The typical asking rate per listing is in the $20's per square foot per year. The Historic Third Ward submarket is going through a decline in rates. In the last 3 months, the median rate decreased $8 per sqft per year. That's a 26% decline in rent.
Compared to the rest of the Milwaukee market, the Historic Third Ward region has greater rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 19 listings have been made available, which means office spaces most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 21% of the listings in the Historic Third Ward are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 5,780 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 5 floors. Most buildings in this market were built in 1915 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.