Weekly Market Report – October 19, 2023

Oct 19, 2023

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Grow Omaha is proud to deliver this market report to you each week. This would not be possible without the support of our sponsor, Quantum Fiber!

Restaurant & Retail Updates

Circo Italian-American Bar & Eatery is a contemporary Italian restaurant that plans to open in November at 192nd & Q Street in the former Julio’s Tex-Mex space. Circo will feature “chef-driven and contemporary cuisine, with carefully curated wines, craft cocktails, and local beer.”

Sand Point New England Fare’s grand opening will take place at 11 a.m. tomorrow in the former Jack & Mary’s space at 655 North 114th Street in Miracle Hills.

A yet-to-be-announced restaurant will occupy the main floor of a newly rebuilt building at 6121 Maple Street in Benson, according to Oak Investment Real Estate. A local restauranteur is planning a new concept, which will open this winter.

Authentic You Salon & Studio has leased a 1,760 sq. ft. space at 13216 Cottner Street in old Millard, according to Brian Thomas of NAI NP Dodge who represented the tenant.

Backlot Taphouse in Aksarben Village will be included in an upcoming episode of America’s Best Restaurants, a television show that features independent restaurants around the country. Located next to Aksarben Cinema, Backlot Taphouse is famous for its Detroit-style pizza.

Sebastian’s Southern Crab, a seafood-and-soul food restaurant near Westroads Mall at 843 North 98th Street has closed permanently.

Sunnyside Elkhorn and Site-1 Brewing are closing their Elkhorn locations at 2611 North 204th Street. The businesses are related. The original locations – Sunnyside on Center at 36th & Center Street and Site-1 Brewing at 26th & Farnam Street – will remain open.

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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!

Learn more about Anderson Convenience market at www.Anderson1952.com

The Big Story

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overhead shot of a group of commercial real estate buildings for this weeks weekly market report big story

Omaha’s Commercial Real Estate Stats

NAI NP Dodge has released its third quarter 2023 report on the Omaha commercial real estate market. Despite rising interest rates, Omaha’s office, retail and industrial markets remain strong.

The local office market totals 48.7 million sq. ft. An addition 1.3 million sq. ft. of office space is under construction at this time, up slightly from last quarter. Only 6.7 percent of Omaha office space is currently vacant, which is less last quarter. Many cities have significantly higher vacancy rates.

The retail market has a total inventory of approximately 65.4 million sq. ft. with another 274,000 sq. ft. of new space currently under construction. Vacancy is 4.5 percent which is down from last quarter.

The industrial sector continues to thrive. The total market size is 105 million sq. ft. Approximately 5.3 million sq. ft. of industrial space is under construction right now, which is an increase over last quarter. Industrial vacancy remains very low at 2.3 percent.

Several projects were announced or made significant development progress during the third quarter.

The University of Nebraska Medical Center made significant progress on its west campus and its long-anticipated Project NExT. The concrete shear tower started rising at the Mutual of Omaha tower construction site. Google announced it will invest hundreds of millions of additional dollars at its existing Papillion data center.

Multiple buildings along the south side of Dodge Street between 46th and 48th streets have been demolished to make way for an $82 million, 330-unit apartment building. Heartland of America Park and Lewis & Clark Landing both opened during the quarter. The new Riverfront park system is expected to spark additional private real estate investment in the area.

This section is sponsored by RENZE. For over 128 years, we have been providing our clients with innovative solutions for interior corporate and retail branding, as well as unique exhibits and graphics for tradeshows and events. With leading-edge equipment and quality craftspeople working out of our 90,000 sq. ft. facility, we partner with you to help create your vision. We like watching brands grow — Click HERE to see a recent 50’ x 40’ x 24’ tall exhibit for Tate & Lyle!

Grow Omaha Snippets

Grow Omaha Snippets Sponsored by:

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The Child Saving Institute broke ground least week on its $46 million Campaign for Hope expansion project next to its existing building near Dodge Street & Saddlecreek Road. The 131-year-old-organization provides early childhood development, mental health and support for families. When the project is completed in 2025, CSI’s facility will double in size.

The Nebraska Multi-sports complex in La Vista has a new name: CHI Health MultiSport Complex Nebraska. Located in the Soutport East area – southeast of Interstate 80 & Giles Road, the complex has 12 artificial turf fields that can be used for soccer, football and other sports. It opened earlier this year and is expected to have an annual economic impact of $9.9 million.

