Milwaukee Office Market
In 4Q25, Milwaukee’s office market posted 32,768 square feet of negative absorption, keeping vacancy relatively flat at 21.2%. Demand remains muted, but with no new office construction in the pipeline, the market is expected to stabilize in 2026. The removal of older inventory through office-to-residential conversions should also help rebalance supply and demand in the year ahead. The overall availability rate edged down 20 basis points to 25.1%, marking its lowest level since 3Q19 and signaling a modest improvement in overall market balance. Fourth quarter leasing reached 297,348 SF, bringing 2025 totals to 1.35 million SF, roughly 15% below the long-term average.
Download Milwaukee Office Report 4Q25Milwaukee Industrial Market
The Milwaukee industrial market regained momentum late in 2025 after an unusually slow first half of the year. Fourth quarter net absorption totaled 1.3 million square feet, driving vacancy down 30 basis points to 4.6%. While vacancy remains above the five-year average of 3.4%, recent trends point to improving market balance. Sublease availability in Milwaukee’s industrial market increased to 1.9 million square feet during the fourth quarter, bringing the sublease availability rate to 0.7%. Milwaukee’s industrial construction pipeline totaled 2.0 million square feet as of the fourth quarter. Average asking rents in Milwaukee’s industrial market rose to a weighted average of $5.55 per square foot in the fourth quarter, a 1.5% increase from the prior quarter.