Milwaukee Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Milwaukee is $21.56 per square foot, 3.85% higher compared to the previous year.
  • The average sale price for office space in Milwaukee is $127.24 per square foot, marking an increase of 170.61% compared to 2024.
  • The market’s vacancy rate stands at 16.19%, lower than the state average of Wisconsin, which is 23.10%.
  • 212,000 square feet is currently under construction.

2025 Office Space Rent & Sales

  • $21.56 2025 Avg. Asking Rent
  • 3.85% Y-o-Y Avg. Asking Rent Change
  • 16.19% 2025 Office Vacancy Rate
  • $99.2M2025 Total Office Sales
  • $127.24Avg. Sale Price/SF

What is the average asking rent price for office space in Milwaukee?

Average asking rents for office space here stand at $21.56 per square foot. The local office market recorded an average vacancy rate of 16.19% in 2025, unchanged from 16.19% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $99.2M across 11 sales. These transactions commanded an average sale price per square foot of $127.24.

Milwaukee, WI Office Asking Rents by Class

What is the average office rent per square foot by property class in Milwaukee?

  • Avg. Asking Rent Class A & A+$23.51
  • Avg. Asking Rent Class B$20.17

What is the average office rent per square foot by property class in WI?

  • Avg. Asking Rent Class A & A+$23.76
  • Avg. Asking Rent Class B$19.54
  • Avg. Asking Rent Class C$15.28

For comparison, the average rent for Class A and A+ office space in Wisconsin was $23.76 per square foot. The state-wide average for Class B space was $19.54 per square foot, and Class C office spaces averaged $15.28 per square foot.

Milwaukee, WI Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Milwaukee was Milwaukee Northeast at 11.58%. Meanwhile, the highest office vacancy rate in the market was 33.25%, recorded in Wauwatosa.
Submarket Asking Rents Vacancy Rates
Park Place $22.24 19.10%
Downtown $22.20 14.18%
Milwaukee Northeast $21.63 11.58%
Milwaukee South $20.07 14.24%
West Allis $18.95 23.72%
Wauwatosa $18.13 33.25%
Data provided by Yardi Research

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2025 Office Sales Volume

  • $127.242025 Avg. Price per SF
  • $99.2M2025 Office Sales Volume
  • 112025 Number of Transactions

What is the average sale price per square foot for office space in Milwaukee?

Average sale prices for office space in this market recorded a +170.61% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $127.24 per square foot. For comparison, the statewide Wisconsin average during the same time period stood at $122.92 per square foot, while the national average was $182.48 per square foot.

Milwaukee, WI Sale Price per SF Trend

  • Milwaukee Avg. Sale Price per SF in 2025$127.24
  • Wisconsin Avg. Sale Price per SF in 2025$122.92

What was the total office sales volume in Milwaukee in 2025?

The local office market recorded 11 deals in 2025, adding up to a yearly sales volume of $99.2M.

  • Milwaukee, WI Total Office Sales Volume in 2025 $99.2M
  • Milwaukee, WI Total Number of Office Sales Closed in 2025 11

What were the largest office building sales in Milwaukee in 2025?

The market’s largest transaction last year was the sale of Water Tower Medical Commons for $40,900,000 on 10/2/2025.
The next-highest sale was the transaction involving Dye House, The, which traded for $13,000,000. The third-largest transaction was the sale of Aurora Health Center - 7878 North 76th Street for $11,200,000.

Property name Address Date Price
Water Tower Medical Commons 2350 North Lake Drive 10/2/2025 $40,900,000
Dye House, The 320 East Buffalo Street 3/28/2025 $13,000,000
Aurora Health Center - 7878 North 76th Street 7878 North 76th Street 7/29/2025 $11,200,000
11000 West Lake Park Drive 11000 West Lake Park Drive 11/26/2025 $11,195,000
Ignace Health Center 930 West Historic Mitchell Street 1/21/2025 $8,045,000
Data provided by Yardi Research

2025 Office Construction in Milwaukee, WI

  • Milwaukee, WI Total SF completed in 2025 25,600
  • Milwaukee, WI Total SF under construction in 2026 212,000

How much office space was built in Milwaukee in 2025?

25,600 square feet of new office space was delivered across the market in the previous year. New construction included 1 properties, with an average new property size of 25,600 square feet.

Looking forward, development activity in 2026 is estimated to add 212,000 square feet of office space to the market in total.

What are the largest recent office completions in Milwaukee?

The largest recent office completion here is BMO Tower at 380,817 square feet, completed in 2020. The next largest completions are ManpowerGroup World Headquarters and Honey Creek Corporate Center II.

Office building Address SF Completed
BMO Tower 790 North Water Street, 53202 380,817 2020
Palladium 1400 North Water Street, 53202 93,390 2019
ManpowerGroup World Headquarters 100 Manpower Place, 53212 280,000 2007
Columbia Square 3331 West North Avenue, 53208 4,000 2005
Honey Creek Corporate Center IV 9000 West Chester Street, 53214 61,456 2003
Honey Creek Corporate Center III 135 South 84th Street, 53214 118,072 2000
Park Place - 11414 West Park Place 11414 West Park Place, 53224 86,723 2000
Park Place - 11800 West Park Place 11800 West Park Place, 53224 54,808 2000
1558 N 6th St 1558 N 6th St, 53212 16,000 2000
Honey Creek Corporate Center II 115 South 84th Street, 53214 119,596 1998
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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 Yardi Research Data can guarantee that the information provided is complete.