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Market Report

Milwaukee Office Market Report

2Q 2023

Improved Demand and Prominent Leases Benefit
Office Optimism in Downtown Milwaukee

Corporate commitments strengthen long-term outlook. Northwestern Mutual and Regal Ware add to a notable list of companies, including Fiserv and SoftwareOne, that are relocating to Milwaukee. Employers here benefit from a diverse labor pool and an average rental rate that is the third lowest among major Midwest markets. Improved office demand in the metro was reflected in the net absorption of 460,000 square feet downtown over the two-year period ended in March. This resulted in Class B/C vacancy here compressing more than 300 basis points during that span to 13.1 percent, a rate 120 basis points under its year-end 2019 figure. Though Northwestern Mutual and Regal Ware do not anticipate executing leases before the end of the year, their commitments to the city should benefit already-improved fundamentals in the urban core. 

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