CBRE

FIGURES|OMAHAINDUSTRIAL|Q42025

Newconstructiondeliverieshelpmeet

demandforindustrialspaceinOmaha

1.9%

VacancyRate

413,077

SFNetAbsorption

407,164

SFConstructionDelivered

1.1M

SFUnderConstruction

$7.63

NNN/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.millionsVacancy%

SUMMARY

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

3

3

2

2

1

1

0

-Anotherquarterofsub-2%vacancyintheOmahamarket,markstwoquartersinarowofvacancybelow2%andsixteenquartersinarowofvacancybelow3%.Vacancyisequaltothepreviousquarterandis90basispointslowerthanoneyearago.

-Averageaskingrentswere$7.63persq.ft.atthecloseof2025,anincreaseof$0.16persq.ft.or2.1%fromthepreviousquarterand$0.27persq.ft.or3.5%fromthreeyearsago.

-Netabsorptionwaspositive413,077sq.ft.inQ42025,bringingannualnetabsorptiontoover1.4millionsq.ft.

-Over400,000sq.ft.ofnewlyconstructedindustrialspacewascompletedinQ42025,bringingannualdeliveriesto640,475sq.ft.

-TheamountofindustrialspaceunderconstructionintheOmahamarketisnowover1.1

NetAbsorptionDeliveriesVacancyRate

millionsq.ft.,whichis7.3%lowerthanthepreviousquarterand30.0%lowerthan1.6millionsq.ft.threeyearsago.

Source:CBREResearch,Q42025

1

CBRERESEARCH?2025CBRE,INC.

FIGURES|OMAHAINDUSTRIAL|Q42025

2CBRERESEARCH?2025CBRE,INC.

AvailabilityRate

InQ42025theOmahaIndustrialmarketreportedatotalavailabilityrateof4.0%,unchangedquarter-over-quarterandup70bpsyear-over-year,witha280bpsincreaseoverthepast3years.

Directavailabilitywas3.8%inQ42025,unchangedquarter-over-quarterandup100bpsyear-over-year,witha260bpsincreaseoverthepast3years.

Availablesubleasespacestoodat0.1%inQ42025,adecreaseof20bpsquarter-over-quarterandadecrease40bpsyear-over-year.Subleaseavailabilityisinlinewiththe3-yearsquarterlyaverage.

Availablesubleasespaceisminimalinthelocalmarket,withonlythirteenindustrialsubleaselistingsinthelocalmarketwithanaveragespacesizeofjust10,000sq.ft.

AskingRent

Averageaskingrentwas$7.63persq.ft.yearnetatthecloseofQ42025,up2.1%($0.16)quarter-over-quarter,andup1.3%,($0.10)year-over-year.Overthelast3-yearsquarterlyaverageaskingrentwasup3.7%($0.27).

Bysubmarket,thehighestaverageaskingrentwasfoundintheNorthwestsubmarket,

commandinganaverageof$9.77persq.ft.ThelowestaverageaskingrentwasfoundintheSarpyEastsubmarket,with$6.45persq.ft.onatriplenetbasis.

Bypropertysubtype,thehighestaverageaskingrentwasfoundinR&D/Flexproperties,withanaverageof$9.63persq.ft.ThelowestaverageaskingrentwasfoundinOtherIndustrial

properties,withanaverageof$6.71persq.ft.onatriplenetbasis.

FIGURE2:AvailabilityRates

AvailabilityRate(%)

4.5

4

3.5

3

2.5

2

1.5

1

0.5

0

OverallDirectSublease

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(NNN/YR)

$/SF

8.007.807.607.407.207.006.806.606.406.20

6.00

Source:CBREResearch,Q42025

FIGURES|OMAHAINDUSTRIAL|Q42025

3CBRERESEARCH?2025CBRE,INC.

NetAbsorption

Netabsorptionwaspositive413,077sq.ftinQ42025,anincreasefrompositive154,240sq.ftinthepreviousquarter.Overthelastfourquartersnetabsorptiontotaledpositive1.4millionsq.ft.Overthelast3yearscumulativenetabsorptionwaspositive3.6millionsq.ft.

