Office Space in Milwaukee , Wisconsin is going through a major office building shakeup at the moment. A number of major office buildings in the downtown core have recently sold or are in the process of being sold. Wisconsin Avenue, the main street of Milwaukee is at the center of the change. The increase of office building activity on Wisconsin Avenue is part of warming of the national real estate market, with a special Milwaukee slant. Over the last 18 months a lot of investment capital has entered the commercial real estate market.
In announcing the $74.3 million dollar purchase of the 30 story 411 East Wisconsin Avenue building, the new buyers, Riverview Realty confirmed that it will make an additional $18.5 million worth of improvements in order to improve the current 24% vacancy rate in the building. The building was assess-valued at nearly $90 million dollars.
Several other buildings with high vacancy rates have also recently sold. These include The First Financial Center at 700 N. Water Street which was less than one-third occupied at the time of the sale. The Chase Tower at 111 E. Wisconsin Avenue is currently for sale. The assessed value of the building is currently at $22 million, but it was originally purchased for $46 million dollars in 2006. The building is currently 84% leased. The iconic art deco inspired Gas Light Building at 626 Wisconsin Avenue is also for sale. That building is 87% occupied. The 250 Plaza building is being sold as well.
The vacancy rate in downtown Milwaukee office buildings is improving from a high of close to 20% at the end of last year to around 18% now.
The average office space rental is between $15 and $26 per square foot in Milwaukee, based on a quick survey of available rentals.
The Milwaukee area has a population of over two million people. It’s strategically located close to the geographic center of the United States, on the Western shore of Lake Michigan. The city’s centralized location gives it some important business advantages. Great Milwaukee office spaces are currently available at good rates because of the current resurgence in real estate investment in the core of the city. Please contact us for the latest information.