Milwaukee Office Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from JLL, CBRE, Colliers, Cushman & Wakefield
Quarterly office market indicators for Milwaukee, aggregated by CREhunt from JLL, CBRE, Colliers, Cushman & Wakefield. As of Q1 2026, average asking rent was $23.57/SF/yr and vacancy was 26.9%, per JLL.
Projected current office pricing — Milwaukee
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Milwaukee office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 multiple brokerages asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 JLL | $23.57/SF/yr | 26.9% | -376K SF | — | JLL |
| Q1 2026 CBRE | $22.13/SF/yr | 18.8% | — | — | CBRE |
| Q1 2026 Colliers | — | 12.7% | — | — | Colliers |
| Q4 2025 Colliers | — | 18.8% | 41K SF | — | Colliers |
| Q1 2025 Cushman & Wakefield | $22.65/SF/yr | 24.5% | 134 SF | — | Cushman & Wakefield |
| Q1 2024 Cushman & Wakefield | — | 3.5% | 2K SF | — | Cushman & Wakefield |
| Q3 2019 Cushman & Wakefield | $38.86/SF/yr | 12.9% | 706K SF | — | Cushman & Wakefield |
| Q1 2019 Cushman & Wakefield | $20.29/SF/yr | 15.0% | 195K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Milwaukee office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Brookfield | $20.28/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Downtown East | $27.65/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Downtown West | $23.40/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Mayfair / Wauwatosa | $20.70/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee Central | $15.53/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee North Shore | $17.32/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee Northwest | $20.01/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee Southeast | $25.69/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee Southwest | $18.14/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| North Shore | $21.99/SF/yr Cushman & Wakefield · Q1 2025 | Cushman & Wakefield, Q1 2025 |
| North Suburban | $13.55/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Northwest | $16.91/SF/yr Cushman & Wakefield · Q1 2025 | Cushman & Wakefield, Q1 2025 |
| Ozaukee | $18.63/SF/yr Cushman & Wakefield · Q1 2025 | Cushman & Wakefield, Q1 2025 |
| South Suburban | $15.95/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Southeast | $30.67/SF/yr Cushman & Wakefield · Q1 2025 | Cushman & Wakefield, Q1 2025 |
| Southwest | $15.53/SF/yr Cushman & Wakefield · Q1 2025 | Cushman & Wakefield, Q1 2025 |
| Third Ward / Walker's Point | $21.78/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Third Ward / Walker’s Point | $25.59/SF/yr Cushman & Wakefield · Q1 2025 | Cushman & Wakefield, Q1 2025 |
| Waukesha North | $15.74/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Waukesha South | $13.97/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Waukesha-Pewaukee | $20.99/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| West Allis | $17.50/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
How the brokerage sources compare
For Q1 2026, the brokerages CREhunt aggregates for Milwaukee office did not fully agree. Asking-rent estimates differ by $1.44/SF/yr — from $22.13/SF/yr to $23.57/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| JLL | 26.9% | $23.57/SF/yr | — |
| Colliers | 12.7% | — | — |
| CBRE | 18.8% | $22.13/SF/yr | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Milwaukee?
- As of Q1 2026, the average asking rent for office space in Milwaukee was $23.57/SF/yr, per JLL.
- What is the office vacancy rate in Milwaukee?
- The office vacancy rate in Milwaukee was 26.9% as of Q1 2026 (JLL).
- Where does CREhunt's Milwaukee market data come from?
- This report aggregates quarterly office market data for Milwaukee from JLL, CBRE, Colliers, Cushman & Wakefield.
- How much do brokerage estimates differ for office space in Milwaukee?
- For Q1 2026, the brokerage sources CREhunt aggregates for Milwaukee did not fully agree. Asking-rent estimates differ by $1.44/SF/yr — from $22.13/SF/yr to $23.57/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.