Region’s office market shows slight improvement

The southeastern Wisconsin office market showed slight improvement in the third quarter. The region’s office space vacancy rate dipped from 20.9 percent in the second quarter to 20.5 percent in the third quarter, according to the third quarter market report by the Commercial Association of Realtors Wisconsin (CARW) and Xceligent.

The region’s office market had positive net absorption of 46,708 square feet of space during the third quarter.

The class A vacancy rate was 15.5 percent, class B was 24.8 percent and class C was 13.7 percent.

The downtown east office vacancy rate was 17.0 percent in the third quarter. Class A office space in the downtown east submarket had a vacancy rate of 9.0 percent.

Other office submarket vacancy rates:
Downtown west: 32.3 percent
Brookfield: 21.4 percent
Mayfair/Wauwatosa: 18.1 percent
Waukesha/Pewaukee: 17.6 percent
North Shore: 19.4 percent
Northwest: 21.9 percent
Southeast: 27.3 percent
Southwest: 12.0 percent
Third Ward/Walker’s Point: 24.9 percent
West Allis: 14.6 percent
Ozaukee County: 21.0 percent

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