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Market Report

Milwaukee Retail Market Report

3Q 2022

Standout Fundamentals Yet to Spark Notable
Construction Activity in Milwaukee

Vacancy nears record lows in both subsectors. Metro fundamentals have strengthened beyond pre-pandemic marks. Entering the second half, retail availability in Milwaukee was just 10 basis points above the all-time low of 4.8 percent notched in early 2018, with the average asking rent at a record mark. A six-quarter stretch of positive net absorption is to credit, a span highlighted by furniture, sporting goods, off-price retail and discount store leases across Milwaukee suburbs. Expanding retailers are filling both single-tenant buildings and available storefronts at shopping centers, reflected in both segments registering vacancy compression of at least 50 basis points over the past year ended in June. These conditions appear to warrant new construction. However, most retailers intent on growing their local footprints will need to browse the metro's existing stock, as supply additions are slated to be sparse over the near term.
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