Omaha 1Q2018 Market Report
The largest lease signings occurring so far in 2018 included: 49,270 SF lease signed by Lindsey Manufacturing at 18125 Burke Street; 39,000 SF deal signed by Baxter at 17225 Burt Street; and 28,574 SF lease signed by Securities America at 13831 Chalco Valley Parkway. During the first quarter, two buildings totaling 16,944 SF were completed in the metro area, which compared to no building completed in the fourth quarter of 2017.
Retail construction is kind of light. A total of two retail buildings of a combined 33,280 SF were delivered in the first quarter, however 971,000 SF of retail space is currently under construction. Retail tenants moving out of large blocks of space include Kmart moving out of 130,000 SF 5000 L Street and Dick’s Sporting Goods moving out of 45,000 SF near Oak View Mall. Tenants moving into large blocks of space include: U.S. Postal Service moving into 24,467 SF at 1751 Madison Avenue; Ross Dress for Less moving into 23,483 SF at 12210 K Plaza, and another Ross Dress for Less moving into 22,000 SF near 172 and West Maple Road.
Only one 9,600 SF industrial building was completed in the first quarter. This compares to two buildings totaling 225,238 SF that were completed in the fourth quarter of 2017 and eight buildings totaling 565,805 SF completed in the third quarter. Surprisingly, more than 3.46 million SF of industrial space is under at this time.