Thelargestmove-inforthequarterwasRotella’sBakeryoccupying260,000sq.ft.inthenewlycompletedInfinityIndustrialBuilding1,locatedonthesoutheastcornerofSouth156thStreetandSchramRoadinSarpyCounty.

Thesecondlargestmove-inforthequarterwasNWCNELLCoccupying85,128sq.ft.near31stAvenueandSouth11thStreet.

MielkeOiloccupiedtheir56,157sq.ft.spaceinSpringfield,nearHighway50andRodinaStreet.

ThelargestmoveoutforthequarterwasFacebook’s57,600sq.ft.spacenearSouth156thStreetandSchramRoadinSarpyCounty.

ConstructionActivity

InQ42025therewere17projectsunderway,totaling1.1millionsq.ft.Underconstruction

activitydeceleratedquarter-over-quarterfrom1.2millionsq.ftto1.1millionsq.ft.Year-over-year,constructionactivityincreasedfrom750,461sq.ft.Overthepast3yearsconstructionvolumehasdecreasedfrom1.6millionsq.ft.

SixprojectsdeliveredinQ42025totaling407,164sq.ft.Constructiondeliveriesincreasedfrom109,326sq.ftdeliveredinthepreviousquarter.Overthelastyearatotalof640,475sq.ftwasdelivered.Totalconstructiondeliveredoverthelast3yearswas4.2millionsq.ft.Delivered

propertiesinclude:

-InfinityIndustrialBuilding1,156th&Schram,260,000sq.ft.,100%pre-leased

-LawsonCryogenicManufacturing&Repair,204th&Platteview,42,364sq.ft.,100%pre-leased

-118th&OliveSt,36,000sq.ft.,67%pre-leased

-BenningtonContractorBays,156th&Hwy36,30,000sq.ft.,0%pre-leased

-ValleyLakesBusinessPark,264th&Meigs,28,800sq.ft.,0%pre-leased

FIGURE4:NetAbsorptionTrend

Sq.Ft.millions

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0.0

NetAbsorptionRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.millions

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

1.8

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|OMAHAINDUSTRIAL|Q42025

4CBRERESEARCH?2025CBRE,INC.

LeasingActivity

Leasingactivityover50,000sq.ft.intheOmahaIndustrialmarketinQ42025totaled139,208sq.ftleasedacross2leases.Leasingactivityslowedquarter-over-quarterfalling170,573sq.ft.Year-over-year,leasingactivityslowedfalling212,686sq.ft.Leasingactivitywasbelowthe3-yearquarterlyaverageof329,061sq.ft.by-57.7%.

LeasingactivityofanysizeintheOmahaIndustrialmarketinQ42025totaled292,885sq.ft.across22leases.Leasingactivityslowedquarter-over-quarterfalling321,518sq.ft.Year-over-year,leasingactivityslowedfalling448,012sq.ft.

Lookingattheentireyear,over1.5millionsq.ft.across130leases,wereleasedinthelocalmarket.Comparedtothepreviousyear,newleasingactivitywas34.6%lowerthanthe2.3millionsq.ft.leasedin2024.

FIGURE6:LeasingActivityTrend–Leases50,000sq.ft.andup

1.2

1.0

0.8

0.6

0.4

0.2

Sq.Ft.millions

0.0

SarpyWest

CouncilBluffs

FIGURE6:LeasingActivitybySubmarket–Leases50,000sq.ft.andup

54,0

80

Source:CBREResearch,Q42025

85,128

Source:CBREResearch,Q42025

FIGURE8:KeyLeaseTransactions

TenantSq.Ft.LeasedTransactionTypeAddressSubmarket

85,128

CouncilBluffs

NWCNE

NewLease

120931stAve

54,080

11921S156thSt

SarpyWest

NewLease

BginInfrastructure

40,560

CrownPackaging

SarpyWest

NewLease

11921S156thSt

19,200

11202-11222ISt

SouthCentral

NewLease

CommercialFlooringSystems

10,750

13900ChalcoValleyPkwy

UnionPacificRailroad

NewLease

SarpyWest

Co.

