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Regional Summaries

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Milwaukee, WI

Apartment
Vacancy is still low in the 103,218-unit Milwaukee apartment market, even as a development boom peaks. For 2017 through November, Reis reports 1,542 units completing construction and net absorption of nearly 1,444. The November vacancy rate was up 30 basis points year-to-date but to just 4.0%. Rents are rising despite higher vacancy. The November average asking rent was $1,001 per month, up 3.8% year-to-date, while the average effective rent was $958 per month, up 3.3%. VIEW APARTMENT LISTINGS >
Office
The 30.7-million-square-foot Milwaukee general purpose, multi-tenant office market is struggling to gain traction, with most development in the owner-occupied category. The 50,000-square-foot Hack-Priztlaff building completed construction in October and brought the year-to-date new supply total to 160,000, but 2017 net absorption totaled negative 59,000 square feet through November. Occupancy was also boosted by the removal of 111,000 square feet of Class B/C space from the inventory, but the November vacancy rate of 19.2% was still up 30 basis points year-to-date. Rent gains remain modest. The November 2017 average asking rent was up 1.4% year-to-date to $19.88 psf, and the average effective rent was up 1.3% to $14.82 psf. VIEW OFFICE LISTINGS >
Retail
Metro Milwaukee’s 15.7-million-square-foot community-neighborhood shopping center market remains weak. Net absorption totaled minus 9,000 square feet year-to-date as of November 2017, and with 39,000 square feet of new space added earlier in the year, the November vacancy rate of 12.7% was up 30 basis points year-to-date. The November average asking rent was $15.85 psf, up 1.5% year-to-date, and the average effective rent was $14.13 psf, up 1.4%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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