Downtown office space vacancies rise in second quarter

Another report says that the vacancy rate for downtown Milwaukee office space rose during the second quarter. According to Boston-based Colliers International, whose local affiliate is Milwaukee-based Colliers Barry, the office space vacancy rate for downtown Milwaukee rose from 14.9 percent in the first quarter to 15.9 percent during the second quarter. The vacancy rate for class A office space in downtown Milwaukee rose from 7.9 percent to 10.4 percent during the quarter. Nationally, the downtown office space vacancy rate is 11.5 percent overall and 10.2 percent for class A space, according to Colliers.

In Milwaukee’s suburban areas, the office space vacancy rate held steady at 11.5 percent during the quarter, according to Colliers. However, the vacancy rate for class A office space in Milwaukee’s suburban areas rose from 14.3 percent to 16.0 percent during the second quarter. The national average for suburban office space vacancy is 14.2 percent overall and 14.3 percent for class A space.

Downtown Milwaukee office space sold for $225 per square foot during the quarter, and office space in the suburbs sold for $180 per square foot, according to Colliers.

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