Council Bluffs, IA Market TrendsBETA

The average asking price for office properties in the metro area was $86.74 per square foot for the month. This represents a decrease of 6.1% year-over-year as well as a decrease of 2.1% compared to the end of the fourth quarter of 2011. In July 2008, the asking prices for office properties were at their highest in the past three years at $101.79 per square foot. In comparison, the median asking price is now 11.2% lower. On the other hand, the lowest asking price in the past three years was seen in February 2006 at $75.78.

For industrial properties in the metro area, the average asking price was $49.94 per square foot for the month. This shows a drop of 1.2% year-over-year, and a decline of 3.8% from the end of the fourth quarter of 2011. Asking prices for industrial properties reached a three-year high in February 2009 at $55.31 per square foot. In comparison, the median asking price is now 21.1% lower. The lowest asking price in the past three years was $39.56 set in March 2006.

Asking prices for retail properties have risen 5.5% versus last quarter to $95.33 per square foot. But for the year asking prices have dropped 5.2%. Asking prices for retail properties hit a three-year peak in December 2006 at $116.68 per square foot. In comparison, the current median asking price is down by 27.5%. The lowest asking price over the past three years was $74.77 in December 2005.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around June and the lows come around December. Over the past year sale prices have fallen 23% to $27,873 per unit. Though the median sale price per unit for multifamily properties in the metro area has been falling for four straight months, the decline has slowed in the last month. The metro median sale price hit a three-year low this month. The previous low was $29,464, which was set last month.

Currently, the median sale price per square foot for retail properties in the metro area is in three-month decline, falling 13.1% in that time. This follows a four-month period ending in January when sale prices rose 10.6%. At $47.85, sale prices per square foot for retail properties have decreased by 12.6% compared to the end of the prior quarter. Similarly, over the previous year, sale prices have dropped by 7.7%. The highest median sale price over the past three years was $64.12, which was set in July 2011. In comparison, the median sale price is now 25.4% lower. However, the current price is 11.4% higher than the November 2010 figure, which was the three-year low.

This is the ninth month of a month-over-month downward trend in available multifamily properties in the metro area, a 29% decline. The number of available multifamily properties has reached a new three-year low in the Omaha Metro Area this month. The previous low was set last month. In the past year, the Omaha Metro Area has seen a 35.9% decline in the number of available multifamily properties.

There has been a six month drop in the number of office properties available month-over-month in the metro area, representing a 15.8% downward movement. The number of office properties available in the Omaha Metro Area has fallen 10.4% over the past year.

Available industrial properties have fallen for the past 11 months month-over-month, a 17.6% decline. Over the past year, the number of industrial properties available has dropped by 16.4% in the Omaha Metro Area.

There has been a five month drop in the number of retail properties available in the metro area, a 10.8% fall, but this was not enough to offset the 5.8% upward trend seen in the past year.

Interest on LoopNet for multifamily properties in the Omaha Metro Area has fallen by 6.2% since December 2011, 23.7 percentage points less than the 17.5% increase in the national average. Additionally, demand tumbled 5.1% over the past year. The yearly change ranks the Omaha Metro Area forty-second out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Omaha Metro Area market, rising 11% since December 2011, 10.8 percentage points less than the 21.8% increase in the national average. Demand for office properties also increased by 12.5% over the past year. The yearly change ranks the Omaha Metro Area thirty-ninth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Omaha Metro Area market, rising 26.7% since December 2011, 4.3 percentage points more than the 22.4% increase in the national average. Demand for industrial properties also increased by 29.1% over the past year. The yearly change ranks the Omaha Metro Area sixteenth out of the top 48 metros.

Omaha Metro Area ranks fourth out of the top 48 metros in terms of interest growth for retail properties listed on LoopNet over the past year. Demand has increased 42.1% during that time. Demand on LoopNet for retail properties spiked in the Omaha Metro Area market, rising 11% since December 2011, 8.6 percentage points less than the 19.6% increase in the national average.

The square footage available for sale in the metro area has fallen consecutively for the past 11 months for office properties. The square footage available in the metro area hit a new three-year low this month. The previous low was reached last month. The square footage available for sale for office properties in the metro area represents a 33.1% decline over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate.

The month-over-month rise in available square footage for industrial properties is now in its fourth month, representing a 12.8% increase, but is insufficient to offset the decline of 19.7% over the past year. The available square footage for industrial properties has risen 12.8% versus last quarter. But for the year, square footage is down 19.7%. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate.

This is the sixth consecutive month that square footage available for sale has declined month-over-month for retail properties. The square footage available for sale for retail properties in the metro area decreased 7.3% year-over-year and 15.6% compared to the end of the fourth quarter of 2011. March showed a new three-year low of square footage available in the metro area. The previous low was set last month. The current square footage available for sale reflects a 7.3% fall in the metro area over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

The number of units available for sale for multifamily properties have been on the rise month-over-month for two consecutive months. Multifamily properties in the metro area have seen a 0.3% rise in the average available units for sale over the past year. The number of units available for sale for multifamily properties in the metro area has fallen 0.3% over the past three years. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

Multifamily properties in the Omaha Metro Area stay on the market for 168 days, which is 11.1% shorter than last year. Over the same period, days on market in Nebraska overall have fallen by 9.3%. Compared with September 2011, when days on market was at its highest, they've now fallen 32.2%.

