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

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Presentation on theme: "Milwaukee Office Market 2010 Year in Review Appraisal Institute – Wisconsin Chapter November 11, 2010."— Presentation transcript:

1 Milwaukee Office Market 2010 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 Trend Source: 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-yr 1-yr Individuals27.8%41.2% Inst. Investors30.6%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 ( ) Surveys suggest stabilization in office cap rates by First Quarter 2010 with a slight decrease in the 2 nd and 3 rd 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 Contact Information Michael J. Tompkins Vice President The Nicholson Group LLC 555 S Industrial Drive, Suite 207 Hartland, WI ext Fax Mobile


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