Omaha Commercial Real Estate Summit: One of the Midwest’s steadiest markets sees more of the same

Omaha has long had one of the most stable commercial real estate markets in Midwedst. And that hasn’t changed during the pandemic. It’s no surprise, then, that the 6th Annual Omaha Commercial Real Estate Summit, held on November 11th by REjournals at the Embassy Suites in La Vista, Nebraska, showed so much optimism from panelists.

The Omaha Summit was just the latest in a line of commercial real estate events held year-round by REjournals that attracted the biggest names in the industry. Click here to see if there are any upcoming events in your market.

Throughout the summit, panellists spoke about how resilient Omaha’s commercial sectors have been and how bright the future is for that city’s commercial real estate market. Panellists predicted that 2022 would be an even stronger year for Omaha’s commercial real estate business.

And why not make that prediction? Omaha’s brokers, developers, and investors have remained active throughout the pandemic. Sure, the COVID-19 pandemic has slowed activity in the city and its suburbs. But today, much of the CRE market in Omaha has largely normalized. Apartment buildings are being built, warehouses are growing, and retailers have become creative enough to develop new areas of business.

Housing market & forecast panel

And few commercial sectors in this city were as strong as the multi-family market. Again, it was not surprising that apartment building experts expressed a great deal of optimism about their industry. Participants in the Apartment Market & Forecast panel were: John Heine, Broker, Oak Investment Real Estate; Moderator Jon Blumenthal, Partner, Baird Holm LLP; Alicia Clark, CEO, Seldin LLC; and Brian Diedrichsen, executive director, NewStreet Properties, LLC.

These panelists said the Omaha housing market continues to thrive during the pandemic. People needed a place to live, so they prioritized the monthly rent payments. As a result, rent collections remained strong throughout the pandemic.

That’s not to say that there weren’t any challenges. Most of the tenants paid, some didn’t. And landlords faced with an eviction moratorium could do little about it. But for the most part, the Omaha housing market remained a bright spot during the pandemic. And the panellists predicted it would stay that way in 2022 and beyond.

Omaha Market Sector Update Panel

Other sectors, of course, have seen more challenges during the pandemic. The members of the Omaha Market Sector Update panel raised this. Speakers at the panel were Jared Sullivan, Associate Broker, The Lerner Company; Cole Scott, Associate, CBRE; Moderator Cassie Paben, Director of Business Development, TETRAD Property Group; Charles McNeil, Senior Associate, Colliers; and Jeffery Schaffart, shareholder, Kiley Jessen PC

These panelists spoke about some of the hurdles the office market is still facing. As in most markets, many employers have not yet brought all of their employees back to the office. This has left some empty offices across the Omaha market. But Omaha is fortunate that many of the area’s smaller employers have brought back more of their workers. These smaller companies have more flexibility than their larger counterparts and take advantage of it.

The retail market has adapted to the challenges posed by COVID, the panelists said. An example? Restaurants have increased their roadside pickup and delivery options. Retailers like Target have done the same thing. This bodes well for the future of this sector, the panelists said.

And industrial? This sector continues to boom. Industry is the only commercial real estate sector that has undeniably thrived during the pandemic, and the Omaha industrial market is no exception. As e-commerce sales continue to grow, consumers want their products to appear in their homes faster than ever. This is good news for the industrial market as companies are building more and more warehouses and distribution centers.

Inner City and Suburban Developments – Panel for groundbreaking projects

The last panel of the day looked at the bigger developments that will change the face of Omaha. The members of the Downtown & Suburban Developments – Game-Changing Projects committee included Arun Agarwal, CEO, White Lotus Group; Jay Noddle, President and CEO, Noddle Companies; Moderator Nancy Johnson, President and CEO, NK Johnson Commercial Real Estate Advisors; Michael Moylan, president, shamrock development; and Peter Frei, Senior Acquisition Associate, NewStreet Properties, LLC.

Like other panellists, members of this panel were optimistic about the future of Omaha’s commercial real estate industry. Developers have stayed active here throughout the pandemic, they said, and should be even busier as 2021 turns into 2022.

CREW members were in place at the summit.