Milwaukee Office Market
| Average Asking Rent (Price/SF) | $19.26 |
| Vacancy Rate (%) | 19.1% |
| Net Absorption (SF) | -62,100 |
The third quarter of 2021 had negative absorption of 62,100 square feet a contraction of 0.21% and over the past year the market has had 129,234 square feet of negative absorption. The overall vacancy rate fell 25 basis points to 19.15% from the prior quarter of 19.4% and increased 97 basis points over the past year. The average asking gross rate increased slightly to $19.26 per square foot from last quarter’s reported $19.08.
Download Milwaukee Quarterly Office Report 3Q21Milwaukee Industrial Market
| Average Asking Price (Price/SF) | $4.48 |
| Vacancy Rate (%) | 3.0% |
| Net Absorption (SF) | 1,993,139 |
The market continues to expand as the year progresses. For the year, the market has experienced 5.34 million square feet of absorption. 1.99 million square feet which occurred this past quarter. Most of the positive absorption can be attributed to Trifinity leasing 256,239 square feet in Pleasant Prairie and Wilo USA moving into a newly constructed 250,000 square foot facility in Cedarburg. The marked is posed for more near-term growth as a record 9.29 million square feet is under construction. The capital market also showed a strong a quarter, as Milwaukee Tool’s 388,800 square foot leased warehouse in Menomonee Falls traded for $48.25 million, Link Logistics sold three fully occupied properties for $42.2 million and Quad Graphics preformed a $33.0 million sale lease back at their 911,000 square foot West Allis facility.
Download Milwaukee Quarterly Industrial Report 4Q21