9,911

10351PortalRd

SarpyWest

NewLease

NinjaWarehouse

7,780

8530-8534LSt

SouthCentral

NewLease

MeadowlarkRenovations

7,500

11805-11811ISt

Southwest

NewLease

LakelandEngineeringEquipment

StrongLighting7,450NewLease10414-10430JStSouthCentral

NeoBrakeSystems

6,000

Renewal

3602-3628DSt

Southeast

FIGURES|OMAHAINDUSTRIAL|Q42025

5CBRERESEARCH?2025CBRE,INC.

MarketStatisticsbySize

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Under100,000sq.ft.

46,704,615

1.2

2.3

2.0

0.2

9.23

227,372705,698

147,164

596,460

100,000-199,999sq.ft.

12,330,775

2.3

5.1

5.1

0.0

7.21

(52,914)177,377

0

245,000

200,000-299,999sq.ft.

12,695,538

3.5

1.7

1.6

0.1

7.93

238,619510,096

260,000

286,000

300,000-499,999sq.ft.

6,461,215

6.3

14.3

14.3

0.0

6.73

00

0

0

500,000-749,999sq.ft.

4,256,417

0.0

0.4

0.4

0.0

22.00

00

0

0

750,000sq.ft.

4,407,684

0.0

13.7

13.7

0.0

6.50

016,398

0

0

Total

86,856,244

1.9

4.0

3.8

0.1

7.63

413,0771,409,569

407,164

1,127,460

MarketStatisticsbyProductType

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Distribution/Logistics

55,055,924

2.4

3.8

3.7

0.1

7.32

195,381890,592

260,000

808,414

Manufacturing

21,160,296

0.2

4.1

3.9

0.1

7.36

121,492282,857

42,364

0

R&D/Flex

7,745,512

3.0

5.5

5.5

0.0

9.63

89,156279,737

104,800

250,164

OtherIndustrial

2,894,512

2.2

2.2

1.6

0.6

6.71

7,048(43,617)

0

68,882

Total

86,856,244

1.9

4.0

3.8

0.1

7.63

413,0771,409,569

407,164

1,127,460

FIGURES|OMAHAINDUSTRIAL|Q42025

6CBRERESEARCH?2025CBRE,INC.

MarketStatisticsbySubmarket

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

CouncilBluffs

6,642,128

0.0

0.4

0.2

0.2

8.00

89,748

146,423

0

147,890

Northeast

10,707,396

1.8

4.5

4.3

0.2

7.06

1,386

284,426

0

0

Northwest

6,737,989

0.9

4.7

4.7

0.0

9.77

33,030

59,135

58,800

199,314

SarpyEast

1,886,744

0.0

19.8

19.8

0.0

5.98

0

0

0

0

SarpyWest

23,595,752

4.8

4.8

4.8

0.0

7.81

259,451

799,844

338,364

675,256

SouthCentral

20,317,798

1.0

1.7

1.3

0.4

9.63

14,520

66,548

0

105,000

Southeast

8,170,898

0.5

1.1

1.1

0.0

6.45

(6,000)

(16,137)

0

0

Southwest

8,797,539

0.5

7.8

7.7

0.1

7.04

20,942

69,330

10,000

0

Total

86,856,244

1.9

4.0

3.8

0.1

7.63

413,077

1,409,569

407,164

1,127,460

FIGURES|OMAHAINDUSTRIAL|Q42025

7CBRERESEARCH?2025CBRE,INC.

EconomicSummary

National

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsare

helpingtousherrealestateintoanewcycle.Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akeycatalystisasofterlabor

market,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.

Local

TheU.S.CensusBureauannouncedearlierthisyearthattheOmahametropolitanareanowhasapopulationofover1million.Thereareseveralprojectsunderwayandannouncedto

accommodatethispopulationgrowthandcarryOmahaintothefuture.

