Weekly Market Report – September 7, 2023

Chipotle Mexican Grill is under construction near 183rd & West Maple Road. It will be joined in the same area by a new Starbuck’s and a new local restaurant known as Burger Detour.

Jimmy John’s plans to open in a small retail strip center under construction near 203rd & Laramie Road. A Good Evans restaurant recently opened nearby. A PepperJax location is expected to open in the vicinity soon.

Renovations are underway inside the former WheatField’s Eatery & Bakery space at 12th & Howard Street in the Old Market. It is believed that Omaha-based Flagship Restaurant Group is planning to open a Mediterranean concept in the space. Flagship is opening three other brands nearby in the Brickline Building: Memoir; Cham Pang and Ghost Donkey.

Taqueria Tijuana at 5139 South 24th Street plans to open a second restaurant in a yet-to-be-announced location. The Mexican restaurant asked its Facebook followers today for opinions regarding future locations.

Creative Culture, a do-it-yourself arts-and-crafts studio, opened earlier this summer at 1410 Howard Street in the space that, for a short while, housed the Omaha Public Library’s temporary downtown branch. Creative Culture has two locations in Kansas City plus one in Portland, Ore. In addition to making arts and crafts, customers can also make gourmet milk shakes.

Club Pilates’ fourth metro area studio has completed construction in Papillion at 84th & Highway 370 in Midlands Place. The club will host soft-opening, including free intro classes, September 14-17 before officially opening September 18th with 40-plus classes every week.

Rally House has opened a 9,000 sq. ft. store next to Five Below at 123rd & K Street in the L Street Marketplace, according to ACCESS Commercial, LLC. The Kansas City-based sports apparel retailer now has three Omaha-area stores.

Amazing Lash Studio in Aksarben Village will hold a grand opening party and ribbon cutting on Saturday September 9th from 3 to 7 p.m. They will be offering raffles, prizes and snacks and will host pop ups by Hello Ruby Truck and LinkxLou.

Kinetix Massage & Bodyworks is holding a ribbon today at 501 5th Avenue in downtown Council Bluffs

Absolute Sports Nutrition is opening in a 1,000 sq. ft. bay at 2340 Cornhusker Road in Bellevue, according to Gabrielle Estivo of NAI NP Dodge, who represents the building owner.

Grant & Emmy’s Ice Cream & Burger Dogs has closed near 192nd & Q Street. A sign on the door says the restaurant is closed for plumbing repairs, but the exterior signage above the door has been removed. Grant & Emmy’s was attached to Julio’s, which also closed.

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

Data Center Development in the Metro

Omaha has become a major hub for data centers. Many years ago, the area got a high-tech jump-start when Yahoo, Fidelity Investments and The Travelers Companies located medium-sized data centers in Sarpy County.

But that was just the beginning. In the years since then, Google and Meta, parent company of Facebook, Instagram, WhatApp and many other social platforms, made huge investments. In today’s Big Story, we look at some of the data center development currently underway in the metro area.

Google Council Bluffs

Google’s first data center opened at 1430 Veterans Memorial Highway inside two existing warehouse buildings. While that data center is a big piece of property, it’s tiny compared to Google’s other Council Bluffs project.

Google’s much larger Council Bluffs data center takes up 1,000 acres, which is more than one-and-a-half square miles. The site is on the southeast corner of Council Bluffs east of Interstate 29 just a bit north of the Mills County line. Google has been continually building on the site for many years now and has already invested billions of dollars.

A large expansion, representing another $350 million investment, recently kicked off on the site’s east side.

Google Papillion

Google broke ground on this data center in late 2019 and has been feverishly building on it ever since. The site stretches an entire mile between 144th Street (Highway 50) and 156th Street north of Schram Road. The initial investment was $600 million, but just this summer, the Mountain View, Calif.-based tech giant announced it would invest hundreds of millions more.

Google Northwest Omaha

Google announced it would build yet another metro area data center, this one totaling 2.2 million sq. ft., a couple years ago on 270 acres near 114th & State Street, just west of Blair High Road. Before the first building was completed, the company added 187 acres more to the campus. There are rumblings that the company may even acquire more land near the site.

Meta/Facebook

Menlo Park, Calif.-based Meta started building its massive 3.6 million sq. ft. data center at Capehart Road and Highway 50 about the same time Google started building in Papillion. The $1.5 billion campus takes up three corners of the intersection, has its own private bridge crossing Highway 50 and sits in both the Papillion and Springfield jurisdictions. Construction activity continues on the southwest corner of the campus.

