Omaha Industrial & Warehouse Market Report | Q2 2026
Key Takeaways
- Omaha industrial vacancy rose to 3.1% in Q2 2026, up from 2.8% in Q1 and 2.6% a year earlier, according to NAI NP Dodge. That is still less than half the 6.9% U.S. rate reported by Cushman & Wakefield.
- Average asking rents reached $8.76/SF, up from $8.69 in Q1 and 4.3% higher than a year ago.
- Net absorption over the past 12 months was negative 780,000 SF, an improvement from negative 1.1 million SF in Q1. Cushman & Wakefield counted about 1.0 million SF of positive absorption in Q1, so the two sources disagree on recent demand.
- About 3.8 million SF is under construction, up from about 3 million SF in Q1. C&W places more than 68.0% of the pipeline in the Sarpy West submarket along I-80.
Browse warehouse space for rent in Omaha
3.1%
Overall Vacancy (Q2 2026)
$8.76
Avg. Asking Rent ($/SF, NAI)
-780K
SF Net Absorption (12 Months to Q2 2026)
3.8M
SF Under Construction
Omaha’s industrial vacancy remains far below the national rate, but the market loosened slightly in Q2 2026. Vacancy rose to 3.1%, rents edged up to $8.76/SF, and the construction pipeline grew to about 3.8 million SF. Trailing 12-month absorption is still negative, though less so than in Q1.
Headline figures on this page are from NAI NP Dodge’s Omaha Market Report for Q2 2026, published July 14, 2026. NAI reports a 116 million SF market and quotes absorption on a trailing 12-month basis. It does not state the rent period or whether rents are net or gross. We use NAI because Cushman & Wakefield did not update Omaha for Q2. The Omaha figures in C&W’s Q2 2026 national tables repeat its Q1 values. Submarket detail comes from C&W’s latest local report, the Q1 2026 Omaha Industrial MarketBeat. The two firms use different data, so their figures should not be compared directly.
Market Snapshot: Q2 2026
| Metric | Q2 2026 | Q1 2026 (as published) | YoY or note |
|---|---|---|---|
| Overall vacancy | 3.1% | 2.8% | ↑50 bps YoY (2.6% in Q2 2025) |
| Average asking rent ($/SF, basis not stated) | $8.76 | $8.69 | +4.3% YoY (from $8.40) |
| Net absorption, trailing 12 months | -780,000 SF | -1.1M SF | +1.1M SF in Q2 2025; quarterly figure not published |
| Under construction | 3.8M SF | 3M SF | 4.6M SF in Q2 2025 |
| Inventory | 116M SF | 115M SF | 110M SF in Q2 2025 |
Source: NAI NP Dodge, Omaha Market Report Q2 2026 (July 14, 2026), Q1 2026 (April 6, 2026) and Q2 2025 (July 9, 2025), industrial sections. NAI does not publish restated prior-quarter figures, deliveries, or a quarterly absorption figure in these reports.
Rent Trends: $8.76/SF, Up 4.3% on the Year
NAI NP Dodge reports an average asking rent of $8.76/SF in Q2 2026, up slightly from $8.69 in Q1 and from $8.40 a year earlier. Rents have kept rising even as vacancy has edged up, which suggests landlords still have pricing power in a market this tight.
C&W’s Q1 2026 figures give a lower rent on a different basis. C&W reported an overall asking rent of $7.78/SF/yr in Q1, about 23% below the U.S. average of $10.16 in the same period. In its Q1 data, office service/flex space asked the most, $9.48/SF/yr, and warehouse/distribution space $7.57. C&W expects rent growth to stay positive while vacancy stays tight and new supply remains limited.
For Tenants
Vacancy at 3.1% still leaves few options, and rents are rising. C&W says most new product is pre-leased before it delivers, so waiting for new buildings may not help. Of the 365,905 SF C&W counted as delivered in Q1, only 94,349 SF remained available. Start searches early and consider flexible space while you plan a long-term move. Search Omaha warehouse listings on WareCRE.
Construction Pipeline: About 3.8M SF Underway, Mostly in Sarpy West
NAI NP Dodge counts about 3.8 million SF of industrial space under construction in Q2 2026, up from about 3 million SF in Q1 but below 4.6 million SF a year earlier. C&W’s Q1 report counted 3,110,860 SF underway and placed more than 68.0% of it in the Sarpy West submarket, citing I-80 access, available land and continued infrastructure investment.
