Some good news in the Milwaukee office sector? CBRE provided it its third quarter office figures report.
According to CBRE, the total office vacancy rate in the Milwaukee market dropped 60 basis points to 16.3% in the third quarter. During the same period, the average asking lease rate increased to $19.72.
Not all areas of the Milwaukee market are performing equally, though. CBRE reported that the Milwaukee office sector as a whole experienced 55,224 square feet of positive absorption in the third quarter of this year.
But the Milwaukee CBD saw negative absorption of 19,787 square feet, while office absorption in suburban markets enjoyed 75,011 square feet of positive absorption.
Each of the five top office leases signed in the third quarter were inked in the Milwaukee suburban market, according to CBRE. The largest office lease in the quarter was Market Service, Inc. signing 19,706 square feet in Wauwatosa.
The largest office sale of the quarter was the $17.4 million sale of the CityCenter office building in downtown Milwaukee. CBRE Milwaukee’s Capital Markets team represented the seller in this transaction, Compass Properties.
Another sizable move-in during the third quarter was Steele Solutions, a manufacturer, moving into 37,366 square feet at Summit Place in West Allis.
