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Market Report

Milwaukee Office Market Report

4Q 2023

Central Milwaukee Benefits from Improving
Top-Tier Demand Amid a Modest Delivery Slate

Recovery momentum sustained downtown. Entering the midyear, Downtown Milwaukee continued to record improving leasing activity as net absorption held positive in six of the last nine quarters. Over this time frame, vacancy in the CBD compressed 170 basis points to 17.1 percent. Although the rate remains 150 basis points above its year-end 2019 measure, major area employers are committing to additional space here. Recent lease commitments by Rite-Hite, Baker Tilly and Capital First Trust have collectively accounted for nearly 200,000 square feet of office space, executions that bode well for the area’s long-term outlook. 
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