Midwest

By Matt Hunter, Hunter Real Estate Over the past few years, we have seen a noticeable trend in office tenants relocating to new office buildings, particularly in downtown Milwaukee. Notable companies such as Baker Tilly (~40,000 square feet), Old National Bank (~20,000 square feet), CBRE (~15,000 square feet) and Silvercrest Asset Management (~11,000 square feet) have all moved into new office buildings, which are classified as being constructed within the past five years. While these relocations highlight a shift in tenant preferences toward newer buildings, most leasing activity has been observed in recently renovated office buildings. One prime example of this is Baird, which expanded and renewed over 450,000 square feet at 777 E. Wisconsin Ave., reinforcing the demand for renovated office buildings. Other significant leasing transactions include Fiserv, which leased ~160,000 square feet at HUB640; Enerpac’s ~50,000-square-foot lease and Veolia’s ~30,000-square-foot lease at 648 N. Plankinton; Marcus Corp.’s ~50,000-square-foot lease at The Associated Bank River Center; and Allspring Global Investments leasing ~40,000 square feet at 417 E. Chicago St. These transactions further demonstrate the attractiveness of renovated spaces for businesses looking to enhance their operations. This trend reflects a broader “flight to quality” in the office market. Tenants are …