Omaha Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.26 2023 Avg. Asking Rent
  • 0.90% Y-o-Y Avg. Asking Rent Change
  • 15.27% 2023 Office Vacancy Rate

Omaha office price per square foot in 2023 was $24.26 on average. This marked a +0.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.27% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Omaha Class A & A+ Office Space$26.65
  • Omaha Class B Office Space$23.23
  • Omaha Class C Office Space$19.88
  • Nebraska Class A & A+ Office Space$27.32
  • Nebraska Class B Office Space$22.00
  • Nebraska Class C Office Space$23.53

Omaha, NE Office Asking Rents by Class

Average office rent in Omaha rested at $24.26 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Omaha averaged $26.65 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.23 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.88 per square foot, on average. Comparably, statewide Nebraska average office rents by class in 2023 were: $27.32 per square foot for class A office space; $22.00 per square foot for class B office space; $23.53 per square foot for class C office space.

2023 Office Vacancy Rates in Omaha

Submarket Asking Rents Vacancy Rates
Downtown $27.09 10.65%
West Dodge Corridor $25.61 17.72%
South Central $25.48 12.99%
Southwest $22.76 21.58%
Northwest $20.94 25.31%
Northeast $17.47 17.31%
Southeast $16.74 12.46%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Omaha market was 15.27% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Omaha was 10.65% in the Downtown submarket, while the highest office vacancy in the market was 25.31%, recorded in Northwest.

Coworking Spaces in Nebraska

2023 Office Construction in Omaha, NE

  • Omaha, NE Total SF completed in 2023 70,418
  • Omaha, NE Total SF under construction in 2024 855,710

During 2023, 70,418 square feet of new office space were delivered across the market. At the close of 2023, the Omaha office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 70,418 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 855,710 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Omaha
Office building Address SF Completed
Catalyst 604 South 48th Street, 68132 170,000 2024
Builders District 1501 Mike Fahey Street, 68102 108,000 2024
SKYLINE LANDING 1630 North Main Street, 68022 11,180 2024
SKYLINE LANDING 1630 North Main Street, 68022 11,180 2024
Millwork Commons - Ashton Building 1218 Nicholas Street, 68102 187,240 2020
Centris HQ 13120 Pierce St, 68144 115,000 2020
The Offices at the Capitol District 1100 Capitol Avenue, 68102 69,235 2020
Pacific Springs Center II 16910 Marcy Street, 68118 40,000 2020
ALTECH BUSINESS PARK CONDO 3839 S 148th St # 152, 68144 1,692 2020
West Dodge Hills Office Building II 18205 Capitol Avenue, 68022 115,000 2019

Worth noting among recent office completions on the Omaha market is Catalyst, which is currently the largest new office development in the city, at 170,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Omaha commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.