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Market Report

Milwaukee Multifamily Market

3Q 2023

Renters Double-Down on the City’s Center,
Supporting a Nationally Low Vacancy Rate

Office leasing encourages downtown renter demand. Entering the third quarter, Milwaukee held the second-lowest apartment vacancy rate among major U.S. metros. This standing was bolstered by notable absorption downtown during the first half of the year. Through June, renters took more than 475 units off the market on net here, the largest first half total locally since 2019, allowing CBD vacancy to reach its second-lowest point in over a decade. