The Milwaukee area’s office market had a negative absorption of 90,383 square feet of space during the second quarter, according to the second quarter office market report from Milwaukee-based Inland Companies. It was the second consecutive quarter of negative office space absorption and brings the year-to-date negative total to 177,044 square feet of office space.
The downtown office space vacancy rate is now up to 20.1 percent, according to the report. However the class A office space vacancy rate is much lower, at 11.9 percent, according to the report.
The entire metro Milwaukee area has an office space vacancy rate of 17.0 percent, 12.7 percent for class A space and 19.8 percent for class B space, according to the report.
The western submarket, running along I-94 from Brookfield to Delafield, has an office space vacancy rate of 12.9 percent, the lowest vacancy rate for the region’s submarkets, according to the report.
The metro Milwaukee area had an industrial space vacancy rate of 9.4 percent and had a negative net absorption of 463,193 square feet of space during the second quarter, according to Inland’s second quarter industrial market report.
