Milwaukee Office Market
In Q3 2025, Milwaukee’s office market posted 16,820 square feet of negative absorption, yet vacancy held steady at 21.1%, suggesting occupancy losses may be leveling off. Conversion activity, particularly office-to-residential projects, has been instrumental in curbing further vacancy increases. In Q3 2025, Milwaukee’s office availability rate edged down 90 basis points to 25.3%, signaling a modest improvement in market balance. In Q3 2025, Milwaukee recorded 282,773 square feet of leasing, bringing the year-to-date total to 1.22 million square feet, 29% below the long-term average. Ongoing consolidations continue to shape demand, with tenants concentrating on efficiency and reducing excess space.
Download Milwaukee Office Report 3Q25Milwaukee Industrial Market
The Milwaukee industrial market bounced back in the third quarter of 2025, ending a two-quarter slowdown with nearly 750,000 square feet of positive absorption. Vacancy ticked down to 4.9%, still above the long-term average of 3.4%, but the trend suggests the market is regaining balance. The quarter saw 886,628 square feet of deliveries, shrinking the pipeline to just 1.4 million square feet of active construction. The slowdown, which is largely driven by a more cautious development climate, is expected to support a healthier balance of supply and demand over the next year. Average asking rents in Milwaukee’s industrial market for the third quarter rose to a weighted average of $5.47 per square foot, marking a 1.8% increase from the previous quarter.