Omaha Commercial Office Space for Rent

Q4 2025

Omaha Commercial Real Estate Market Report

Focus: Q4 2025 Market Trends

Executive Summary

The Omaha commercial real estate (CRE) market is demonstrating resilience and adaptability in late 2025, supported by a diverse economy and steady population growth. The Office sector is seeing a flight to quality and positive net absorption, defying national trends of distress [2]. Industrial fundamentals remain robust, with low vacancy and strong demand from logistics and e-commerce users [3]. Retail is thriving, with vacancy rates near historic lows and rent growth accelerating [5]. Multifamily is stabilizing as the market absorbs a significant wave of new deliveries, with occupancy holding firm and rent growth moderating [6].

TenantBase Proprietary Data [9] highlights the distribution of active tenant demand over the last 90 days (99 total deals):

  • Retail/Storefront led market activity with 55.56% of all searches [9].
  • Warehouse was the second most active sector at 37.37% [9].
  • Office accounted for 7.07% of total search volume [9].

Office Market

Market Overview Omaha's office market is showing signs of recovery, with positive net absorption and stable vacancy rates, particularly in suburban submarkets.

  • Vacancy & Availability: The overall vacancy rate stands at 7.7% - 10.6% in Q3 2025, depending on the report [1, 2]. Class A properties continue to see steady demand as tenants upgrade their space [2].
  • Net Absorption: The market recorded positive net absorption of 113,612 SF in Q3 2025, a significant improvement from previous quarters [2].
  • Rental Rates: Average asking rents have increased by 2.3% year-over-year to $27.17 per SF (Gross), reflecting steady demand for quality space [2].
  • Market Drivers: TenantBase data indicates a preference for shorter lease terms, with 57.14% of office inquiries seeking leases of Less than one year [9].

TenantBase Activity [9]

  • Demand Share: Office accounted for 7.07% of total search volume [9].
  • Lease Term Preference: Demand is heavily skewed toward short-term flexibility:
    • Less than one year: 57.14% of deals [9].
    • 2-3 Years: 28.57% of deals [9].
    • 3-5 Years: 14.29% of deals [9].
  • Size Requirements: The average lower size requirement for office space is 1,000 SF for short-term leases, increasing to 4,000 SF for 2-3 year terms [9].

Industrial & Warehouse Market

Market Overview The Omaha industrial market remains a stronghold, with low vacancy and steady leasing activity driven by e-commerce and logistics demand.

  • Vacancy & Rent: Vacancy remains tight at 1.9% - 2.9%, one of the lowest rates in the region [1, 3]. Asking rents have risen to $7.47 - $8.54 per SF (NNN), reflecting strong competition for space [1, 3].
  • Demand & Supply: Net absorption remained positive at 154,240 - 505,871 SF in Q3 2025, outpacing new deliveries [1, 3]. The construction pipeline is active, with over 4.7 million SF underway to meet future demand [1].
  • Leasing Highlights: TenantBase data shows a preference for shorter lease terms, with 30.00% of warehouse inquiries for Less than one year terms [9].

TenantBase Activity [9]

  • Demand Share: Warehouse accounted for 37.37% of total search volume [9].
  • Lease Term Preference: Demand is spread across lease terms:
    • Less than one year: 30.00% of deals [9].
    • 2-3 Years: 25.00% of deals [9].
    • 1-2 Years: 20.00% of deals [9].
  • Size Requirements: The average lower size requirement for warehouse space is 1,750 SF for short-term leases, while larger requirements for 5+ Years averaged 4,500 SF [9].

Retail Market

Market Overview Omaha's retail sector is booming, with strong population growth and limited new supply driving vacancy to historic lows.

  • Vacancy & Availability: Retail vacancy is extremely tight at 4.4% - 6.0%, with prime corridors seeing near-full occupancy [1, 4].
  • Rental Rates: Rent growth is robust, with average asking rents reaching $16.24 - $18.35 per SF (NNN) [1, 4].
  • Construction: New retail development is minimal, focused primarily on grocery-anchored centers and mixed-use projects [4].

TenantBase Activity [9]

  • Demand Share: Retail/Storefront activity dominated with 55.56% of all search volume [9].
  • Lease Term Preference: Retail tenants show a clear preference for mid-term leases:
    • 2-3 Years: 34.62% of deals [9].
    • 1-2 Years: 23.08% of deals [9].
    • 3-5 Years: 19.23% of deals [9].
  • Top Locations: Tenant interest is highest in Omaha (24 deals) and Lincoln (5 deals) [9].

Multifamily Market

Market Overview The multifamily market is stabilizing as it absorbs a significant wave of new supply, with occupancy rates holding firm and rent growth poised to return.

  • Vacancy & Occupancy: Vacancy is estimated at 7.2% - 7.9%, slightly elevated due to recent completions but trending downward [6, 7].
  • Rents: Average asking rents rose 2.7% year-over-year to $1,252 - $1,293 per unit, driven by demand for affordable housing options [6, 7].
  • Construction: The construction pipeline remains active, with over 3,000 - 5,260 units underway, but starts have slowed, which will support tighter conditions in 2026 [6, 7].
  • Investment: Investor interest remains strong, with sales volume picking up as pricing expectations adjust [7].

2026 Outlook

Looking ahead to 2026, the Omaha market is positioned for continued stability and growth.

  • Industrial Strength: The industrial sector will continue to benefit from e-commerce growth and logistics demand, with vacancy expected to remain low [3].
  • Retail Resilience: Limited new supply and strong consumer spending will keep retail vacancy low and rents rising [5].
  • Multifamily Recovery: As new supply tapers off, multifamily vacancy is projected to compress, supporting stronger rent growth in 2026 [6].

Sources

  1. NAI NP Dodge: Omaha Market Report Q3 2025
  2. CBRE: Omaha Office Figures Q3 2025
  3. Cushman & Wakefield: Omaha Industrial MarketBeat Q3 2025
  4. CBRE: Omaha Retail Figures Q3 2025
  5. REBusinessOnline: Omaha Population Growth Fuels Retail Market Interest
  6. Cushman & Wakefield: Omaha Multifamily MarketBeat Q3 2025
  7. Lee & Associates: 2025 Q3 Omaha, NE - Multifamily
  8. MMG Real Estate Advisors: Omaha Q3 2025 Market Report
  9. TenantBase Proprietary Market Data (Omaha - Last 90 Days)

Information in this report is aggregated from various third-party sources and synthesized using artificial intelligence and other research tools. While we believe these sources to be reliable, we cannot guarantee the absolute accuracy or completeness of the data. This report is intended for informational purposes to provide market insight and should be independently verified prior to any use in a real estate transaction or legal commitment.