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2013 Metro Milwaukee Office Market Overview: Trends, Vacancy Rates, and Lease Transactions

The 2013 Metro Milwaukee Office Market Overview highlights key statistics such as vacancy rates, average asking lease rates, and significant lease transactions within various submarkets. Notable renewals include US Bank and Michael Best & Friedrich, while relocations feature CapTel, Inc. and Mortgagebot. This report examines contemporary office trends, focusing on open office concepts, amenities, and the impact of shared workspaces. It emphasizes the importance of involvement from ownership and effective project management in successful office environments.

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2013 Metro Milwaukee Office Market Overview: Trends, Vacancy Rates, and Lease Transactions

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  1. Milwaukee Office market overview • Jim Cavanaugh • December 2, 2013

  2. METRO MILWAUKEE OFFICE MARKET • Vacancy Rate

  3. METRO MILWAUKEE OFFICE MARKET • Average Asking Lease Rate (Gross)

  4. DOWNTOWN EAST • Submarket Statistics • Recent Lease Transactions • US Bank • 615 E Michigan St • 110,636 SF • Renewal • Michael Best & Friedrich • 100 E Wisconsin Ave • 89,725 SF • Renewal

  5. DOWNTOWN WEST • Submarket Statistics • Recent Lease Transactions • UMB • Schlitz Park • 88,000 SF • Relocation • CapTel, Inc. • 310 W Wisconsin Ave • 37,864 SF • Renewal

  6. MILWAUKEE NORTH SHORE • Submarket Statistics • Recent Lease Transactions • Mortgagebot • 12080 N Corporate Pkwy • 36,096 SF • Relocation • Vestica Healthcare, LLC • 1000 W Donges Bay Rd • 20,000 SF • Relocation / Expansion

  7. Milwaukee northwest • Submarket Statistics • Recent Lease Transactions • HNTB Corporation • 11414 W Park Place • 26,451 SF • Renewal • Kohl’s ???

  8. WEST ALLIS • Submarket Statistics • Recent Lease Transactions • Columbia St. Mary’s • 801 S 70th St • 33,670 SF • Renewal • Rogers Memorial Hospital • 2448 S 102nd St • 12,000 SF • New Location

  9. Mayfair / Wauwatosa • Submarket Statistics • Recent Lease Transactions • Zywave • 10700 Research Dr • 24,155 SF • Expansion • Vitas Healthcare Corporation of Illinois • 2675 N Mayfair Rd • 11,203 SF • Renewal

  10. BROOKFIELD • Submarket Statistics • Recent Lease Transactions • Milliman • 15800 W Bluemound Rd • 78,024 SF • Renewal / Expansion • Fiserv, Inc. • 275 N Corporate Dr • 33,575 SF • Renewal

  11. Waukesha / Pewaukee • Submarket Statistics • Recent Lease Transactions • Humana • N19 W24133 Riverwood Dr • 40,700 SF • Renewal • Medco Health Solutions • N19 W23130 Riverwood Dr • 29,704 SF • Renewal

  12. 2013 OVERVIEW • Office Trends • Open office concept • Glass and natural light • Common meeting rooms • Larger conference rooms • Coffee bar and lunch rooms • Flex schedules • Shared work spaces • What Works

  13. 2013 OVERVIEW • Common Elements to Successful Projects • Involved Ownership • Amenities • Fitness Centers • WI-FI • Food • LEED • Valet/Concierge Services • Corporate Events • Collaboration • Focus on Improvements more than Rental Rate • What Works

  14. T +1 414 274 1629 • F +1 414 273 4362 james.cavanaugh@cbre.com • For more information regarding this presentation please contact: • JIM CAVANAUGH

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