Regional Summaries

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Milwaukee, WI

The 101,900-unit Milwaukee apartment market remained strong and balanced in early 2017, with 287 units of new supply and 294 units of net absorption through April. The vacancy rate was still 3.7% that month, unchanged over the quarter and year-over-year. Rent gains remain moderate overall as of the date of this report. During the first quarter, the average asking rent increased 0.5% to $968 per month, and the average effective rent rose 0.4% to $930 per month. Overall rents increased a strong 0.5% asking and 0.4% effective in April 2017. VIEW APARTMENT LISTINGS >
The 30.6-million-square-foot Milwaukee general purpose, multi-tenant office market got weaker in early 2017, according to Reis. The 110,000-square-foot 1433 Water Street completed construction in April, but net absorption totaled minus 30,000 square feet year-to-date through that month. The April vacancy rate was 19.7%, up 40 basis points year-to-date and higher than any recent year-end high. Rent gains are weak. In the first quarter, the average asking rent rose just 0.2% to $19.66 psf, and the average effective rent was up just 0.1% to $14.65 psf—less than in 1995. Overall rents were flat in April 2017. VIEW OFFICE LISTINGS >
Metro Milwaukee’s 15.7-million-square-foot community-neighborhood shopping center market was weak in early 2017, as net absorption was negative 6,000 square feet through April following the minus 19,000 recorded for 2016. Two small projects with a total of 39,100 square feet completed construction in January 2017, adding to the 30-basis-points vacancy rate increase year-to-date to 12.7% in April. Rents perked up with the new supply, as both the average asking rent and the average effective rent increased 0.5% in the first quarter and 0.2% in April to $15.73 psf and $14.03 psf, respectively, that month. The 2016 gains had been 1.5% asking and 1.6% effective. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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