The metropolitan Milwaukee area’s office space vacancy rate rose to 17.4 percent in the third quarter, up from 16.61 percent in the second quarter, according to NAI MLG Commercial‘s third quarter office market report.
The north shore, south side/West Allis, and Park Place submarkets had the largest increases in vacancy rates, according to the report.
The downtown area was stagnant during the third quarter, according to the report. The downtown east area had a slight increase in vacancy rate to 13.2 percent, up from 13.14 percent in the second quarter. The downtown west area had a 31.2 percent vacancy rate in the third quarter, down a bit from 32.0 percent in the second quarter.
Submarket office space vacancy rates, according to the report are:
- Brookfield, 15.8 percent
- Downtown East, 13.2 percent
- Downtown West, 31.2 percent
- Mayfair, 15.6 percent
- North Shore, 17.9 percent
- Park Place, 17.4 percent
- South Side/West Allis, 16.3 percent
- Third Ward/ Walker’s Point, 22.8 percent
- Pewaukee/Waukesha, 6.6 percent