Other Tech

By the way, data centers aren’t the only presence that Silicon Valley companies have in Omaha. PayPal and LinkedIn employ thousands of Omahans in operations, accounting, marketing, customer service and technical roles.

A local developer is reviving the Flora Apartments, which were destroyed in a fire earlier this year at 25th & Jones Street. Plans call for 39 units in a 5-story new building to be called Flora Phoenix Apartments.

Passenger traffic at Omaha’s Eppley Airport, the largest airport in Nebraska or Iowa, was up .4 percent from the same month in 2019, according to the Omaha World-Herald. That’s the first time traffic has exceeded pre-pandemic levels.

Bankers Trust will hold a ground breaking ceremony September 25th for its 2-story office building and bank branch to be constructed at 19202 Davenport, which is immediately southwest of the 192nd & West Dodge Road interchange.

Crews removed several single-family houses yesterday just south of Dodge Street between 46th & 48th streets to make way for an $82 million, 5-story, 330-unit apartment building. A handful of commercial buildings, including a long-abandoned ex-gas station, still need to be demolished. The former Pittman veterinary clinic building will be saved and integrated into the new project.

Construction has started St. Patrick’s Catholic Church of Elkhorn’s new church building on a 12.22-acre site northwest of West Maple Road & Big Elk Parkway. The school will remain at St. Patrick’s existing location at 204th & West Maple Road. The 56,349 sq. ft. new building will seat up to 1,400 people in the sanctuary and 600 in the parish hall event space.

Regal Printing Company is constructing a new building at Cumberland Drive and North Skyline Drive in the Elkhorn area.

Immanuel Communities held a ribbon cutting for an expansion to its Graceview Courtyard senior living property at 1681 College Road in Council Bluffs, according to The Daily Nonpareil. The $13.5 million project expanded the building’s size to 116,796 sq. ft. and the number of units from 56 to 121.

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.”

The Moxy by Marriott hotel, which will operate in a newly constructed 6-story building at 12th & Harney Street in the Old Market has pushed back its long-awaited opening to October 6th.

Mystery Manor Haunted Theatre has permanently closed after 38 years in business at 716 North 18th Street in North Downtown. Nearby Creighton University purchased the 130-year-old mansion for $425,000 for future campus expansion.

Union Pacific has announced the next step in its efforts to secure accurate information about contamination in Houston’s Fifth Ward community. The railroad and its partners will be requesting permission from property owners to sample soil in their yards near the former Houston Wood Preserving Works site. The railroad has already completed extensive remediation work at the former site.

John Meyer and Ed Petsche of NAI NP Dodge represented the seller in the $635,000 sale of the 14,550 sq. ft. former Johnson Sash & Door Company building at 1412 Military Avenue.

INSIDE Public Accounting announced its annual ranking of the nation’s largest public accounting firms. Omaha-based Lutz made its sixth consecutive appearance on the top 100 list this year, moving from #76 in 2022 to #74 in 2023.

After climbing above growth neutral for five straight months, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, fell below the growth neutral threshold for a second straight month. The index increased to 49.5 in August from 46.1 in July. A score of 50 represents growth neutral.

Nebraska Gov. Jim Pillen is leading a trade mission this week to Japan and South Korea, according to Nebraska Examiner. Japan is Nebraska’s largest direct foreign investor. South Korea is Nebraska’s fourth largest export market.

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!”

Omaha Real Estate Numbers for August

By Joe Finlay

Douglas County Existing Homes
There were 580 existing homes that went under contract in August, down 11 percent compared to July, and down 22 percent compared to the same month last year. The median sale price in August was $285,000, up about 7 percent compared to the same month last year.

Interesting to note, the number of homes listed for sale at the end of August was the highest in about two years.

Douglas County New Construction
Close to 60 new construction homes went under contract in August, which is down about 30 percent from last month but up about 16 percent compared to the same month last year. The median sale price in August was $450,000, up about 3.5 percent compared to the same month last year.

Sarpy County Existing Homes
There were 187 existing homes that went under contract in August, down 6.5 percent compared to July and down almost 20 percent compared to the same month last year. The median sale price in August was $325,000, up 10 percent compared to the same month last year.

Similar to Douglas County, the number of homes for sale at the end of August was at a three-year high.

Sarpy County New Construction
About 65 new construction homes went under contract in August, which is about even compared to July, but represents an increase of about 80 percent. The median sale price in August was $450,140, up about 2 percent compared to the same month last year.

