Office vacancy rate to fall for first time in five years in Milwaukee market

More good news from the Mid-west

REJblog

Milwaukee office 1by Dan Rafter

Office vacancies will fall and rents will rise in the Milwaukee market this year, thanks largely to an increase in professional and business services jobs, according to the second quarter office research report released by Marcus & Millichap.

Marcus & Millichap says that this milwaukee office 2employment sector has added more than 20,000 jobs in the Milwaukee market in the last five years.

That’s good news; without the growth in this sector, vacancy rates would not fall nearly as much this year. Even with the drop in unemployment in Milwaukee, vacancy rates in the office sector in this market are still more than 500 basis points above where they stood before the milwaukee office 3recession hit.

The amount of new office construction will soar this year in the Milwaukee market, with Marcus & Millichap reporting that 600,000 square feet of office space will be delivered in the metropolitan area this year…

View original post 204 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s