The metro Milwaukee office real estate market had a tough fourth quarter to end 2012, with negative absorption of 128,000 square feet and an increase in the vacancy rate from 20.5 percent in the third quarter to 20.9 percent, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin (CARW).
The majority of the negative absorption (100,000 square feet) could be attributed to Eaton Corp.’s move from 4201 N. 27th St. in Milwaukee to a new 102,000-square-foot building at 100 Woodland Prime in Menomonee Falls, said Nathan Winkel of Xceligent.
The despite the poor end to the year, the region’s office market had positive net absorption of 58,000 square feet for all of 2012 and the fell from 21.5 percent in the first quarter to 20.9 percent in the fourth quarter.
