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Milwaukee Market Reports

Milwaukee Office Market

Average Asking Rent (Price/SF)     $20.87
Availability Rate (%)       22.2%
Net Absorption (SF)   143,715

The Milwaukee office market positively absorbed 177,468 square feet during the third quarter of 2019. The vacancy rate fell to 16.29%, a decrease of 16 basis points from the prior quarter but still higher than the 15.2% rate of one year ago. The average asking gross rate increased to $20.87/SF from $20.58/SF in the prior quarter. The investment sale market picked up pace, primarily as a result of three notable transactions. These include a portfolio sale of three office buildings leased by BMO Harris, which Brookfield sold for $43 million. In the other two transactions, Two Forty One, located at 241 North Broadway, sold for $16.36 million to Felton Properties, and Innovation Point, located at 10400 Innovative Drive, sold for $8 million.

Milwaukee Industrial Market

Average Asking Price (Price/SF)      $4.65 
Availability Rate (%)       6.8%
Net Absorption (SF) 1,945,836

The Milwaukee metro industrial market saw 1.95 million square feet of absorption for the quarter, making it the 29th quarter out of the last 31 to have positive absorption. The vacancy rate fell to 4.7% from 5.1% in the last quarter, while 1.3 million square feet of new construction was delivered. Average asking rates remained strong at $4.65/SF, down slightly from last quarter's $4.67/SF. Most of the absorption can be attributed to new construction being delivered to the market, as Zilber delivered a 706,000-square-foot warehouse building for Briggs & Stratton in Germantown, and Westminster Capital delivered a 192,800-square-foot warehouse for EMC Industries in New Berlin.

Milwaukee Quarterly Office Report
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Milwaukee Quarterly Industrial Report
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