The Omaha City Council approved the $35 million first phase of the redevelopment of Southside Terrace Homes, a public housing project at 29th & W Street, according to the Omaha World-Herald. Phase one will demolish two existing buildings, replacing them with a 4-story, 92-unit apartment building. The project will begin in January.

Over the next five years, the rest of the Southside complex will be demolished and replaced with 700 new apartments, duplexes and townhouses. Many of the 1,200 current Southside residents will be offered the opportunity to live in the new development.

Brian, a six-year-old male Indian rhino, made his public debut in Omaha’s Henry Doorly Zoo and Aquarium’s Asian Highlands exhibit last weekend. The rhino arrived from Ohio’s Columbus Zoo and Aquarium. His move to Omaha was recommended per the Association of Zoos and Aquariums’ Indian Rhino Species Survival Plan, a program that works to manage genetically diverse, demographically varied and biologically sound populations of threatened or endangered species.

The Iowa Department of Transportation has opened the final ramp – leading from southbound Interstate 29 into downtown Omaha – of the $180 million complete rebuild of the I-29 & I-480 interchange.

Construction continues on Eppley Airport’s $65 million terminal drive and canopy project. This project will add an additional passenger drop-off lane, expand the ADA accessibility of the passenger drop-off and pick-up areas, and provide cover from weather elements.

The next phase will require a temporary relocation of the passenger drop-off and pick-up areas. Beginning October 27th, all passenger vehicles dropping off or picking up passengers will enter specific traffic lanes on Level 1 of the south garage. Vehicles entering Level 1 of the south garage will not be charged parking fees. Drivers will see signage directing them to the correct lane.

Passengers will use crosswalks and the elevated walkways to move to and from the south garage to the terminal. This particular project is scheduled for completion in the spring of 2025.

Grow Omaha Snippets are brought to you by Omaha Car Care with four metro area locations – 131st & Dodge, 58th & Center, 85th & L and 144th & Harrison.

Omaha Car Care “We’ll be along for the ride.”

Business News

Local Business News Sponsored by FranNet of The Heartland:

Scoular has acquired Circle S Seeds-Grains’ grain handling facility in Logan, Mont. The facility has a storage capacity of 400,000 bushels. It will handle local red spring and red winter wheat, in addition to feed barley. Scoular also operates a facility in Butte, Mont., which is about 60 miles west of Logan.

Union Pacific Corporation today reported 2023 third quarter net income of $1.5 billion, or $2.51 per diluted share. This compares to 2022 third quarter net income of $1.9 billion, or $3.05 per diluted share.

Nebraska is one of the nine best states to buy property in the next decade, according to Yahoo! Other states on the list are Tennessee, Texas, North Carolina, Georgia, California, Florida and Nevada.

LinkedIn plans to lay off more than 660 people across its engineering, product, talent and finance teams, according to AXIOS. That represents more than 3 percent of the company’s global workforce. The announcement did not indicate whether or not any of the job cuts would affect LinkedIn’s regional headquarters office in Omaha.

Green Plains Inc. and Green Plains Partners LP will release third quarter 2023 financial results prior to the market opening on October 31st and then host a joint conference call beginning at 8 a.m. CT to discuss third quarter 2023 performance and outlook.

Union Pacific earned a spot on the 100 Best Corporate Citizens for 2023 list. The annual ranking evaluates major U.S. companies on Environmental, Social and Governance transparency.

For a second straight month, Creighton University’s Rural Mainstreet Index sank below growth neutral according to the October survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. The region’s overall reading for September fell to 44.4 from September’s 49.5. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

At Zoom’s recent annual conference Berkshire Hathaway vice chairman Charlie Munger said it’s harder for young people to get rich today because of increased competition, according to Business Insider. “You have to get better and better or you will lose. Try harder, work harder and you’ll do better,” Munger said, suggesting people spend less than they earn and invest their savings.

This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”

Grow Omaha Residential

Omaha Real Estate Numbers for September

By Joe Finlay

U.S. News and World Report recently published a report about the most undervalued markets to rent a home. Five cities in the Midwest topped the list with Omaha taking the number one spot.

