CBRE

FIGURES|OMAHAOFFICE|Q42025

Positivenetabsorptionforthreequartersin

arowintheOmahaofficemarket

10.2%

VacancyRate

18,181

SFNetAbsorption

0

SFConstructionDelivered

240,000

SFUnderConstruction

$27.08

FSG/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

InQ42025theOmahaOfficemarketreportedanoverallvacancyrateof10.2%inQ42025,whichis20bpslowerthanthepreviousquarter,20bpslowerthanoneyearago,and90bpshigherthan3yearsago.

Averageaskingrentwas$27.08persq.ft.yeargrossatthecloseofQ42025,down0.3%($0.09)quarter-over-quarter,andup3.8%,($0.98)year-over-year.Overthelast3-yearsquarterlyaverageaskingrentwasup8.1%($2.03).

Netabsorptionwaspositive18,181sq.ftinQ42025,whichrepresentsthethirdquarterinarowofpositiveabsorption.Atotalof85,702sq.ft.ofpositivenetabsorptionoccurredfortheyear

afterstartingtheyearwithnegativeabsorptioninthefirstquarterof2025.Overthelast3yearscumulativenetabsorptionwasnegative403,354sq.ft.

Availablesubleasespacewas1.5%inQ42025,adecreaseof60bpsquarter-over-quarterandadecreaseof20bpsyear-over-year.Subleaseavailabilityisbelowthe3-yearquarterlyaverageandis280bpslowerthanthreeyearsago.

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.millionsVacancy%

0.212

0.110

0.08

(0.1)6

(0.2)4

(0.3)2

(0.4)0

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q42025

1CBRERESEARCH?2025CBRE,INC.

FIGURES|OMAHAOFFICE|Q42025

2CBRERESEARCH?2025CBRE,INC.

Vacancy

InQ42025theoverallofficevacancyratestoodat10.2%,withClassAspaceat5.3%,andClassBspaceat13.7%.Comparedtothepreviousquarter,theoverallvacancyratedeclinedby20

basispoints(bps),withclassAfalling10bpsandwithClassBfalling40bps.Onayear-over-

yearbasis,theoverallratedecreasedby20bps,withClassAdown100bpsandClassBdown10bps.However,overthepast3years,vacancyrateshaverisensignificantly:theoverallrate

increasedby90bps,ClassAhaverisenby470bpsandClassBhaverisenby390bps.

Bysubmarket,theAksarbenandDowntownsubmarketsshowthelowestvacancyratesinthemarketwith2.1%and4.2%vacant,respectively.Conversely,theNorthParkandCentralDodgesubmarketspostedthehighestvacancyratesinthemarketwith32.5%and19.1%vacant,

respectively.Thistrendreflectsthepopularityofsuperiorofficespaceslocatedinurban,

walkableareas,suchasAksarbenandDowntown,forofficeusers.Conversely,bothNorthParkandCentralDodgearemoredrivable,suburbanareaswithlarge,agingClassBspacesonthemarket.

AskingRent

Averageaskingrentwas$27.08persq.ft.grossatthecloseofQ42025.Averageaskingrentsweredown0.3%($0.08)quarter-over-quarter,up3.8%,($0.98)year-over-year,andup8.1%

($2.03)overthepastthreeyears.

ClassAaskingrentwas$34.69persq.ft.grossatthecloseofQ42025.ClassArentswereup0.5%($0.17)quarter-over-quarter,up5.6%($1.83)year-over-year,andup6.2%($2.01)overthepastthreeyears.

ClassBaskingrentwas$26.68persq.ft.grossatthecloseofQ42025.ClassBrentswereup0.3%($0.08)quarter-over-quarter,up7.5%($1.86)year-over-year,andup11.6%($2.78)overthepastthreeyears.

FIGURE2:VacancyRatesbyClass

VacancyRate(%)

16

14

12

10

8

6

4

2

0

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(FSG/YR)byClass

$persq.ft.

38.0036.0034.0032.0030.0028.0026.0024.00

22.00

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURES|OMAHAOFFICE|Q42025

3CBRERESEARCH?2025CBRE,INC.

NetAbsorption

Netabsorptionwaspositive18,181sq.ftinQ42025,adecreasefrompositive113,612sq.ft.inthepreviousquarter.Overthelastfourquartersnetabsorptiontotaledpositive85,702sq.ft.Overthelast3yearscumulativenetabsorptionwasnegative403,354sq.ft.

