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MILWAUKEE OFFICE MARKET OVERVIEW Jim Cavanaugh December 2, 2013.

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Presentation on theme: "MILWAUKEE OFFICE MARKET OVERVIEW Jim Cavanaugh December 2, 2013."— Presentation transcript:

1 MILWAUKEE OFFICE MARKET OVERVIEW Jim Cavanaugh December 2, 2013

2 2 METRO MILWAUKEE OFFICE MARKET Vacancy Rate Q Class A Statistics Vacancy Rate 12.4% YTD Absorption 39,815 Q Class B Statistics Vacancy Rate 16.8% YTD Absorption 45,505

3 3 Class A Asking Lease Rates (Gross) PeriodRate Q3 2013$20.75 METRO MILWAUKEE OFFICE MARKET Average Asking Lease Rate (Gross) Class B Asking Lease Rates (Gross) PeriodRate Q3 2013$16.87

4 4 Q Class B Statistics Vacancy Rate 16.0% YTD Absorption 17,121 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 Q Class A Statistics Vacancy Rate 9.2% YTD Absorption 23,812

5 5 Q Class A Statistics Vacancy Rate 17.8% YTD Absorption (10,253) DOWNTOWN WEST Submarket Statistics Recent Lease Transactions UMB Schlitz Park 88,000 SF Relocation CapTel, Inc. 310 W Wisconsin Ave 37,864 SF Renewal Q Class B Statistics Vacancy Rate 19.5% YTD Absorption 61,597

6 6 Q Class B Statistics Vacancy Rate 17.8% YTD Absorption 9,470 THIRD WARD / WALKERS POINT Submarket Statistics Recent Lease Transactions CSIG Shared Services, LLC 126 N Jefferson St 7,100 SF New Location Shoutlet 167 N Broadway 6,214 SF New Location Q Class A Statistics Vacancy Rate 20.3% YTD Absorption (2,325)

7 7 Q Class B Statistics Vacancy Rate 19.4% YTD Absorption 50,930 MILWAUKEE NORTH SHORE Submarket Statistics Recent Lease Transactions Mortgagebot N Corporate Pkwy 36,096 SF Relocation Vestica Healthcare, LLC 1000 W Donges Bay Rd 20,000 SF Relocation / Expansion Q Class A Statistics Vacancy Rate 9.4% YTD Absorption 50,316

8 8 Q Class B Statistics Vacancy Rate 22.8% YTD Absorption (410) MILWAUKEE NORTHWEST Submarket Statistics Recent Lease Transactions HNTB Corporation W Park Place 26,451 SF Renewal Kohls ??? Q Class A Statistics Vacancy Rate 16.5% YTD Absorption (3,502)

9 9 WEST ALLIS Submarket Statistics Recent Lease Transactions Columbia St. Marys 801 S 70 th St 33,670 SF Renewal Rogers Memorial Hospital 2448 S 102 nd St 12,000 SF New Location Q Class B Statistics Vacancy Rate 18.3% YTD Absorption (133,596)

10 10 Q Class B Statistics Vacancy Rate 20.0% YTD Absorption 13,239 MAYFAIR / WAUWATOSA Submarket Statistics Recent Lease Transactions Zywave Research Dr 24,155 SF Expansion Vitas Healthcare Corporation of Illinois 2675 N Mayfair Rd 11,203 SF Renewal Q Class A Statistics Vacancy Rate 11.3% YTD Absorption (58,639)

11 11 Q Class B Statistics Vacancy Rate 16.4% YTD Absorption (9,874) BROOKFIELD Submarket Statistics Recent Lease Transactions Milliman W Bluemound Rd 78,024 SF Renewal / Expansion Fiserv, Inc. 275 N Corporate Dr 33,575 SF Renewal Q Class A Statistics Vacancy Rate 17.7% YTD Absorption 6,704

12 12 Q Class B Statistics Vacancy Rate 12.1% YTD Absorption 9,723 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 Q Class A Statistics Vacancy Rate 9.8% YTD Absorption 26,676

13 OVERVIEW What Works 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

14 OVERVIEW What Works 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

15 T F For more information regarding this presentation please contact: JIM CAVANAUGH


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