Regional Summaries

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Milwaukee, WI

The 101,760-unit Milwaukee apartment market had about 1,200 units complete construction in 2016, but an equal amount of net absorption kept the vacancy rate low at 3.7%. That is down 20 basis points during the fourth quarter and 10 over the year. The vacancy rate was still 3.7% in January 2017. At year-end 2016, the average asking rent was $963 per month, and the average effective rent was $925 per month, up 2.6% and 2.3%, respectively, over the year, and up 0.3% and 0.2% during the fourth quarter. Rents increased 0.5% by both measures in January 2017. VIEW APARTMENT LISTINGS >
Vacancy increased in 2016 in the 30.6-million-square-foot Milwaukee general purpose, multi-tenant office market, as 459,000 square feet of new multi-tenant space was added, but net absorption totaled just 168,000 square feet. The overall vacancy rate increased 20 basis points in 2016 and 10 during the fourth quarter to 19.1%. It slipped back to 19.0% in January 2017. Rent gains were the best since 2007 in 2016, but they were still limited at 1.7% by both measures. In the fourth quarter, the average asking rent rose 0.6% to $19.63 psf, and the average effective rent was up 0.5% to $14.64 psf, still less than in 1995. Overall rents were flat in January 2017. VIEW OFFICE LISTINGS >
Metro Milwaukee’s 15.7-million-square-foot community-neighborhood shopping center market was weak in 2016, as net absorption was negative 13,000 square feet for the year despite a reading of plus 8,000 square feet in the fourth quarter. The market added a moderate 124,000 square feet of new space during the year, but the vacancy rate increased 80 basis points to 12.4%. The rate was flat during the fourth quarter. Rents were weak, with the average asking rent up 1.2% over the year to $15.57 psf and the average effective rent up 1.3% to $13.89 psf. The fourth quarter gains of 0.6% and 0.7%, respectively, were the best of the year. Two small projects with a total of 39,100 square feet completed construction in January 2017, and the vacancy rate edged up 10 basis points. Net absorption was negative for the month, and rents slipped 0.1% by both measures. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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