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Milwaukee Office Market 2010 Year in Review: Trends, Analysis, and Projections

Explore the Milwaukee office market trends in 2010, including leasing activity, net absorption, vacancy rates, investment trends, and projections for 2011. Understand the downtown vs. suburban office dynamics and national capitalization rate trends.

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Milwaukee Office Market 2010 Year in Review: Trends, Analysis, and Projections

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  1. Milwaukee Office Market2010 Year in Review Appraisal Institute – Wisconsin Chapter November 11, 2010

  2. 2010 Office Market Overview • Leasing Activity • Net Absorption • Vacancy & Availability • Investment Activity • Capitalization Rates

  3. Office Market – Bright Spots in 2010 • No New Construction • Class A Office • Submarkets - Downtown & along I-94 Corridor • Downtown Investment Activity

  4. Leasing Activity – Milwaukee Office Market

  5. Vacancy Trends – Milwaukee Office Market (Includes Milwaukee, Waukesha, Ozaukee, Washington Counties)

  6. Downtown vs. Suburban Office – 3Qtr 2010

  7. Downtown Office By Class (A vs. B/C)As of Third Quarter 2010

  8. Suburban Office By Class – 3Qtr 2010 Source: CoStar Property

  9. Vacancy By Submarket – 3Qtr 2010

  10. Historical Vacancy Trend – Milwaukee Office

  11. Availability Rate TrendSource: CoStar Property

  12. Market Trends – Absorption, Deliveries, & Vacancy

  13. Office Sales Volume Trends

  14. Office Sales – Sale Price/SF Trend

  15. Who Are the Buyers??? 3-yr1-yr Individuals 27.8% 41.2% Inst. Investors 30.6% 17.7%

  16. National Cap Rate Trends – CBD & Suburban

  17. National Cap Rate Trends & Value Change • Observations: • All the growth in value from cap rate compression between 2000 and 2007 was lost in just 2-years (2007-2009) • Surveys suggest stabilization in office cap rates by First Quarter 2010 with a slight decrease in the 2nd and 3rd quarter of 2010

  18. Milwaukee Cap Rates

  19. Office Market Projection for 2011 • Vacancy – Stable • Rental Rates – Stable • New Construction – None • Cap Rates – Stable • Investment Activity – Increase

  20. Michael J. Tompkins Vice President The Nicholson Group LLC 555 S Industrial Drive, Suite 207 Hartland, WI 53029 262.369.5400 ext 23 262.369.5401 Fax 262.993.2092 Mobile mtompkins@nicholson-group.com Contact Information

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