A rendering of the Avenue One Commercial real estate market project in Omaha.
Following up to last week’s blog post warning about adjustments coming in the commercial real estate market. We note that RE Journals has an article titled More good times in Omaha: Commercial real estate market. It shows no signs of a slowdown in 2017 by Dan Rafter. In it he says:
“Busy. Active. Strong. Steady.
Four words that consistently pop up when commercial real estate pros talk about Omaha and its commercial real estate market.
These words shouldn’t come as a surprise to anyone familiar with this market. Omaha has long been a model of steady growth when it comes to commercial sales, leases, and development. This holds across all the major commercial sectors, office, retail, industrial, healthcare and, of course, multifamily.”
As in all metropolitan areas, Omaha boasts pockets where retail activity is brisk and where it is sluggish. But overall, the retail sector in Omaha is seeing more activity today.
Then there’s the latest good news for Omaha: the Avenue One mixed-use development. This $1.2 billion development will be located south of 192nd Street and Dodge and will bring even more new retail, office, and residential offerings to the market.
“The approval of this project will be tremendous news for Omaha,” said Curt Hofer, chief executive officer of Jasper Stone Partners, one of the lead investors of Avenue One, in a written statement. “The jobs and economic activity resulting from this development will benefit the entire metro area. It is especially encouraging that Avenue One is now moving forward after acquiring the first piece of property over 13 years ago. We are eager to bring these benefits to the Omaha community.”
The Omaha World-Herald reported on March 2nd, “Shopping centers face challenges to refill empty spaces left by big-box stores that have closed.”
“The shrinking footprint of “big-box stores” like Shopko, Kmart, and even grocery stores are forcing local real estate agents and owners of shopping centers to get creative and think outside the 90,000-square-feet boxes they’re leaving behind. With most retailers downsizing their square footage or pulling back on expansion plans, leasing agents are turning to gyms, churches and even shooting ranges to get the spaces filled.’
Right now, Omaha looks good for the commercial real estate market, but there are soft spots where some of the big box stores are located. It also depends on whether Sears, Kmart, JC Penny Macy’s et al are involved. It still boils down to location, location, location.
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