Compared with a year earlier, office properties in the Omaha Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. They now last 317 days on the market at the metro level, an increase of 20% year-over-year. Meanwhile, they stay on the market 262 days at the state level, down 1%. Compared with September 2009, when the time on market was at its lowest, these properties are now on the market 96.1% longer. The time that office properties stay on the market in the metro area has been increasing every month for the past three months.

The time on market for industrial properties in the Omaha Metro Area is up year-over-year, and the change is smaller than that for the state level in Nebraska during the same time period. Industrial properties are now on the market for 274 days, up 26.2% from the same month last year. From its lowest point in December 2009, the number of days on market have increased 40.5%.

The time on market for retail properties in the Omaha Metro Area is 44 days, down by 63.1% from last year. Overall in Nebraska the time on market has dropped by 58.1% during the same time period. This month marks a new low for days on market in the metro area.

Asking lease rates for office properties have fallen 0.2% to $14.12 per square foot over the past quarter. However, over the past year asking lease rate have risen 2.9%. In July 2007, the asking rates for office properties were at their highest in the past three years at $14.27 per square foot. In comparison, the current median asking price is down by 2.3%. On the other hand, the lowest asking lease rate in the past three years was seen in October 2010 at $13.36.

Asking rates for industrial properties have risen 1.3% versus the end of last quarter to $5.41 per square foot. Lease rates rose 3.4% over the past year. In August 2007, the asking rates for industrial properties were at their highest in the past three years at $5.53 per square foot. In comparison, the current median asking price is down by 4.7%. On the other hand, the lowest asking lease rate in the past three years was seen in December 2005 at $5.17.

The average asking lease rate for retail properties in the metro area was $12.64 per square foot for the month. This represents a decrease of 1% year-over-year as well as a decrease of 0.2% compared to the end of the fourth quarter of 2011. Lease rates for retail properties reached a three-year high in September 2008 at $14.39 per square foot. The current median asking lease rate is 2.2% lower. The lowest asking lease rate in the past three years was $12.60 set in September 2011.

This is the third month of an increase in office spaces for lease in the metro area, representing a 1.4% increase. The Omaha Metro Area has seen a 0.5% rise in the number of available office spaces over the past year.

For the past two months, the number of of industrial properties for lease has been on the rise month-over-month, increasing 1% over that period, but it was not enough to offset the 5.7% decline seen in the past year.

For five consecutive months, the number of retail spaces available has seen a month-over-month decline, 3.7% overall. The number of retail spaces available in the Omaha Metro Area for the month of March represents a three-year low. Previously, retail spaces available was at its lowest last month. There has been a 7.9% drop in available retail spaces over the past year in the Omaha Metro Area.

Demand on LoopNet for office properties spiked in the Omaha Metro Area market, rising 43% since December 2011, 14.2 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 27.9% over the past year. The yearly change ranks the Omaha Metro Area thirty-first out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Omaha Metro Area market, rising 26% since December 2011, 0.1 percentage points more than the 25.8% increase in the national average. Demand for industrial properties also increased by 22.7% over the past year. The yearly change ranks the Omaha Metro Area thirty-second out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Omaha Metro Area market, rising 16% since December 2011, 9.3 percentage points less than the 25.3% increase in the national average. Demand for retail properties also increased by 13.7% over the past year. The yearly change ranks the Omaha Metro Area forty-third out of the top 48 metros.

The square footage available in the metro area is in a four month downward trend month-over-month for office properties. The square footage available for office properties in the metro area decreased 0.6% year-over-year and 8.1% compared to the end of the fourth quarter of 2011. The square footage available for office properties in the metro area represents a 0.6% decline over the past year.

The square footage available for industrial properties in the metro area decreased 32.7% year-over-year and 4.1% compared to the end of the fourth quarter of 2011. Industrial properties in the metro area have seen a 32.7% drop in square footage over the past year.

The square footage available in the metro area has fallen consecutively for the past four months for retail properties. A new three-year low in available square footage was reached during the month of March. Previously, last month set the low mark. The square footage available marks a 14.3% decline over the past year.

The time on market for office properties in the Omaha Metro Area is down 7.7% from last year, to 272 days. During the same period, days on market in Nebraska have dropped 22%. Metro days on market is down 25.4% from its highest point in June 2011. The time that office properties stay on the market has risen 23.7% over the past five months.

Industrial properties in the Omaha Metro Area are on the market longer compared with the same month last year, and this gap is greater than that at the state level. Industrial properties now last 212 days on the market, up 13.7% from last year. At the state level, these properties are on the market for 204 days, a decrease of 1.3% year-over-year. When put next to the highest days on market established in October 2010, it has now decreased 47.5%.

Retail properties in the Omaha Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. They are now on the market for 316 days before turning over, which is 8.2% longer than last year. For the state, these properties are on the market for 301 days, 1.9% longer than last year. Compared with the highest time on market set in June 2010, these properties are now turning over 21.2% faster.