According to the Department of Housing and Urban Development, households spending more than 30 percent of their gross monthly incomes on a place to live are “cost burdened,” since that leaves less room for spending on other necessities of life. Nationally, some renters are paying well over half of local per-capita incomes for rent.

However, at the other end of the spectrum, in the most undervalued markets, some renters are paying below 24 percent of median per-capita incomes for rent. As a result, with many renters paying well below the U.S. medians for these ratios, a number of cities are likely undervalued based on local earnings.

The rent-to-income ratio in Omaha is 23.66 percent, which is far below the national median of nearly 36 percent. St. Louis, Cleveland, Minneapolis and Oklahoma City rounded out the top 5.

According to the report, the median rental price in Omaha is $1,335 per month. Although it is up 9.5 percent compared to a year ago, it still remains the lowest rent price compared to all metropolitan statistical areas.

Bottom Line

While rental prices may be lower than neighboring cities, prices continue to increase. Finding affordable housing options can be difficult. Let’s connect to talk through those options.

Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.

Grow Omaha University

Leadership & Sales Insights for Ambitious People

Compiled by Grow Omaha co-founder and sales trainer Jeff Beals.

Sponsored by Dundee Bank


When you’re pushing yourself, you might actually be operating at less than half your true capacity. “Your capacity for work is far greater than you believe it is. The Navy SEAL turned ultra-athlete, David Goggins, would tell you that when you are sure you cannot keep going, you’re at the forty-percent mark of your real capacity,” says author Anthony Iannarino. “You can keep going, but first, you have to stop the voice that only you hear from telling you that you should stop, that there is no reason to keep going, that you should move on and do something else, that you have had enough.”

As a leader, you must depend on the abilities and hard work of your staff members. A successful leader is one who establishes interdependence. He or she trusts and depends on the staff while the staff trusts the leader to guide, provide resources and create a positive, productive atmosphere.

“My mentor taught me that you must recruit for attitude and aptitude over experience,” says Bob Apollo of Inflexion-Point Strategy Partners. “If you’ve got people on the team with the wrong attitudes and without the necessary aptitudes, you’re sunk before you’ve even started. When I work with clients to recruit the right people, we look for qualities like emotional intelligence, curiosity, humility, teamwork and a commitment to continuous personal development.”

Now is the time to sharpen skills, think creatively and do your best to keep up with rapidly changing technology. In a recent Wall Street Journal article, Vinod Khosla, a prominent venture capitalist whose firm was one of the OpenAI’s earliest investors said, “Within 10 years, artificial intelligence will be able to 80 percent of 80 percent of all jobs we know today.”

The travel industry is running on all cylinders and has recovered from the pandemic, says Steve Glenn of Lincoln-based Executive Travel. TSA checkpoint volumes in September have finally exceeded those in 2019. “The one giant piece of the puzzle still missing however, is that business travel is still only about 80 percent of pre-COVID strength.”

While the U.S. Senate recently formalized a business dress code, many business professionals are getting away with wearing sneakers and jeans to the office. According to The Hustle, the percentage of job postings mentioning “casual dress” codes has jumped 80 percent.


When hiring new sales reps, what’s the number-one indicator of future success? Frequent past behavior. When selecting new sales reps, observe clearly and think deeply. Don’t be fooled by flash and glamour. Instead, focus on the basics and carefully examine exactly what candidates have done in their previous work. The way a person has frequently behaved in the past is probably how they will behave in future.

Sales guru Mike Weinberg says sales professionals should view themselves as value creators, professional problem solvers and trusted advisors. Here’s why:

1. We’re proud of what we do and more confident as we do our jobs

2. Prospects and customers immediately perceive that we are different than the stereotypical self-focused seller

3. Our messaging gets based on how we help, create value, solve problems, and help customers achieve better results/outcomes

4. Sales calls become true dialogues, real conversations

5. We face less anti-sales resistance, and customer meetings don’t feel adversarial – instead they feel like we are there working together with the customer instead of pitching at them

6. We are much more willing to prospect, because we don’t see ourselves as a nuisance

You can improve your sales team’s skills without burdening your already-overloaded schedule. It’s called BragBird, and it fits into your regular sales meetings. You can also use it for new sales rep training. Because it’s cloud-based, you have constant access to all the content on demand. Here’s a free module so you can take it for a test drive. Click HERE now!


