Economy Supply
Omaha's economy kept expanding in Q3. Metro nonfarm employment reached 525,500 jobs, up 5,900 YOY, while unemployment improved to 2.9% (down 20 bps YOY), 130 bps below the 4.2% U.S. rate. Tight labor conditions continue to shape occupier decisions, with employers competing on workplace quality rather than adding space. Omaha ranked No. 12 on Indeed's 2026 Best Cities for Work, a credential that helps local employers recruit from outside the metro and reinforces demand for well-located, amenitized office space as firms compete for talent. In September, Governor Pillen also formed an Economic Growth Working Group that includes the Greater Omaha Chamber, giving the metro a direct voice in state incentive and site-readiness policy that could draw new employers, and future office tenants, to the region. Elevated construction and financing costs still restrain speculative starts, though a diversified finance, insurance, healthcare and logistics base supports steady long-term growth.
Market Overview
Omaha posted negative net absorption of 87,367 sf in Q3 2026, lowering YTD to 83,913 sf. Overall vacancy sits at 12.3%, well under the U.S. average. The Northwest submarket led with 67,433 sf, followed by Suburban West Dodge submarket (33,575 sf) and South Central submarket (16,065 sf). Northwest also leads YTD at 226,698 sf. Central Dodge remains the highest major submarket at 26.3%. Old Mill was the main drag, shedding 121,022 sf, with vacancy at 15.6%, while Midtown gave back 76,895 sf.
Results were mixed by class: Class C led at 33,313 sf, followed by Class A at 12,247 sf, while Class B shed 132,927 sf. Sublease vacancy totaled 143,698 sf. 14652 Canopy Ave (30,993 sf, Class B) delivered in Suburban West Dodge in Q3. Heartwood Place (137,345 sf, Class A spec) in Suburban West Dodge accounts for all space under construction and is expected to deliver in Q2 2027, and the 800,000 sf Mutual of Omaha HQ is expected to complete in early 2027.
Quarterly leasing totaled 131,938 sf across 33 deals, led by the 100,000 sf Koley Jessen Build-to-suit lease at 145th & Canopy Ave in the center of Heartwood Preserve. Other activity included North Park at 11819 Miami St, where Commonwealth Electric committed to 29,730 sf (Q4 occupancy) and Inspira Financial Health moved into 12,581 sf in September. Carrier Services leased 12,243 sf at 18205 Capitol Ave. Overall asking rents averaged $29.44 psf, with Class A at $38.10 psf and Class B at $26.07 psf. Class A asks $37.32 psf in the suburbs versus $43.78 psf in the CBD.
