Omaha Commercial Office Space for Rent

Q3 2026

Q3 2026 Omaha Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Omaha's industrial market remains tight, with vacancy at 2.7% and record asking rents of $8.17/SF despite the Kellogg's plant closure. Downtown office vacancy is just 4.0%, and retail asking rents rose 7.4% year over year. Tenant demand on TenantBase shifted toward office in Q3: office space accounted for 35.7% of all Omaha tenant searches, nearly five times its 7.4% share in Q2, while retail remained the largest category at 64.3%.

Sector Snapshot

  • Office: Tight downtown. Overall vacancy was 10.9%, with Downtown at 4.0% and Aksarben at 2.7%.
  • Industrial: Very tight. Vacancy rose to 2.7% after the Kellogg's move-out, with rents up 9.8% year over year.
  • Retail: Rents rising. Vacancy held at 6.2%, with asking rent up 7.4% to $17.45/SF NNN.
  • Multifamily: Steady rents. Asking rents rose 2.1% year over year to $1,300 per unit.

Omaha Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across the Omaha metro, including Sarpy County and Council Bluffs, are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Retail/Storefront: 64.3%
  • Office: 35.7%
  • Warehouse/Industrial: 0.0%

Three-Quarter Trend

  • Retail/Storefront: 58.4% in Q1, 55.1% in Q2, 64.3% in Q3
  • Office: 11.7% in Q1, 7.4% in Q2, 35.7% in Q3
  • Warehouse/Industrial: 30.7% in Q1, 37.5% in Q2, 0.0% in Q3

Key Takeaways

  • Office demand nearly quintupled, from 7.4% to 35.7% of Omaha searches.
  • Office tenants are committing longer. 70.0% of Q3 office searches sought terms of 2 years or longer, up from 33.3% in Q2.
  • Retail tenants favor 3 to 5 year leases. 44.4% of Q3 retail searches sought 3 to 5 year terms, up from 29.6% in Q2.
  • Location interest spans the metro. Downtown, Midtown, Millard/Chalco, La Vista/Papillion, West Omaha, and Northwest Omaha were the most requested areas, followed by North Omaha/Carter Lake and Miracle Hills.

Office Market

Key Metrics (Q3 2026)

  • Vacancy: 10.9%, up 60 basis points from Q2 (CBRE)
  • Net absorption: negative 136,000 SF in Q3 (CBRE)
  • Average asking rent: $28.07/SF full service, up $0.83 year over year, with Class A at $36.14/SF (CBRE)
  • Downtown vs. suburban: Downtown at 4.0% vacancy and $29.52/SF; suburban at 12.8% and $27.94/SF (CBRE)
  • Submarkets: Aksarben at 2.7%, Old Mill at 4.5%, Boys Town/Sterling Ridge at 10.0%, Suburban West Dodge at 20.4%, North Park at 23.8%, and Central West Dodge at 25.4% (CBRE)
  • Notable lease: Commonwealth Electric, 30,000 SF at 11819 Miami St (CBRE)

TenantBase Office Activity

Demand share: 35.7% of Omaha tenant searches, up from 7.4% in Q2 and 11.7% in Q1.

Lease term preferences:

  • Less than one year: 30.0%
  • 2 to 3 years: 30.0%
  • 3 to 5 years: 20.0%
  • 5+ years: 20.0%

Space requirements by term:

  • Less than one year: 1,000 to 2,500 SF
  • 2 to 3 years: 10,000 to 20,000 SF
  • 3 to 5 years: 1,750 to 3,750 SF

TenantBase data vs. the market: Downtown and Midtown, among the most searched areas on TenantBase, are also Omaha's tightest office locations, with Downtown at 4.0% and Aksarben at 2.7%. Tenants there should start early. Those open to West Dodge or North Park, where vacancy runs above 20%, will find far more options and leverage.

