Region’s office market builds momentum in Q3

Organizations:

The southeastern Wisconsin office market appears to be gaining some sustained momentum. The market absorbed 104,270 square feet of office space during the third quarter and has now absorbed 556,653 square feet of space over the past year, according to the latest report from Xceligent ad Commercial Association of Realtors Wisconsin.

The region’s office space vacancy rate dipped to 19.09 percent in the third quarter, down from 20.59 percent a year ago and 19.4 percent in the second quarter.

The largest office space lease in the region during the third was a 22,178-square-foot lease by Springfield College at The Timbers Building in The Tannery complex at 700 Virginia in Milwaukee.
The downtown east class A office market had a vacancy rate of 9.6 percent in the third quarter.

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Office space vacancy rates for selected submarkets (all classes):
– Downtown East: 16.9 percent
– Downtown West: 29.1 percent
– Mayfair/Wauwatosa: 23.2 percent
– North Shore: 28.1 percent
– Northwest: 13.8 percent
– Third Ware/Walker’s Point: 16.2 percent
– Waukesha/Pewaukee: 14.0 percent
– Brookfield: 20.2 percent
– West Allis: 11.9 percent

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