Milwaukee Office Market
| Average Asking Rent (Price/SF) | $19.08 |
| Vacancy Rate (%) | 19.2% |
| Net Absorption (SF) | 258,784 |
While 2020 was a challenging year for the office market as new product was delivered while tenants became cautious about making long term commitments due to the Covid-19 pandemic, the beginning of 2021 presented some mixed messages. The availability and vacancy rates continued to climb, and marketed sublease space jumped substantially while major employers committed to the market by expanding or renewing. Most of the major employers have or are planning on calling back employees back into the office over the next two quarters.
Download Milwaukee Quarterly Office Report 2Q21Milwaukee Industrial Market
| Average Asking Price (Price/SF) | $4.38 |
| Vacancy Rate (%) | 3.8% |
| Net Absorption (SF) | 1,861,039 |
Despite the negative absorption reported in the first quarter of 2021 the market rebounded nicely as 1.86 million square feet of absorption occurred in the second quarter. Most of the positive absorption can be attributed to Uline’s 1.05 million square foot warehouse delivering in Kenosha. The marked is posed for more near-term growth as 6.79 million square feet is under construction with most of the new inventory being preleased or owner built. Other contributors to the positive absorption were Quality Packaging leasing 225,543 square feet at 4051 South Iowa Street in Saint Francis, Scrap America LLC purchasing a 112,256 square foot facility at 3218 West Fond Du Lac Avenue in Milwaukee and Crook & Marker leasing 98,927 square feet at 7300 North 60th Street in Milwaukee.
Download Milwaukee Quarterly Industrial Report 2Q21