Market shows strength through suburban product, downtown market heavily impacted by pandemic.
The Metro Milwaukee office market is still seeing a strong amount of positive activity among smaller tenants. However, a handful of significant spaces coming online, particularly downtown, in Q4 resulted in negative absorption and an increase in market-wide vacancy. While that was the case, suburban office product experienced positive absorption in Q4 after realizing nearly negative 200,000 square feet of absorption over the prior quarters in 2020. With availability across all size ranges and lower rates, activity at suburban product will hopefully continue to help minimize any negative activity seen, as tenants continue to evaluate their space needs.