Bottom Line
The number of homes for sale is at a higher level than it has been over the past three-and-a-half years most likely because of interest rates. While inventory numbers still indicate we are in a seller’s market, there might be more opportunity for buyers right now. Let’s connect and talk through your real estate goals.

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

LEADERSHIP & MANAGEMENT

Rachel Wells shares ways successful young leaders can shape their careers in her recent Forbes article: Continuous self-study; Strength and weakness analysis; Solicit feedback; Active listening skills; Set career goals; Get a coach; Network with other leaders; Discipline; Set boundaries.

For all the talk of artificial intelligence, few Americans think chatbots will have much of an impact on their jobs, according to Fortune. Only 24 percent of U.S. adults have even heard of ChatGPT, and just 19 percent of those people think their own roles face upheaval in the coming years.

Employers added 187,000 jobs in August, beating expectations, but unemployment rose to 3.8 percent, according to The Hustle. The numbers reflect an economy cooling from a post-pandemic boom.

Households earning more than $100,000 a year saw the biggest drop in financial well-being compared with a year ago, according to Morning Consult. Furthermore, households making more than $100,000 are most likely to say that they have taken active steps to prepare for a recession or economic downturn.

Travel Tip – Make sure you remove old stickers from your luggage, according to MSN. Apparently, those old luggage stickers left over from your previous trips could cause your luggage to go to the wrong city.

Attention Sales Leaders – Author Mike Weinberg shares five ways to liven up sales meetings: 1. Share success stories; 2. Best practice sharing; 3. One member is responsible for reviewing a sales book or blog each meeting; 4. Practice sales scenarios; 5. Share inspiration from outside the sales profession.

SALES

We are in a period in which change happens quickly. Uncertainty often causes buyers to pause, believing it is safer to wait until things slow down, says sales author Anthony Iannarino. You must help your clients with the confidence and certainty to move forward; waiting is often more dangerous than changing.

An outside sales call costs a company $308 on average, according to PointClear. An inside sales call costs $50.

It’s human nature to take shortcuts, accomplishing work with minimal possible effort. We can’t change human nature, but we can take advantage of it! How? By going the extra mile. When you take extra steps during the sales process to ensure you understand what the prospect truly values, you have a great chance of winning.

Not every company has the time or budget for in-person sales training. That’s why Jeff Beals and his partners and I created BragBird, a 24/7, cloud-based sales-training program. I strongly recommend you take it for a test drive – Try a free sample module HERE.

WISDOM

“The greatest mistake you can make in life is to be continually fearing you will make one.” – Elbert Hubbard

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Did you know the Omaha–Council Bluffs–Fremont, NE–IA Combined Statistical Area had a population of 1,004,771 in the 2020 census?

Did you know that cake mix was invented in Omaha when Duncan Hines was a division of Nebraska Consolidated Mills?

Did you know Omaha’s elevation is 1,060 feet above sea level?

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.

Opera Outdoors on September 8th: Opera Outdoors is a free, family-friendly outdoor concert featuring a sampling of opera’s greatest hits and previews of Opera Omaha’s upcoming season. The concert is open to the public; no tickets are necessary. This year’s event will be hosted in English and Spanish. In addition to spectacular singing, the evening will include pre-concert activities in the popular free Kid’s Zone, featuring balloon animals, arts and crafts station and lawn games for all ages.

Draftoberfest 2023 on September 9th: Downtown’s craft beer focused Oktoberfest is returning! Join others on September 9th for a menu featuring some of the best festbiers and oktoberfest style beers the area has to offer! This event will include beers that will be on tap for the first time in Nebraska – only available at Draftoberfest. Come out to try new flavors, watch the game and join in on the polka dancing afterwards!

2023 Tacoberfest on September 8th & 9th: Tacoberfest was such a blast in 2022 that it’s back for two days in 2023! Each night will highlight different foods and entertainment. Friday will be night one of the fun with tacos, pretzels, churros, polka, mariachi, beer and margaritas! Saturday night will be in collaboration with the Blackstone District’s Second Saturday. Live music, food and entertainment – kicking-off Hispanic Heritage Month!

2023 Fields of Flight on September 8th & 9th: Experience this amazing sight of hot air balloons taking to the sky at the scenic Apple Orchard in Council Bluffs! Satisfy your cravings with a delectable array of food options, including offerings from the Orchard Cafe, mouthwatering pulled pork, savory turkey legs and a variety of other delectable treats from onsite vendors. And don’t forget to indulge in the irresistible apple cider doughnuts! Admission is $30 and covers everyone in your vehicle!

