The metro Milwaukee office space vacancy rate increased during the second quarter from 19.8% in the first quarter to 20.1%, according to the latest market report from
Moody’s and the
Commercial Association of Realtors Wisconsin.
Office space vacancy continues to climb in the area. The area’s office market had a vacancy rate of 18.7% in the second quarter of 2024.
The metro area had negative absorption of 135,902 square feet of office space in the second quarter and now has negative absorption of 92,094 square feet for the year.
The downtown Milwaukee area now has an office space vacancy rate of 19.4%.
The suburban office space vacancy rate is even higher, at 20.6%.
During the second quarter, the Pewaukee office space submarket had the largest increase with 15,900 square feet of positive absorption, led by
Accure Medical leasing 4,700 square feet.
Milwaukee Northwest topped all markets with 73,700 square feet of negative absorption led by
Enerpac Tool vacating 81,500 square feet in Menomonee Falls when the company moved its headquarters to downtown Milwaukee, in the Downtown West submarket.
Here’s a breakdown of second quarter office space vacancy rates for metro Milwaukee submarkets:
- Milwaukee Central, 1.3%
- Waukesha Southwest, 5.4%
- Waukesha Northwest-Lake Country, 5.5%
- Milwaukee South, 6.7%
- Milwaukee North Shore, 15.7%
- Downtown East, 18.3%
- Third Ward-Walker’s Point, 18.4%
- Downtown West, 22.2%
- Milwaukee Northwest, 22.7%
- Pewaukee, 23.3%
- Brookfield, 23.5%
- Mayfair-Wauwatosa, 29.2%
- Waukesha Southeast-New Berlin, 29.3%
- Milwaukee West Allis, 31.3%
Here’s a breakdown of second quarter office space absorption for metro Milwaukee submarkets:
- Pewaukee, 15,962
- Milwaukee North Shore, 6,477
- Waukesha Southwest, 3,670
- Milwaukee South, 1,388
- Waukesha Southeast-New Berlin, 0
- Waukesha Northwest-Lake Country, 0
- Milwaukee Central, 0
- Downtown West, -1,393
- Mequon-Theinsville, -2,372
- Third Ward-Walker’s Point, -7,631
- Mayfair-Wauwatosa, -9,295
- Brookfield, -14,955
- Downtown East, -21,809
- Milwaukee West Allis,-32,179
- Milwaukee Northwest, -73,765