Industrial & Warehouse Market

Key Metrics (Q3 2026)

  • Vacancy: 2.7%, up from 1.3% in Q2 (CBRE)
  • Net absorption: negative 607,000 SF in Q3, driven by Kellogg's vacating its 888,198 SF plant; positive 428,000 SF year to date (CBRE)
  • Average asking rent: $8.17/SF, a record high and up 9.8% year over year (CBRE)
  • Under construction: 1.4 million SF, mostly in Sarpy West (CBRE)
  • Notable lease: Amazon, 286,000 SF at 15415 Sunburst Dr in Sarpy West (CBRE)

TenantBase Industrial Activity

Demand share: No industrial searches were recorded on TenantBase in Omaha in Q3, down from 37.5% of searches in Q2 and 30.7% in Q1.

TenantBase data vs. the market: Even after the Kellogg's closure, industrial vacancy remains under 3% and rents are at record highs. Tenants returning to the market should plan well ahead, especially in Council Bluffs at 0.8% and the Northwest at 2.2%.

Retail Market

Key Metrics (Q3 2026)

  • Vacancy: 6.2%, flat from Q2 and up 20 basis points year over year (CBRE)
  • Average asking rent: $17.45/SF NNN, up 7.4% year over year (CBRE)
  • Under construction: about 1.2 million SF, 91.1% pre-leased or build-to-suit, concentrated in the Southwest and West Dodge Corridor (CBRE)
  • Submarkets: Sarpy East at 1.5%, Council Bluffs at 9.7%, and the Northwest at 18.0% (CBRE)

TenantBase Retail Activity

Demand share: 64.3% of Omaha tenant searches, up from 55.1% in Q2.

Lease term preferences:

  • 3 to 5 years: 44.4%
  • 2 to 3 years: 27.8%
  • Less than one year: 16.7%
  • 5+ years: 11.1%

Space requirements by term:

  • Less than one year: 10,000 to 20,000 SF
  • 2 to 3 years and 5+ years: 500 to 1,000 SF
  • 3 to 5 years: 1,750 to 3,750 SF

TenantBase data vs. the market: Most Omaha retail tenants on TenantBase want 1,750 to 3,750 SF on 3 to 5 year terms. With nearly all new construction pre-leased and rents up 7.4%, these tenants should expect competition for well-located space. La Vista/Papillion tenants will find especially tight conditions, with Sarpy East at 1.5% vacancy.

Multifamily Market

Omaha apartment asking rent averaged $1,300 per unit in Q1 2026, up 2.1% year over year, according to CBRE. Vacancy was 8.0%, and 3,477 units were under construction across 22 properties, led by Downtown and Central Omaha.

Q4 2026 Outlook

  • Office: Expect Downtown and Aksarben to stay tight while West Dodge offers tenant leverage.
  • Industrial: Expect vacancy to remain under 3% even as the Kellogg's plant markets for sale.
  • Retail: Expect continued rent growth as pre-leased projects deliver.
  • Multifamily: Expect modest rent growth as new supply delivers.

Frequently Asked Questions

What type of commercial space are Omaha tenants searching for in 2026?

In Q3 2026, retail/storefront space made up 64.3% of Omaha tenant searches on TenantBase and office made up 35.7%. Office share rose from 7.4% in Q2.

Which Omaha areas are tenants searching most?

Downtown, Midtown, Millard/Chalco, La Vista/Papillion, West Omaha, and Northwest Omaha were the most requested areas on TenantBase in Q3 2026.

What is the office vacancy rate in Omaha?

Omaha office vacancy was 10.9% in Q3 2026, with Downtown at 4.0%, according to CBRE.

What is the industrial vacancy rate in Omaha?

Omaha industrial vacancy was 2.7% in Q3 2026, with record asking rents of $8.17/SF, according to CBRE.

How can I find commercial space in Omaha at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across the Omaha metro at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Omaha, July 1 to September 30, 2026
  2. TenantBase, Omaha Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, Omaha Commercial Real Estate Market Report, Q1 2026
  4. CBRE, Omaha Office Figures, Q3 2026
  5. CBRE, Omaha Industrial Figures, Q3 2026
  6. CBRE, Omaha Retail Figures, Q3 2026
  7. CBRE, Omaha Multifamily Figures, Q1 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.