Chalk Art Festival on September 9th & 10th: Get ready to immerse yourself in a world of vibrant colors and stunning creativity! Come out for the 5th Annual Chalk Art Festival, sponsored by Omaha Steaks, where local artists and enthusiasts alike will transform the sidewalks into beautiful works of art. This family-friendly event is not to be missed – come for the art, stay for the food and enjoy a fun-filled day!

All-European Show and Shine on September 10th: Witness an exquisite collection of European automobiles and motorcycles, featuring renowned brands like Jaguar, Porsche, Mercedes-Benz, Ducati, BMW, Ferrari, Pantera, Alfa Romeo and Austin Healey, set against the picturesque backdrop of a stunning autumn garden. Explore the expansive 100-acre garden at your leisure or opt for a guided tram tour, available for just $5 per person (discounted to $3 for garden members). Experience this display of beautiful car models while enjoying the scenic views!

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.

NP Dodge Real Estate has welcomed two new residential sales associates: Layth Jabbar and Ryan Moseley.

Union Pacific Railroad announced Scott Moore, senior vice president-corporate relations and Chief Administrative Officer, will retire October 1st. He began his railroad career 23 years ago after a career in politics representing Nebraska’s 24th legislative district in the Unicameral from 1987 to 1994. He went on to serve two terms as Nebraska’s Secretary of State from 1994 to 2000.

Borsheims has promoted Adrienne Perry to Chief Revenue Officer. She has been with the jewelry retailer since 2007 and most recently served as vice president.

Jaymes Sime, CEO of the Child Saving Institute, has been honored as one of the Ten Outstanding Young Americans (TOYA). Sime is a native of Burlington, Iowa, and a 2007 graduate of the University of Northern Iowa.

Gross Welch Marks Clare law firm has announced two promotions and two new hires: Angela Heimes, who previously held the position of director, has been promoted to shareholder. John McWilliams, formerly an associate, has been promoted to director. Ryan Watson has joined the firm as a director. His practice is focused on estate planning and probate. Elena Whidden joined the firm as an associate. She has experience in the area of guardianship 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.

This week‘s theme is “Main Street Gives Wall Street the Single-Digit Salute.” Wall Street’s business model is based upon their self-declared position that they are the investment gurus, and if you want their expertise, you gotta pay up for it. That paradigm worked 20 years ago, but that was then, and this is now.

The Wall Street Journal reported that Main Street’s trading is at its highest level in decades. Currently, Main Street accounts for 12 percent of the daily market volume.

But we need to peel this onion to determine what it really means. Most of Main Street’s activity comes from RobinHood and Schwab. RobinHood‘s traders are Gen-Xers living in their parents basement and day trading meme stocks. Seventy percent of Schwab‘s clients are DIYers, and a significant number of those clients own index funds.

Look at the most active issues list in the Wall Street Journal and you will find that they count index ETFs as stocks. Some of the most active stocks are ETFs index funds that mimic the S&P 500 and NASDAQ. This is not a smoking gun, but it is anecdotal evidence that Main Street actively trades index ETFs.

The implication from the Wall Street Journal article was that Main Street is moving the market. In order to reach this conclusion, you would have to ignore the fact – which even Kramer acknowledges – that algorithm-driven computers constitute 80 percent of an average day’s activity. Translation: The market is still random.

Continuing our single-digit theme: I have said many times that part of Wall Street’s business model is slicing and dicing the big three indexes and creating “Once in a Lifetime” products in order to attract new assets.

The WSJ reported that 929 niche ETFs closed down in 2023. A niche ETF is a stepchild of one of the big three index funds. To give you an idea how far afield the big three indexes have been sliced and diced into niche funds, 87 of those that went belly up only invested in companies with woke business models.

A handful of them were companies that specialized in pedaling marijuana sellers. Translation: Main Street is telling Wall Street to stick in their ear; traditional index funds are their investment vehicle of choice.

Mr. Market continues his slightly mild-mannered mood and seems to have grown a bit more mellow than he was for most of August. When I approach the Gnomes, they opined that for the near future Mr. Market appears to be waiting for somebody to dangle a shiny bobble or spiked rattle in front of him before he will move off of square one. Their closing thought is, “pay attention to the haystack” and “cash is NOT trash.”

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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.

Support the Grow “O” Mission

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