Milwaukee Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $23.29 2023 Avg. Asking Rent
  • 1.87% Y-o-Y Avg. Asking Rent Change
  • 23.75% 2023 Office Vacancy Rate
  • $46.9M2023 Total Office Sales
  • $66.04Avg. Sale Price/SF

Milwaukee office price per square foot in 2023 was $23.29 on average. This marked a +1.87% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.75% across all asset classes combined. The 8 transactions that closed here throughout 2023 amounted to a total sale volume of $46.9M. Milwaukee office space commanded an average sale price per square foot of $66.04.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Milwaukee Class A & A+ Office Space$26.15
  • Milwaukee Class B Office Space$20.64
  • Milwaukee Class C Office Space$7.12
  • Wisconsin Class A & A+ Office Space$26.13
  • Wisconsin Class B Office Space$20.38
  • Wisconsin Class C Office Space$22.14

Milwaukee, WI Office Asking Rents by Class

Average office rent in Milwaukee rested at $23.29 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Milwaukee averaged $26.15 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.64 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $7.12 per square foot, on average. Comparably, statewide Wisconsin average office rents by class in 2023 were: $26.13 per square foot for class A office space; $20.38 per square foot for class B office space; $22.14 per square foot for class C office space.

2023 Office Vacancy Rates in Milwaukee

Submarket Asking Rents Vacancy Rates
Downtown $24.92 23.99%
Milwaukee South $24.44 18.70%
West Allis $22.64 26.20%
Wauwatosa $21.16 20.03%
Milwaukee Northeast $17.29 24.40%
Park Place $16.52 32.20%
Milwaukee Northwest $13.46 24.20%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Milwaukee market was 23.75% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Milwaukee was 18.70% in the Milwaukee South submarket, while the highest office vacancy in the market was 32.20%, recorded in Park Place.

Office Spaces for Rent in Wisconsin

Milwaukee Office Sale Price per SF

  • $66.042023 Avg. Price per SF
  • -43.66%Y-o-Y Avg. PpSF Change
  • $46.9M2023 Office Sales Volume
  • 82023 Number of Transactions

Milwaukee, WI Sale Price per SF Trend

  • Milwaukee Avg. Sale Price per SF in 2023$66.04
  • Wisconsin Avg. Sale Price per SF in 2023$85.98
Milwaukee office space cost in 2023 marked a -43.66% change compared to the previous year. The sale price for office space in Milwaukee averaged $66.04 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Wisconsin average office sale price during the same time period was $85.98 per square foot.

2023 Office Sales Volume

  • Milwaukee, WI Total Office Sales Volume in 2023 $46.9M
  • Milwaukee, WI Total Number of Office Sales Closed in 2023 8
A total of 8 deals closed on the Milwaukee office market in 2023, adding up to a yearly sales volume of $46.9M. Notably, the largest transaction on the market saw 100 East Wisconsin Avenue change hands for $28,750,000 on 8/31/2023.
Data provided by Commercial Edge

Coworking Spaces in Wisconsin

2023 Office Construction in Milwaukee, WI

  • Milwaukee, WI Total SF completed in 2023 159,308
  • Milwaukee, WI Total SF under construction in 2024 100,000

During 2023, 159,308 square feet of new office space were delivered across the market. At the close of 2023, the Milwaukee office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 159,308 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 100,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Milwaukee
Office building Address SF Completed
BMO Tower 790 North Water Street, 53202 380,817 2020
Palladium 1400 North Water Street, 53202 93,390 2019
833 East 833 East Michigan Street, 53202 358,017 2015
234 Florida 234 West Florida Street, 53204 100,000 2008
Good Hope Shopping Center 7720 W Good Hope Rd, 53223 12,510 2008
ManpowerGroup World Headquarters 100 Manpower Place, 53212 280,000 2007
311 East Chicago Street 311 East Chicago Street, 53202 84,000 2007
The Dye House 320 East Buffalo Street, 53202 124,192 2006
222 East Erie Street 222 East Erie Street, 53202 84,805 2006
Cathedral Place 555 East Wells Street, 53202 204,225 2004

Worth noting among recent office completions on the Milwaukee market is BMO Tower, which is currently the largest new office development in the city, at 380,817 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Milwaukee commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.