Region’s office market shows improvement

The metro Milwaukee office real estate market showed signs of improvement in the second quarter. The vacancy rate dipped to 21.0 percent, down from 21.4 percent in the first quarter, according to the Commercial Association of Realtors Wisconsin (CARW) and Xceligent.

The market absorbed 98,830 square feet of office space during the second quarter, a significant improvement from 39,811 square feet of absorption in the first quarter and negative 145,218 square feet of absorption during the fourth quarter of 2010.

According to CB Richard Ellis‘ second quarter report, the metro Milwaukee area’s office space vacancy rate was 17.8 percent in the second quarter, down from 18.4 percent in the first quarter.

Class A office space market in the downtown east area remains one of the healthiest office submarkets in the region with a second quarter vacancy rate of 8.3 percent, down from 9.9 percent in the first quarter, according to CARW and Xceligent.

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