“When someone shows you who they really are, believe them.” – Maya Angelou

Founded in 2006 right in the heart of Omaha’s Dundee community, Dundee Bank is all about local ownership, friendly customer service, and supporting the needs of our beloved community. With nearly 100% of your deposits going right back into our neighborhoods, Dundee Bank is committed to fueling growth, enabling loans, and fostering stability for you and your neighbors. So why not open an account at Dundee Bank and discover what it means to truly support local?


Did You Know?

Surprising Facts, Figures & Points of Pride That Make Omaha Unique

This section is sponsored by Lockbox Storage.

Did you know that the worst airplane crash in Omaha history occurred in 1944? Seventeen people were killed, including 14 ferry pilots who had flown planes to the city a few days prior. None of the victims were from Omaha, according to the late Omaha historian Howard Hamilton.

Did you know Omaha is planning a $600 million expansion of Eppley Airport? That’s just the terminal, by the way. When you include the new outdoor canopy, driveway improvements, new power plant and updates to the parking garages, the investment is substantially greater.

Did you know that “Nebraska” comes from the Otoe tribe? The state’s name can be translated as “flat water,” which must refer to the Platte River.

This section is sponsored by Lockbox Storage, an affiliate of Omaha-based McGregor Interests Inc. We provide storage solutions for all of your storage needs. Our facilities have full-time managers and bright lighting to provide superior security for your belongings. In addition to space for rent, we also provide packing supplies, protection plans and locks along with complimentary handcarts and dollies. Visit LockBox Storage and let us help you with all your storage needs.

Upcoming Events in the Metro

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Late Nights at the Zoo: Halloween Edition (21+ Event) on October 19th & 26th: Eat, drink and be scary at our frightfully fun version of Late Nights at the Zoo! Adults 21 and over can sink their teeth into local food truck cuisine and drinks at the most interesting cocktail hour in town. Ticket includes a complimentary drink, access to local food trucks, and the opportunity to experience over 400 Halloween-themed lanterns in Bay Family Children’s Adventure Trails, complemented by festive decorations. Attendees can also enjoy exciting performances, including fire acts by Omaha Circus Arts, a live DJ, and music bingo at the newly transformed Spookeasy in the Fisherman’s Landing picnic pavilion.

Night Light happening on Thursdays: Unwind and rekindle your curiosity during Night Lights at Kiewit Luminarium! Happening every Thursday evening from 7-10 p.m. you can grab a drink, mingle, and play with more than 100 interactive exhibits during an adults-only evening of discovery and fun on the riverfront. Make sure to check out the hands-on activities in the Maker Space and learn with Luminators. You can purchase your ticket at the door, but reservations are highly encouraged!

Hot Shops Fall Fundraiser on October 20th: This event is a chance to experience art and the fiery creative processes that are unique to the Hot Shops Art Center. See bronze pouring and glassblowing, participate in hands-on activities such as Raku, collaborative painting, and other make-and-take projects. There will be live music, a Day of the Dead Gallery Exhibition featuring work from our resident artists and other fall-themed creative fun throughout the building. Proceeds from the event support Hot Shops’ unique vision to “be the spark that helps build a more open and creative community,” and ensures the more than 90 artists who comprise Omaha’s largest artist collective can continue their work in one of the area’s most historic locations. Come out for some local art and support a great cause!

Millwork Conversations with Andy Norman on October 25th: Millwork Conversations is a monthly event in Nebraska, featuring inspiring discussions from diverse voices nationwide. Participants will explore new ideas and strategies to overcome both real and perceived limitations. This month, the event will be led by Andy Norman, a fourth-generation Nebraskan and the co-founder of Rabble Mill, a nonprofit offering alternative youth programming in Lincoln and Omaha. Norman’s passion for creating transformative experiences, especially for underdogs, drives his work. Learn more about Andy and connect with others at this month’s Millwork Conversations!

AI Images for Adults on October 26th: Do Space has collaborated with the Omaha Data Science Academy to present “AI Images,” an event focused on the exploration of artificial intelligence’s ability to learn and generate images. Participants, aged 18 and above, are invited to delve into the fascinating process of how AI learns and produces new visual content. The event offers an opportunity for attendees to gain insights into the cutting-edge technology of image creation through AI algorithms. Through this partnership, attendees can expect an engaging and informative session on the innovative world of artificial intelligence and its applications in image processing.

