Space Scarcity Hitting the Corn Belt

Much has been written about the huge demand for industrial space in and around major metropolitan areas and coastal markets, especially locations with ports. But demand for industrial space is also occurring in the nation’s interior, in so-called “flyover” destinations, such as Omaha, NE. Although more than 1.3 million square feet has been delivered to the market since 2015, the local vacancy rate has remained below 5% for 13 quarters.

There are some projects in the planning stages, one of which would offer up to 1.1 million square feet. If approvals are secured, R&R Realty Group could begin speculative development sometime in 2017. Another industrial park is planned on 350 acres in Sarpy County. Dowd Properties and Noddle Cos. are spearheading that development.

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