Milwaukee Industrial Market Report

Move-outs in the largest submarket lift space availability. Milwaukee entered this year tied for the second-tightest vacancy rate among major U.S. markets. The local metric rose by 30 basis points during the first half of 2024, however, as space attrition in the largest submarket by inventory — Milwaukee County — put upward pressure on the overall rate. From January through June, the county’s vacant stock swelled by 1.1 million square feet. That increase was driven by the closure of manufacturing facilities, most notably Briggs & Stratton in Wauwatosa. The relinquishment of outdated space in the market’s core — historically a prominent manufacturing hub — may create a misalignment with modern tenant needs and hike vacancy. Milwaukee County’s 2024 construction pipeline is nevertheless at an eight-year low, likely coaxing users to become more flexible with the area’s older vintage manufacturing stock.