Figures

Milwaukee Office Figures Q3 2024

October 9, 2024 10 Minute Read

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‒The total vacancy rate in the Milwaukee market decreased 60 basis points (bps) to 16.3% and the availability rate decreased 20 bps to 21.2%. The average asking lease rate increased to $19.72.
‒The Milwaukee market experienced 55,224 sq. ft. of positive absorption for Q3 2024. The CBD experienced (19,787) sq. ft. of negative absorption while the suburbs experienced 75,011 sq. ft. of positive absorption.
‒The West building of The Grain office at 525 Main St in Delafield delivered this quarter, while 91,000 sq. ft. of office space remains under construction.
‒All five top leases signed in Q3 2024 by sq. ft. were signed in the Milwaukee suburban market. The largest lease was Markel Service, Inc. signing 19,706 sq. ft at Class A office Research One in Wauwatosa.
‒The largest office sale of Q3 2024 was the $17.4 million sale of the CityCenter office building in downtown Milwaukee. CBRE Milwaukee’s Capital Markets team represented the seller, Compass Properties.
‒One significant CBD move-in this quarter included Steele Solutions, a manufacturer moving into 37,366 sq. ft. at Summit Place in West Allis.