Market Report
Milwaukee Retail Market Report
3Q 2026
Tenant Expansion Narrows,
Yet Pockets of Strength Emerge
Demographic headwinds weigh on tenant expansion. Household incomes rose 4.8 percent in the year ended June, among the fastest rates nationally. Retail sales growth has been more muted, however, while slower population growth, household formation, and weak employment conditions reduce the need for additional retail space. Amid this backdrop, leasing activity fell to its lowest level since at least 2011. Accommodation and food service tenants were less active than in the prior year-long period, although other retailers such as Scheels and Burlington have made new commitments. This indicates that while demand remains, it is concentrated among a narrower pool of tenants.
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