Milwaukee Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $20.76 2024 Avg. Asking Rent
  • 19.63% 2024 Office Vacancy Rate
  • $34.1M2024 Total Office Sales
  • $47.02Avg. Sale Price/SF

Milwaukee office price per square foot in 2024 was $20.76 on average. The local office market recorded an average vacancy rate of 19.63% across all asset classes combined. The 8 transactions that closed here throughout 2024 amounted to a total sale volume of $34.1M. Milwaukee office space commanded an average sale price per square foot of $47.02.

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

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Milwaukee Class A & A+ Office Space$21.89
  • Milwaukee Class B Office Space$19.96
  • Milwaukee Class C Office Space$18.50
  • Wisconsin Class A & A+ Office Space$22.30
  • Wisconsin Class B Office Space$19.73
  • Wisconsin Class C Office Space$13.73

Milwaukee, WI Office Asking Rents by Class

Average office rent in Milwaukee rested at $20.76 per square foot in 2024. 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 $21.89 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.96 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.50 per square foot, on average. Comparably, statewide Wisconsin average office rents by class in 2024 were: $22.30 per square foot for class A office space; $19.73 per square foot for class B office space; $13.73 per square foot for class C office space.

2024 Office Vacancy Rates in Milwaukee

Submarket Asking Rents Vacancy Rates
Milwaukee South $22.33 17.32%
Milwaukee Northeast $22.16 16.84%
Downtown $20.94 21.45%
Park Place $19.35 28.81%
West Allis $17.86 31.96%
Wauwatosa $17.74 35.53%
Milwaukee Northwest $15.50 29.68%
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 19.63% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Milwaukee was 16.84% in the Milwaukee Northeast submarket, while the highest office vacancy in the market was 35.53%, recorded in Wauwatosa.

Office Spaces for Rent in Wisconsin

Milwaukee Office Sale Price per SF

  • $47.022024 Avg. Price per SF
  • -24.97%Y-o-Y Avg. PpSF Change
  • $34.1M2024 Office Sales Volume
  • 82024 Number of Transactions

Milwaukee, WI Sale Price per SF Trend

  • Milwaukee Avg. Sale Price per SF in 2024$47.02
  • Wisconsin Avg. Sale Price per SF in 2024$120.67
Milwaukee office space cost in 2024 marked a -24.97% change compared to the previous year. The sale price for office space in Milwaukee averaged $47.02 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Wisconsin average office sale price during the same time period was $120.67 per square foot.

2024 Office Sales Volume

  • Milwaukee, WI Total Office Sales Volume in 2024 $34.1M
  • Milwaukee, WI Total Number of Office Sales Closed in 2024 8
A total of 8 deals closed on the Milwaukee office market in 2024, adding up to a yearly sales volume of $34.1M. Notably, the largest transaction on the market saw City Center @ 735 change hands for $17,441,500 on 9/4/2024.
Data provided by Commercial Edge

Coworking Spaces in Wisconsin

2024 Office Construction in Milwaukee, WI

Largest Office Properties Recently Completed in Milwaukee
Office building Address SF Completed
BMO Tower 790 North Water Street, 53202 380,817 2020
833 East 833 East Michigan Street, 53202 358,017 2015
Good Hope Shopping Center 7720 W Good Hope Rd, 53223 12,510 2008
ManpowerGroup World Headquarters 100 Manpower Place, 53212 280,000 2007
Cathedral Place 555 East Wells Street, 53202 204,225 2004
Honey Creek Corporate Center IV 9000 West Chester Street, 53214 61,456 2003
Park Place - 11414 West Park Place 11414 West Park Place, 53224 86,723 2000
Honey Creek Corporate Center II 115 South 84th Street, 53214 119,596 1998
Honey Creek Corporate Center I 125 South 84th Street, 53214 118,072 1997
11000 West Lake Park Drive 11000 West Lake Park Drive, 53224 238,129 1996

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

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.