The tech office market in Milwaukee is steadily increasing, a healthy sign for the metro’s growing tech cluster.
The 2019 Tech 30 report by CBRE, which measures the impact of the tech sector on office real estate in 30 markets across North America, included Milwaukee in its “Next 10 Tech Markets to Watch” list, recognizing 10 markets that did not make the top 30.
Using data from the U.S. Bureau of Labor Statistics, the CBRE report shows Milwaukee had 11,706 people working in high-tech services in the second quarter of 2019, and who occupy 6.3% of major office space in greater Milwaukee.
The report also shows the average asking rental rate for tech companies in Milwaukee was $18.93 per square foot in the second quarter of 2019, well below the North American average of $40 per square foot and below other Midwest metros like St. Louis ($20.07), Chicago ($31.51), Detroit ($19.14), Indianapolis ($20.51) and the Twin Cities ($28.17), which all made the Tech 30 list.
Markets like Chicago, Portland, Seattle, Washington, D.C. and New York City have experienced increases in demand for office space for tech companies as corporations based in the San Francisco Bay area open additional offices in those cities, per the report. Read the full story here.