FIGURES|OMAHARETAIL|Q42025CBRE

TheOmaharetailmarketattractsretailersandinvestors

newtothemetroandNebraska

6.0%

VacancyRate

70,658

SFNetAbsorption

490,377

SFUnderConstruction

Note:Arrowsindicatechangefrompreviousquarter.

MarketSummary

-Vacancyremainedflatat6.0%quarter-over-quarter,is20basispointshigherthanoneyearago,and80basispointslowerthanthreeyearsago.VacancyintheOmahamarketis310basispointslowerthanattheheightoftheCovid-19pandemicin2020.

-NetabsorptionintheOmaharetailmarketwaspositive70,658squarefeetinthefourthquarteroftheyear,bringingyear-to-dateabsorptionto121,956squarefeet.

-Zeroproperties10,000sq.ft.orgreaterinsizedeliveredtotheOmahamarketinthefourthquarter.

-Therearetenpropertiestotaling490,377sq.ft.underconstructionintheOmahamarket.Approximately70%ofthisspaceiseitherpre-leasedorbuild-to-suitspace.Bysubmarket,approximately47.5%ofthespaceunderconstructionislocatedintheWestDodgeCorridorsubmarket.

-Averageaskingrentsare$16.79persquarefootonatriplenetbasis,whichis$0.55,or3.4%,higherthanthethirdquarterof2025and$1.25,or8.0%higherthanoneyearago.

,0

SFDeliveries

Figure1:UnderConstruction,CompletedandVacancyRate

600,000

500,000

400,000

300,000

200,000

100,000

0

Q42022

Q12023

Q22023

Q32023

Q42023

Q12024

Q22024

Q32024

Q42024

Q12025

Q22025

Q32025

Q42025

mwUnderConstructionmmwCompleted一VacancyRate

Source:CBREResearchQ42025

7.0%

6.8%

6.6%

6.4%

6.2%

6.0%

5.8%

5.6%

5.4%

5.2%

5.0%

1CBRERESEARCH?2025CBRE,INC.

FIGURES|OMAHARETAIL|Q42025

2CBRERESEARCH?2025CBRE,INC.

MarketStatistics

Sales

Figure3:UnderConstructionSquareFootagebySubmarket

FederalRealtyInvestmentTrust’spurchaseofVillagePointeShoppingCenter,occurredintheOmahamarketinDecember.Thepurchasepricewas$153,300,000,or$319.83persq.ft.FederalRealtyisanS&P500realestatecompanywithbest-in-classretailholdings

typicallyfoundonthecoasts.AccordingtoDonWood,PresidentandCEOofFederalRealty,VillagePointewaschosenbecause“itexhibitsthecoretraitsofourtop-performing

centers:strongtenantsales,anattractiveconsumerbaseandlimitedcompetingsupply.”

Construction

Anewprojectwasannouncedandisunderwayatthesoutheastcornerof192ndStreetandWestDodgeRoad.ThefirstretailprojectannouncedatAvenueOne,amixed-use

development,isa233,000sq.ft.projectthatisapproximately75%pre-leasedorunder

negotiation.TenantsannouncedareArhaus,WestElm,PotteryBarnandWilliamsSonoma.ThismarksthefirstlocationinNebraskaforbothArhausandWestElm.Accordingto

developer,PoagDevelopmentGroup,only45,000squarefeethasbeenpublicly

announced,withseveraladditionaltenantstoberevealedinthecomingmonths.Apressreleasestatesthat“Thetenantmixisdesignedtoreflectbothnationalbrandsandlocal

favorites.”

Figure2:VacancyRatebySubmarketVacant%

16

14

12

10

8

6

4

2

0

Central

Dodge

Council

Bluffs

Downtown

Midtown

North

Central

Northeast

Northwest

SarpyEast

SarpySouth

South

South

Central

Southwest

WestCenter

Corridor

WestDodge

Corridor

WestMaple

Corridor

TotalOmaha

15.2

10.7

8.9

6.06.67.25.65.26.0

1.91.72.13.94.23.5

5.4

3.7%2.9%

WestDodgeCorridor

Southwest

WestMapleRd

Northwest

SarpySouth

11.1%

47.5%

34.7%

Source:CBREResearch,Q42025

Figure4:KeyTransactions

Tenant/Buyer

Address

City

Submarket

Type

Size(SF)

FederalRealtyInvestmentTrust

VillagePointe,

17305DavenportSt

Omaha

WestDodgeCorridor

Sale

479,314

RushMarket

WestGrayhawk,

14919EvansPlz

Omaha

WestMapleCorridor

Lease

28,000

LPIFFoundation

PeachesPlaza,

7503PacificSt

Omaha

SouthCentral

Sale

25,862

MedicalOffice/Gym

ThePlazaatMidAmericaCenter,40ArenaWay

CouncilBluffs

CouncilBluffs

Lease

17,500

PHDLPropertyLLC

MonarchPlaceEast,11425S72ndSt

Papillion

SarpySouth

Sale

12,784

Source:CBREResearch,Q42025Source:CBREResearch,Q42025

FIGURES|OMAHARETAIL|Q42025

3CBRERESEARCH?2025CBRE,INC.

