Milwaukee Office Market
In Q2 2025, Milwaukee’s office market recorded 64,523 square feet of negative net absorption, marking the fourth consecutive quarter of declining occupancy. The vacancy rate inched up to 21.6% from 21.4% the previous quarter but has remained within a narrow 100 basis point range over the past seven quarters. During the second quarter of 2025, the availability rate remained relatively stable, increasing just 20 basis points to 26.2%. Amid workplace consolidation and high capital costs, companies in Milwaukee’s office market are reevaluating their real estate footprints to optimize expenses, leading to Q2 2025 leasing activity of 338,672 square feet. Over the past four quarters, leasing volume reached 1.26 million square feet, 27% below the historical four-quarter average, indicating a cautious approach to new commitments
Download Milwaukee Office Report 2Q25Milwaukee Industrial Market
In the second quarter, the Milwaukee industrial market experienced ongoing occupancy losses, driven by a combination of economic headwinds and shifting market dynamics, resulting in a negative net absorption of 1.2 million square feet. The vacancy rate rose to 5.1%, up from 4.7%, reflecting challenges such as reduced demand from key industries, particularly third-party logistics. Nearly 1.0 million square feet of new industrial construction broke ground this quarter. Total active construction now stands at 2.2 million square feet. Average asking rents in Milwaukee’s industrial market continued their year-over-year growth, reaching a weighted average of $5.37 per square foot, a modest $0.02 increase from the prior quarter.