Therewerefourmove-insgreaterthan10,000sq.ft.forthequarter:

-RhythmHealthleasedandoccupied27,910sq.ft.inNorthPark1,near120th&BlondoStreet.

-Marble,inc.leasedandoccupied18,000sq.ft.intheMastercraftbuilding,near13th&NicholasStreet.

-GeneralServiceAdministrationleasedandoccupied13,269sq.ft.near168th&WestCenterRoad.

-NoddleCompaniesoccupied11,579sq.ft.inBuildersDistrict,near15th&MikeFaheyStreet.

ConstructionActivity

InQ42025therewere3projectsunderway,totaling240,000sq.ft.Underconstructionactivityacceleratedquarter-over-quarterfrom102,000sq.ftto240,000sq.ft.Year-over-year,

constructionactivityincreasedfrom98,180sq.ft.Overthepast3yearsconstructionvolumehasincreasedfrom0sq.ft.Underconstructionprojectsinclude:

-HeartwoodPlace,a138,000sq.ft.4-storyofficepropertythatis0.0%pre-leased.

-TheRowatHeartwood,a104,210sq.ft.mixed-usepropertywithretailspaceonthefirstfloorand87,000sq.ft.ofofficespaceonfloors2through4.Thisbuildingisthefuturehomeof

Olsson,anengineeringfirmandis65.8%pre-leased.

-147th&Canopy,a2-story30,000sq.ft.mixed-usepropertywithretailspaceonthefirstfloorandofficespaceonthesecondfloor.Officespaceisapproximately61.1%pre-leased.

ZeroprojectsdeliveredinQ42025.Constructiondeliverieswereunchangedquarter-over-

quarter.Overthelastyearnoconstructionwasdelivered.Totalconstructiondeliveredoverthelast3yearswas187,878sq.ft.

FIGURE4:NetAbsorptionTrend

Sq.Ft.millions

0.3

0.2

0.1

0.0(0.1)

(0.2)

(0.3)

(0.4)

ClassAClassBRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.millions

0.3

0.2

0.2

0.1

0.1

0.3

0.0

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|OMAHAOFFICE|Q42025

LeasingActivity

Leasingactivity10,000sq.ft.andupintheOmahaOfficeinQ42025totaled131,659sq.ft

leasedacross6leases.ClassAleasingactivityintheOmahaOfficeinQ42025totaled67,401

sq.ftleasedacross3leases.ClassBleasingactivityintheOmahaOfficeinQ42025totaled

64,258sq.ftleasedacross3leases.Leasingactivityslowedquarter-over-quarterfalling46,831sq.ftunleased.ClassAleasingactivityslowedquarter-over-quarterfalling67,401sq.ftleased.ClassBleasingactivityslowedquarter-over-quarterfalling114,232sq.ftunleased.Year-over-

year,leasingactivitygainedmomentumrising67,602sq.ftleased.Year-over-year,ClassA

leasingactivitygainedmomentumrising41,669sq.ftleased.Year-over-year,ClassBleasing

activitygainedmomentumrising25,933sq.ftleased.Leasingactivitywasbelowthe3-year

quarterlyaverageof161,294sq.ftleasedby-18.4%.ClassAleasingactivitywasbelowthe3-

yearquarterlyaverageof49,854sq.ftleasedby35.2%.ClassBleasingactivitywasbelowthe3-yearquarterlyaverageof101,674sq.ftleasedby-36.8%.

FIGURE6:LeasingActivityTrend–10,000sq.ft.andup

Sq.Ft.millions

0.3

0.2

0.2

0.1

0.1

0.3

0.0

ClassAClassB

Source:CBREResearch,Q42025

FIGURE6:LeasingbySubmarket–10,000sq.ft.andup

FIGURE8:KeyLeaseTransactions

13

,400

22,

948

27,

910

29,469

37,932

Southwest

TenantSq.Ft.LeasedTransactionTypeAddressSubmarket

OrthopaedicManagement

Services

29,469

NewLease

13323CaliforniaSt

BoysTown/SterlingRidge

CentralWestDodge

RythmHealth

27,910

NewLease

11808GrantSt

NorthPark

26,353NewLease1501MikeFaheyStDowntown

LRSHealthcare

22,948

Renewal

1120N103rdPlz

CentralWestDodge

NorthPark

CompleteCallSolutions

13,400

NewLease

14748WCenterRd

Southwest

BoysTown/SterlingRidge

NoddleCompanies

11,579

NewLease

1501MikeFaheySt

Downtown

WabtecCorp.