MarketStatistics

Figure5:OverallMarketStatistics

Submarket

BuildingCount

NetRentableArea

(Sq.Ft.)

VacancyRate

(%)

NetAbsorption

(Sq.Ft.)

UnderConstruction

(Sq.Ft.)

Deliveries(Sq.Ft.)

Avg.NNNAskingRate

($/SF)

CentralDodge

63

3,237,316

5.4

14,312

0

0

26.31

CouncilBluffs

85

3,966,062

10.7

13,549

0

0

12.42

Downtown

28

526,908

6.0

(15,156)

0

0

20.59

Midtown

32

658,927

1.9

(1,020)

0

0

18.16

NorthCentral

60

2,189,292

6.6

672

0

0

11.79

Northeast

34

1,121,495

7.2

(18,972)

0

0

13.85

Northwest

24

514,477

15.2

(7,929)

18,364

0

18.03

SarpyEast

57

1,906,052

1.7

(1,600)

0

0

11.47

SarpySouth

78

3,310,966

5.6

24,092

14,418

0

16.18

South

53

1,512,260

2.1

13,170

0

0

18.06

SouthCentral

85

2,741,796

3.9

14,570

0

0

15.55

Southwest

117

3,283,154

4.2

(634)

170,080

0

14.45

WestCenterCorridor

145

6,087,013

8.9

11,680

0

0

14.64

WestDodgeCorridor

79

2,684,376

5.2

10,214

233,000

0

21.29

WestMapleCorridor

91

3,159,749

3.5

13,710

54,515

0

17.21

TOTALOMAHA

1,031

36,899,843

6.0

70,658

290,377

0

16.79

Source:CBREResearch,Q42025

FIGURES|OMAHARETAIL|Q42025

4CBRERESEARCH?2025CBRE,INC.

MarketStatistics

Figure6:OverallMarketStatisticsbyProductType

Subtype

BuildingCount

NetRentableArea

(Sq.Ft.)

VacancyRate

(%)

NetAbsorption

(Sq.Ft.)

UnderConstruction

(Sq.Ft.)

Deliveries(Sq.Ft.)

Avg.NNNAskingRate

($/SF)

Community/25511,167,0646.439,98142,000016.02

NeighborhoodCenters

Free-standing/44812,868,9013.6(38,814)202,241016.23

GeneralRetail

Lifestyle/Power/OutletCenters

113

6,409,723

5.4

62,389

233,000

0

17.93

RegionalMalls

28

3,025,523

16.8

12,942

0

0

20.20

StripCenters

187

3,428,632

5.9

(5,840)

13,136

0

13.58

TOTALOMAHA1,03136,899,8436.070,658490,377016.79

Figure7:OverallMarketStatisticsbyVintage

Vintage

BuildingCount

NetRentableArea

(Sq.Ft.)

VacancyRate

(%)

NetAbsorption

(Sq.Ft.)

UnderConstruction

(Sq.Ft.)

Deliveries(Sq.Ft.)

Avg.NNNAskingRate

($/SF)

1949andolder

70

1,358,058

2.3

1,450

0

0

15.87

1950-1974

164

5,934,749

7.1

8,114

0

0

13.16

1975-1999

318

12,265,582

9.8

15,987

0

0

14.46

2000andnewer

479

17,341,454

3.4

45,107

0

0

19.39

UnderConstruction

9

362,377

n/a

n/a

490,377

0

27.16

TOTALOMAHA1,04037,157,2206.070,658490,377016.79

Source:CBREResearch,Q42025

FIGURES|OMAHARETAIL|Q42025

5CBRERESEARCH?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

-Vacancyremainslowwhileunderconstructionsquarefootageremainsmeasuredinthelocalretailmarket.

-Noretailpropertiesgreaterthan10,000sq.ft.deliveredtothelocalmarketinthefourthquarterof2025,howeversomesignificantprojectsareunderconstruction.

-Averageaskingrentsincreasedby$0.55,or3.4%,quarter-over-quarterintheOmaharetailmarket.

FIGURES|OMAHARETAIL|Q42025

MarketAreaOverview

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.Availability

Rate:TotalAvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethat

includesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,t