire, JPMorgan and Exxon Mobile.

So, there are lots of biggies in the mix. Even a Ouija board can’t predict which stock(s) will prevail. Only Mr. Market knows, and Internet Investors know they can make more money listening to him than they can by listening to those on Wall Street that are shouting, “The sky is falling, the sky is falling.”

This section is brought to you by All Makes and Allsteel. For more than a century, All Makes has remained family-owned and committed to supplying businesses with workplace solutions, specifically furniture and technology. To learn more, visit one of our showrooms in Omaha, Lincoln, Des Moines, Columbus, Kearney, or North Platte.

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The Grow Omaha radio show broadcasts live every Saturday morning at 9:00, but now you can watch videos of each episode instead of just listening.

Grow Omaha’s brand-new website features video footage shot inside the radio studio during each week’s show!

Videos include News of the Week, Lightning Round, guest interviews, and “Grow Omaha Uncut,” a behind-the-scenes look at what happens during commercial breaks.

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