Milwaukee Office Figures Q4 2023

January 10, 2024 10 Minute Read

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The direct vacancy rate in the Milwaukee market decreased 30 basis points (bps) to 14.1% and the availability rate decreased 80 bps to 20.8%. The average asking lease rate decreased to $19.78.
Overall, the market experienced 7,467 sq. ft. of positive absorption for Q4 2023.
The CBD experienced 98,109 sq. ft. of negative absorption while the suburbs experienced 105,576 sq. ft. of positive absorption for Q4 2023.
Demand for Class A office space remains high in both the suburbs and CBD, with three of the top five leases in Q4 2023 by size were signed at Class A buildings.
Office to multifamily conversion trends illustrated in the Milwaukee market this quarter include sale of the 250 and 350 Bishops Way office buildings in Brookfield.
Significant suburban moves this quarter that counted towards positive absorption included Novus Home Mortgage to Crossroads Corporate Center and Regal Ware to One Park Plaza in Milwaukee Northwest.