This Upcoming Events section is sponsored by Eagle Mortgage Company, is a locally owned and full-service mortgage company in Omaha.

Eagle Mortgage can help you realize your dream of owning a home.

People in the News

Sponsored by Baird Holm Attorneys at Law

a beautiful blue and white house with a green lawn
digital rendering of Flatiron District project buildings

At Ervin & Smith’s 40-year anniversary celebration this week, founder and chairman, Doug Smith, announced his retirement as well as the company’s sale to current president & CEO, Leanne Prewitt, and CFO, Brittany Wozny. Ervin & Smith’s leadership team also includes Ashley Bails, Chief Marketing Officer, and Katie Herzog, Chief Client Officer.

Baird Holm partner Amy L. Lawrenson was selected as a finalist for the 2023 Inspire – Woman of the Year Award in the category of Excellence in Business. The award honors outstanding women for their inspiring professional achievements and their dedication to the betterment of the Omaha community. The Inspire Awards will be held November 1st.

Buildertrend, an Omaha-based construction management technology company, appointed Bob Drake as Chief Financial Officer. He has more than 20 years of experience in financial planning and analysis, including 15 years working in a variety of senior finance roles at Microsoft. Most recently, he served as senior vice president at Cloudera, directing the company’s finance, financial planning and analysis, go-to-market finance functions and private equity relationship management.

E.J. Cizek has been promoted to assistant general counsel at Mutual of Omaha. He joined Mutual in 2013 as a compliance manager in the retirement plans division. In 2019, he was promoted to compliance director in the emerging & strategic solutions business unit. Cizek earned a bachelor’s degree from Creighton University and a juris doctorate from the Creighton University School of Law.

The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.

Wall Street: The Week in Review

with George Morgan

Morgan is the founder of Morgan Investor Education of Omaha.

Sponsored by Baird Holm Attorneys at Law

Views and opinions expressed herein are solely those of the author.

And now the next chapter in the ongoing saga of Mr. Market’s cousin’s chaotic antics. In order to understand what’s going on, you need a quick lesson in the term structure of interest rates. Second grade translation: the longer the maturity date of a bond, the higher the interest rate it pays. If you loan somebody money for 30 years, you have no idea how much inflation will have reduced your buying power when you get your money back. Hence, you ask for a high interest payment. But, if you loan money for a couple of weeks, you can expect a lower interest payment because much less evil, wicked, mean and nasty stuff can happen in the shorter time period.

Next, let’s return to the start of the pandemic. The government spends like a drunken sailor, the supply chain goes bonkers, and inflation jumps a bazillion percent. Mr. Bond market says, “I think inflation is temporary,” so he and his cronies crank up the yield on the two-year Treasury bond to just north of 4 percent and leave the 10-year Treasury bond at just under 3 percent. Both are way out of line with common sense, but nobody said that Mr. Bond Market is any more logical and predicable than his stock market cousin.

Fast forward to the beginning of this fall. The Fed thinks inflation is under control and they are done raising rates. Mr. Bond Market goes bananas and yells at the Fed, “You’re not in charge.” And before you can say the Huskers lost again, the yield on the 10-year treasury zooms to within a gnat’s ass of 5 percent.

The conventional wisdom is that bonds – especially government bonds – are safe. Prior to the pandemic and the government’s knee-jerk spending spree, inflation was benign, interest rates hovered near zero, and the government had 10 trillion fewer dollars to borrow.

But when rates go up, the principal value of a bond goes down. Tens of millions of Americans own trillions of dollars’ worth of bond mutual funds. Rising interest rates are putting pressure on the performance of those bond funds because the principal value of their holdings is sinking. Mr. Market goes postal because he is afraid Mr. Bond Market’s actions will spook his people.

The moral of the story is that investing is not a one-size-fits-all proposition. If you are a young investor with a 40-year time span, all this dishevelment is no big deal. Time for a beer or two. But, for those of you with some serious life experience, do your homework on what’s going on with the bond funds in your robo account.

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Have You Watched Grow O on Video Yet?

Jeff Beals, Trenton Magid and a guest in the KFAB 1110 Radio Booth

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.

Support the Grow “O” Mission

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