9,564

NewLease

1100CapitolAve

Downtown

Downtown

Source:CBREResearch,Q42025

MedicaHealthPlans

8,825

NewLease

18881WDodgeRd

SuburbanWestDodge

Aerotek7,877NewLease13810FnbPkwy

BoysTown/SterlingRidge

DetegoHealth

7,301

NewLease

2301N117thAve

NorthPark

Source:CBREResearch,Q42025

4CBRERESEARCH?2025CBRE,INC.

FIGURES|OMAHAOFFICE|Q42025

5CBRERESEARCH?2025CBRE,INC.

MarketStatisticsbyIndex

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

SUBURBAN

ClassA

4,893,992

6.0

9.6

6.7

2.9

34.85

(45,368)1,156

0

225,000

ClassB

11,752,245

15.9

19.9

18.7

1.2

26.74

32,43356,431

0

15,000

ClassC

3,150,382

7.3

9.1

9.1

0.1

18.99

2,561(17,944)

0

0

Total

19,796,619

12.1

15.6

14.2

1.4

26.93

(10,374)39,643

0

240,000

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

DOWNTOWN

ClassA

3,201,319

4.3

5.6

2.7

3.0

34.08

11,47842,619

0

0

ClassB

2,712,741

4.0

5.5

5.5

0.1

25.85

19,5197,488

0

0

ClassC

284,502

5.4

5.4

5.4

0.0

26.94

(2,442)(4,048)

0

0

Total

6,198,562

4.2

5.6

4.0

1.6

28.73

28,55546,059

0

0

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

METRO

ClassA

8,095,311

5.3

8.0

5.1

2.9

34.69

(33,890)43,775

0

225,000

ClassB

14,464,986

13.7

17.2

16.2

1.0

26.68

51,95263,919

0

15,000

ClassC

3,434,884

7.2

8.8

8.8

0.1

19.42

119(21,992)

0

0

Total

25,995,181

10.2

13.2

11.8

1.5

27.08

18,18185,702

0

240,000

FIGURES|OMAHAOFFICE|Q42025

6CBRERESEARCH?2025CBRE,INC.

MarketStatisticsbySubmarket

Avg.DirectAskingCurrentQuarterNet

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Rate(FSG/YR)

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

Aksarben

1,177,025

2.1

9.0

1.9

7.1

37.0

(18,667)

(6,314)

0

0

BoysTown/SterlingRidge

2,478,730

10.6

9.9

9.8

0.1

33.68

6,226

22,021

0

240,000

CentralWestDodge

2,163,169

19.1

24.8

23.2

1.7

27.5

953

28,454

0

0

Downtown

6,198,562

4.2

5.6

4.0

1.6

28.73

28,555

46,059

0

0

Midtown

1,768,920

10.1

10.2

10.1

0.1

35.3

9,972

(23,886)

0

0

MiracleHills

986,728

9.2

10.8

10.8

0.0

27.31

5,029

63,976

0

0

NorthPark

1,001,778

32.5

42.5

39.0

3.5

24.05

(17,459)

(34,180)

0

0

Northeast

200,417

9.9

9.9

9.9

0.0

23.0

0

0

0

0

Northwest

842,955

5.3

10.6

9.3

1.3

23.52

(13,462)

13,497

0

0

OldMill

1,234,372

13.9

14.3

14.2

0.2

25.49

3,690

(67,569)

0

0

Regency

810,717

7.2

14.4

14.4

0.0

27.32

26,389

20,325

0

0

SouthCentral

2,576,838

12.7

13.0

12.5

0.5

23.57

926

(1,243)

0

0

Southeast

1,089,939

13.2

14.3

14.3

0.0

17.72

8,013

27,763

0

0

Southwest

1,710,733

9.0

14.6

14.5

0.1

24.94

15,890

7,813

0

0

SuburbanWestDodge

1,754,298

10.4

19.9

14.4

5.5

30.98

(37,874)

(11,014)

0

0

Total

25,995,181

10.2

13.2

11.8

1.5

27.08

18,181

85,702

0

240,000

FIGURES|OMAHAOFFICE|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

-TheOmahaofficemarkethasexperiencedthreestraightquartersofpositiveabsorption,signalingapost-Covidstabilizationinthemarket.

-Availablesubleasespaceinthelocalmarketismuchlowerthanthe2022highofover1millionsquarefeet.

-Askingrentshaveincreasedinthelocalmarket.

FIGURES|OMAHAOFFICE|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,

and