C&W describes the pipeline as heavily weighted toward build-to-suit projects. In Q1 it counted 11 properties delivered, totaling 365,905 SF, all but 94,349 SF of it already committed.
For Operators
Owners are still in a strong position at 3.1% vacancy, and rents are up 4.3% on the year. Two risks stand out. NAI shows trailing 12-month absorption below zero, so some tenants are giving back space. And C&W reports that workforce availability, including a limited labor pool, talent shortages and childcare barriers, is restricting hiring by manufacturing, transportation and warehouse users. That can slow tenant expansion even when space is available.
Submarket Breakdown
NAI NP Dodge does not publish submarket figures in its quarterly summary, so the detail below comes from C&W’s Q1 2026 Omaha MarketBeat. C&W reported metro vacancy of 2.1% in Q1, lower than NAI’s 2.8% for the same quarter. The four submarkets below account for most of the recent absorption and construction.
Sarpy West (I-80)
The largest submarket at 29.4 million SF and the center of new development, with 2.1 million SF under construction. Vacancy was 2.2% in Q1, and it absorbed 731,068 SF, the most in the metro. The quarter’s key leases were all here: a confidential 408,332 SF lease, 121,680 SF for Election Systems & Software, 57,600 SF for Pharmgate and 42,120 SF for Intermountain Electric.
South Central Omaha
A 22.5 million SF established industrial area with 2.0% vacancy and 107,581 SF of Q1 absorption. It had no space under construction in Q1. The Food Bank for the Heartland’s 105,000 SF build-to-suit completed here in Q1.
Northeast Omaha
An 11.6 million SF submarket with 2.5% vacancy and the lowest average rent of the four, $7.09/SF/yr. It absorbed 78,722 SF in Q1 and had no space under construction.
Northwest Omaha
A 9.2 million SF submarket with 1.7% vacancy and the second-largest pipeline, 541,734 SF. It absorbed 144,072 SF in Q1. Its average rent of $10.76/SF/yr is among the highest in the metro.
| Submarket (C&W, Q1 2026) | Vacancy | Asking Rent, All Uses ($/SF/yr) | YTD Net Absorption (SF) | Under Construction (SF) |
|---|---|---|---|---|
| Sarpy West | 2.2% | $8.96 | 731,068 | 2,120,800 |
| South Central Omaha | 2.0% | $8.94 | 107,581 | 0 |
| Northeast Omaha | 2.5% | $7.09 | 78,722 | 0 |
| Northwest Omaha | 1.7% | $10.76 | 144,072 | 541,734 |
| Southwest Omaha | 1.4% | $6.88 | 4,876 | 10,000 |
| Southeast Omaha | 3.9% | $6.50 | -22,128 | 6,939 |
| Council Bluffs (IA) | 0.5% | n/a | 0 | 375,497 |
| Omaha total (C&W) | 2.1% | $7.78 | 1,045,111 | 3,110,860 |
Source: Cushman & Wakefield Alliance, Omaha Industrial MarketBeat Q1 2026, market statistics table (all-uses asking rent; C&W’s table footnote describes rates as full service asking). Smaller outlying county submarkets are included in the total but not shown. These are Q1 figures on C&W’s basis and do not match NAI NP Dodge’s Q2 headline figures.
Co-Warehousing & Flexible Warehouse Space in Omaha
With vacancy near 3%, flexible and co-warehousing space gives businesses a way to get warehouse access without waiting for a traditional lease to open up. In C&W’s Q1 figures, office service/flex space asked $9.48/SF/yr, the highest of any property type in the metro.
Omaha’s flexible-space demand comes largely from food and cold-chain companies and from e-commerce businesses serving Midwest consumers. Agricultural technology and farm supply firms, construction trades and growing businesses that want scalable space without long-term commitments also lease it.
Browse available co-warehousing and small-bay warehouse listings on WareCRE’s Omaha marketplace.
Looking for warehouse space in Omaha?
