Waukesha Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $20.62 2023 Avg. Asking Rent
  • 24.58% 2023 Office Vacancy Rate
  • $6.7M2023 Total Office Sales
  • $66.88Avg. Sale Price/SF

Waukesha office price per square foot in 2023 was $20.62 on average. The local office market recorded an average vacancy rate of 24.58% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $6.7M. Waukesha office space commanded an average sale price per square foot of $66.88.

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

  • Wisconsin Class A & A+ Office Space$26.13
  • Wisconsin Class B Office Space$20.38
  • Wisconsin Class C Office Space$22.14

Waukesha, WI Office Asking Rents by Class

2023 Office Vacancy Rates in Waukesha

Submarket Asking Rents Vacancy Rates
Pewaukee $21.60 23.75%
Waukesha $19.83 20.60%
Brookfield - Elm Grove $19.70 26.39%
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 Waukesha market was 24.58% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Waukesha was 20.60% in the Waukesha submarket, while the highest office vacancy in the market was 26.39%, recorded in Brookfield - Elm Grove.

Office Spaces for Rent in Wisconsin

Waukesha Office Sale Price per SF

  • $66.882023 Avg. Price per SF
  • $6.7M2023 Office Sales Volume
  • 32023 Number of Transactions

Waukesha, WI Sale Price per SF Trend

  • Waukesha Avg. Sale Price per SF in 2023$66.88
  • Wisconsin Avg. Sale Price per SF in 2023$85.98
The sale price for office space in Waukesha averaged $66.88 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

  • Waukesha, WI Total Office Sales Volume in 2023 $6.7M
  • Waukesha, WI Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Waukesha office market in 2023, adding up to a yearly sales volume of $6.7M. Notably, the largest transaction on the market saw N21 W23340 Ridgeview Pkwy change hands for $3,250,000 on 3/8/2023.
Data provided by Commercial Edge

Coworking Spaces in Wisconsin

Largest Office Properties Recently Completed in Waukesha
Office building Address SF Completed
1581 East Racine Avenue 1581 East Racine Avenue, 53186 25,000 2005
1575 East Racine Avenue 1575 E Racine Ave, 53186 2,077 1983
Moreland Medical Center 1111 Delafield Street, 53188 175,173 1964

Worth noting among recent office completions on the Waukesha market is 1581 East Racine Avenue, which is currently the largest new office development in the city, at 25,000 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 Waukesha 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.