Milwaukee Office Market
Over the past four quarters, the market has experienced 246,240 square feet of negative absorption. Despite the substantial negative absorption, the vacancy rate has only increased by 102 basis points, reaching 21.8% up from 20.8% in 4Q 2023. While there has a been a lot of movement on the surface, the market’s occupied SF is relatively unchanged since the second quarter of 2020 when it measured 28.88M SF it now stands at 28.38M SF. This past quarter, the availability rate fell a modest 22 basis points from 26.8% to 26.6%. Over the year the the availability rate has gradually decreased from 27.8% to it current level of 26.6%.Leasing demand was considerable down for the year as 1.4M SF of leasing activity was recorded 17% less than the 10-year average of 1.7M SF.
Download Milwaukee Office Report 4Q24
Milwaukee Industrial Market
This past quarter, the Milwaukee industrial market experienced 866,121 SF of absorption. For the year, the market has absorbed 2.3 million SF. Since the beginning of the first quarter of 2020, the market has experienced 18.9 million SF of absorption, representing market growth of 7.1%. This past quarter, the availability rate remained steady at 5.9%, and the vacancy increased slightly from 3.6% to 3.7%. The market is currently recalibrating, it is expected that vacancy rates will remain steady as demand comes into balance with new construction and existing availabilities. Throughout 2024 there was been 3.1 million SF of new construction, of which only 66% is now occupied. There is 2.3 million SF in the construction pipeline, of which 85% is preleased.