Absorption picks up for region’s office market

The southeastern Wisconsin office market’s vacancy rate held steady in the fourth quarter at 20.5 percent, the same as in the third quarter the market’s absorption surged to 110,837 square feet of space, up from 46,708 in the third quarter, according to the fourth quarter market report from Xceligent and the Commercial Association of Realtors Wisconsin (CARW).

For the entire year the region’s office market only had positive net absorption of 187,278 square feet of space. The vacancy rate has improved from 21.1 percent in the fourth quarter of 2010.

Fourth quarter vacancy and absorption by submarket:

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• Downtown East, 15.4 percent (52,846 square feet)

• Downtown East class A, 9.4 percent (21,307 square feet)

• Downtown West, 32.8 percent (3,010 square feet)

• Mayfair/Wauwatosa, 16.2 percent (63,614 square feet)

• North Shore, 21.7 percent (-10,223 square feet)

• Northwest, 22.8 percent (-17,406 square feet)

• Southeast, 29.1 percent (-4,591 square feet)

• Southwest, 11.3 percent (-1,051 square feet)

• Third Ward/Walker’s Point 22.7 percent (27,887 square feet)

• West Allis, 17.2 percent (-231 square feet)

• Waukesha, 21.3 percent (-5,580 square feet)

• Brookfield, 23.4 percent (-9,487 square feet)

• Waukesha/Pewaukee, 17.5 percent (3,907 square feet)

• Ozaukee, 20.6 percent (2,722 square feet)