AccordingtotheOmahaWorldHerald,aspokespersonforEppleyAirfieldestimatedarecord

numberoftravelers,275,000,topassthroughtheairportduringthe18-daywinterholidaytravelperiod.Thisrepresentsaprojected4.6%increaseintravelersoverthesameperiodin2024.A$1billionterminalmodernizationprojectiscurrentlyunderway,whichwillnearlydoublethesizeoftheexistingterminalatEppleyAirfield.Thisprojectisexpectedtobecompletedin2028and

willbetteraccommodatetheincreaseintraveltoandfromOmaha.Additionally,thisexpansionhastheexpectedresultofaddingyear-roundnon-stopinternationaldestinationstothe

CaribbeanandMexicoasdemandgrows.

A$421millionstreetcarprojectisunderwayandexpectedtobecompletedin2028.The

streetcarwillconnecttheBlackstonedistrict,beginningatSouth40thStreet,toDowntown,endingatSouth8thStreet,alongFarnamStreet.Infrastructurework,includingworkongasutilitylines,water,sewerandpowerlinesishappeningthrough2027,withmainlinetrack

Local(cont.)

constructionexpectedtobeginin2026andcontinuethrough2028.

Constructionofthestreetcarwillbenefitbusinessesalongtherouteinthelongrun.However,intheshort-termthesebusinessesareexperiencinglowfoottrafficandlaggingsalesduetotheconstructionhappeningoutsidetheirdoors.InanefforttoencourageconsumerstovisittheseretailersintheinterimthecitylaunchedaFutureRidersPassportProgram,offeringvisitorsa

chancetowinprizes.Cityleadersassurebusinessesthatutilityandroadworkiscomplete,theprojectisexpectedtohavelessimpactonthepublic.Constructionoftheactualstreetcarlinewillbemorelinearandlessdisruptivetopedestriansandmotoriststhantheutilityprojects.

ThedowntownandnorthdowntownareasofOmahahaveseenmuchdevelopmentoverthe

pastdecade.Anewproject,a20-acremixed-usedistrictinnorthdowntownthatwillbe

anchoredbyanewsoccerstadium,willbebuiltonun-usedlandownedbyUnionPacific

Railroad.ThestadiumwillbehometoUnionOmaha,Nebraska’sprofessionalsoccerteamandthefuturehomeofawomen’sprofessionalsoccerteam.Thestadiumwillhaveacapacityof

8,500.Themixed-usedevelopmentwillincluderetail,diningandhousingaswellandwillcost

between$300millionand$400million.Thecityreportsthatmostofthecostofthe

developmentwillbecoveredbyprivateinvestment.Groundbreakingwilltakeplacein2026withanestimatedcompletiondatein2028.Thestadiumwillbeownedbythecityandleasedtoa

groupaffiliatedwithUnionOmaha.

InConclusion

-VacancyremainslowintheOmahaindustrialmarketwithsixteenconsecutivequartersofsub-3%vacancy.

-Askingrentscontinuetoincreaseinthelocalmarket.

-Bothquarterlyandannualabsorptionarestronginthelocalmarket.

FIGURES|OMAHAINDUSTRIAL|Q42025

MarketAreaOverview

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.AvailabilityRate:Total

AvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgross

leaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,

typicallytakenatthe“dripline”ofthebuilding.GrossActivity:Allsaleandleasetransactionscompletedwithinaspecifiedtimeperiod.Excludesinvestmentsaletransactions.GrossLeaseRate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,

andmajormaintenance.NetAbsorption:ThechangeinOccupiedSq.Ft.fromoneperiodtothenext.NetLeaseRate:Rent

excludesoneormoreofthe”net”costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.OccupiedSq.Ft.:BuildingAreanotconsideredvacant.VacancyRate:TotalVacantSq.Ft.dividedbythetotal

BuildingArea.VacantSq.Ft.:Spacethatcanbeoccupiedwithin30days.ClassAindustrialarebuildingsbuiltafter2000,with32’orgreaterclearheightandESFRsprinklers.

SurveyCriteria

Includesallcom