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Market Report

Milwaukee Office Market Report

Second Quarter 2019

Major Companies Absorb Space; Investors Seek Value-Add Opportunities Around the Metro

 

Companies sign new leases, keeping pressure on local office market. Milwaukee’s office performance was bolstered by corporate expansion in the finance and insurance industry. The planned Foxconn manufacturing campus and the economic impact a project of that scope will bring to the area has also benefited the overall outlook. Local office space demand is increasing as back-office and service-oriented companies are moving to the metro to be near other major corporations like Fiserv, Northwestern Mutual and Rockwell Automation, all headquartered in the area. The impact of Fortune 500 companies having a large footprint in a city like Milwaukee is that it creates value-add opportunities in older properties in the nearby areas. Class B/C space operates with tight vacancy, 370 basis points below the Class A rate of 15.5 percent, and renovating these spaces will allow owners to increase marketed rents.

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