The southeastern Wisconsin office market posted solid gains in the third quarter, according to data from the latest market report from Xceligent and the Commercial Association of Realtors Wisconsin (CARW).
The region’s office space vacancy rate dipped from 20.4 percent in the second quarter to 20.0 percent in the third quarter.
The market had positive net absorption of 85,410 square feet of office space. The market absorbed 188,001 square feet of space in the second quarter, but had negative absorption of 25,537 square feet of space in the first quarter.
The downtown Milwaukee central business district had positive absorption of 57,194 square feet of space during the third quarter, outpacing the suburb’s positive absorption of 28,216 square feet of space.
The downtown Milwaukee class A office space vacancy rate was at 9.0 percent in the third quarter, according to the report.
Third quarter vacancy rates and absorption by submarket:
Southwest: 9.9 percent, -1,067 square feet
West Allis: 13.3 percent, 11,492 square feet
Downtown East: 14.9 percent, 22,915 square feet
Northwest: 15.2 percent, 8,178 square feet
Waukesha/Pewaukee: 17.7 percent, 10,262 square feet
Mayfair/Wauwatosa: 18.9 percent, -22,479 square feet
Ozaukee: 21.0 percent, 2,832 square feet
Third Ward/Walker’s Point: 21.9 percent, 18,416 square feet
Brookfield: 23.5 percent, 22,295 square feet
North Shore: 24.4 percent, -3,297 square feet
Downtown West: 31.0 percent, 15,863 square feet
Southeast: 39.9 percent, 0 square feet
