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Milwaukee, WI

Apartment
Vacancy is low in the 103,920-unit Milwaukee apartment market. The year 2017 saw 1,822 units complete construction and 1,699 units of net absorption, and the vacancy rate edged up just 10 basis points to 4.0%. A 291-unit project completed construction in Milwaukee in January, and the vacancy rate was 4.4% that month. The average asking rent increased 4.4% in 2017 to $1,009 per month, with the average effective rent up 4.0%—faster than household average income for the second consecutive year—to $966 per month. The fourth quarter gains were 1.4% asking and 1.5% effective. Overall rents were up a strong 0.6% asking and 0.5% effective in January 2018. VIEW APARTMENT LISTINGS >
Office
The 30.8-million-square-foot Milwaukee general purpose, multi-tenant office market is adding space despite negative net absorption, as large tenants continue to occupy owner-occupied projects. The 2017 totals were 194,000 square feet of new supply and minus 38,000 square feet of net absorption, and the vacancy rate increased 40 basis points to 19.3%. It edged up 10 basis points in the fourth quarter and edged down 10 in January 2018. Both the average asking rent and the average effective rent edged up just 1.2% in 2017 and 0.3% for the fourth quarter, typical of the small gains punctuated by losses. The averages were $19.87 psf asking and $14.81 psf effective at year-end, the latter lower than in 1996. Overall all rents were flat in January 2018. VIEW OFFICE LISTINGS >
Retail
Metro MilwaukeeÂ’s 15.7-million-square-foot community-neighborhood shopping center market has been weak since the start of the Great Recession. The vacancy rate, which had been 9.6% at the end of 2008, was 12.8% at the end of 2017 despite just 236,000 square feet of new supply over nine years. Net absorption totaled minus 481,000 square feet for 2009 and 2010 combined, and just plus 184,000 since. It was slightly negative in 2016 and in 2017, when the vacancy rate increased 40 basis points. The average asking rent was up 1.0% during 2017 to $15.78 psf, and the average effective rent rose 1.1% to $14.09 psf. In the fourth quarter, however, rents fell by 0.6% and 0.4%, respectively. Little changed in January 2018. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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