The typical asking rate per listing is in the $20's per square foot per year. The Historic Third Ward region is experiencing a an increase in rates. In the last 3 months, the median rate went up $2 per sqft per year. That's a 8% increase in rent.
Compared to the rest of the Milwaukee market, the Historic Third Ward region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 8 listings have been posted online, which means new listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 13% of the available space in the Historic Third Ward are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 5,580 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this area are around 5 stories. Most buildings in this area were built in 1913 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Utilities is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Historic Third Ward folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.