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Oldest office also see highest vacancy

​When taking a look at the correlation between average building age and average vacancy rates in submarkets across Milwaukee, an interesting observation surfaced – the three “oldest” office parks are also seeing the highest vacancy. While it is also true that these submarkets lie north of the I-94 corridor (rather than on it), there is something to be said about the potential for typically older product to disadvantage a submarket. As Milwaukee continues to see new and renovated office product downtown, the question becomes how the suburbs will answer. Areas like the Third Ward and Downtown West have the oldest buildings in the market, but have renovated over 60% of their buildings within the last 20 years. The renovations have allowed buildings to cater to the evolving needs of office users, and retain a competitive edge over other buildings and submarkets. The suburbs, on the other hand, have seen quite little office development over the last few years, especially in submarkets like Waukesha/Pewaukee, Brookfield, and the Northwest.

​Source: JLL Research




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