Key Trends to Watch
1. Vacancy Is Rising From a Very Low Base
NAI’s vacancy rate rose from 2.6% a year ago to 3.1% in Q2 2026, and trailing 12-month absorption has been negative for at least two quarters. The direction has changed, but the market remains tight. At 3.1%, Omaha is still less than half the U.S. rate of 6.9% reported by C&W for the same quarter. For broader context: Industrial Real Estate Trends & Outlook 2026.
2. Sarpy West Is Where New Supply and Leasing Are Concentrated
More than 68.0% of the space C&W counted under construction in Q1 is in Sarpy West, and all four of C&W’s key Q1 leases were signed there. Tenants that need modern space with I-80 access will find most of the new options in this one submarket. Read more: Small-Bay vs. Big-Box: What the Vacancy Gap Means in 2026.
3. Labor Availability Constrains Growth
C&W reports that a limited labor pool, talent shortages and childcare barriers continue to restrict hiring across manufacturing, transportation and warehouse users. Citing the Greater Omaha Chamber, it adds that Nebraska is lagging peer states in job creation and population growth. Occupiers weighing Omaha should assess labor access alongside real estate.
Outlook: What to Watch in Q4 2026
C&W’s Q3 2026 MarketBeats are due in mid-October. NAI NP Dodge released its Q1 and Q2 reports in April and July, so its Q3 report should follow in October.
Watch whether trailing absorption turns positive. NAI’s 12-month figure improved from negative 1.1 million SF to negative 780,000 SF, and a move above zero would confirm that demand is recovering.
With about 3.8 million SF under construction, much of it build-to-suit, the share that delivers vacant will decide whether vacancy stays near 3%.
Watch whether C&W resumes Omaha updates. Its Q2 national tables carried Omaha’s Q1 figures forward, and a new C&W Omaha report would give a second current read on the market.
Find warehouse space in Omaha
Browse co-warehousing, small-bay, and distribution listings across the Omaha metro.
Data sources: NAI NP Dodge Omaha Market Reports Q2 2026, Q1 2026 and Q2 2025 (headline vacancy, rent, 12-month absorption, construction and inventory; rent basis not stated); Cushman & Wakefield Alliance Omaha Industrial MarketBeat Q1 2026 (submarket, product-type, pipeline and labor-market detail); Cushman & Wakefield U.S. Industrial MarketBeat Q2 2026 (U.S. averages and Omaha’s carried-forward figures). Each report reflects the most recent vacancy, rental, and construction data available at the time of publication. We refresh our reports as new market data is released, and we’re continually expanding coverage to additional metros.
Related Resources
Frequently Asked Questions
What is the current industrial vacancy rate in Omaha?
Omaha industrial vacancy was 3.1% in Q2 2026, according to NAI NP Dodge, up from 2.8% in Q1 and 2.6% a year earlier. Cushman & Wakefield, which uses different data, reported 2.1% for Q1 2026. Either figure is well below the U.S. rate of 6.9%.
How much does warehouse space cost in Omaha?
NAI NP Dodge reports an average asking rent of $8.76/SF in Q2 2026, up 4.3% year over year. On C&W’s Q1 2026 basis, the overall asking rent was $7.78/SF/yr, warehouse/distribution space $7.57 and office service/flex $9.48. Among the larger Omaha submarkets, averages ranged from $6.50/SF/yr in Southeast Omaha to $10.76 in Northwest Omaha.
Which Omaha submarket is best for warehouse space?
For modern distribution space, Sarpy West along I-80 has the most new construction and led Q1 absorption. South Central Omaha is a large, established area at 2.0% vacancy. Northeast and Southeast Omaha offer lower rents, and Council Bluffs gives Iowa-side options.
How much industrial space is under construction in Omaha?
About 3.8 million SF was under construction in Q2 2026, according to NAI NP Dodge, up from about 3 million SF in Q1. C&W’s Q1 report counted 3,110,860 SF, with more than 68.0% in Sarpy West and a pipeline heavily weighted toward build-to-suit projects.
What are the Omaha industrial market trends in 2026?
Omaha is still very tight, but vacancy has risen to 3.1% and trailing 12-month absorption is negative 780,000 SF, per NAI NP Dodge. Rents are still climbing, up 4.3% on the year. New supply is concentrated in Sarpy West, and C&W identifies labor availability as a key constraint for industrial users.
