Milwaukee Office Figures Q4 2022

‒ The direct vacancy rate in the Milwaukee market decreased 60 basis points (bps) to 13.8% and the availability rate decreased 80 bps to 20.8%. The average asking lease rate decreased to $20.17, the lowest it has been since Q2 2021.

‒ Overall, the market experienced negative 77,573 sq. ft. of absorption for Q4 2022. This is a decrease from Q3 2022, showing another drop following three straight quarters of positive absorption. 

‒ The CBD experienced 40,957 sq. ft. of positive absorption, contributing to year-to-date negative absorption of 122,249 sq. ft. The suburbs experienced 118,530 sq. ft. of negative absorption for Q4 2022, with year-to-date direct absorption of positive 109,899 sq. ft. 

‒ One new construction project 360 W Freshwater Way in Walker’s Point, was completed in Q4 2022. This 158,308 sq. ft., Class A office is now Rite-Hite’s World Headquarters. 

‒ Space available for sublease in Q4 2022 totaled just over 716,115 sq. ft., an approximately 0.3% increase from Q3 2022.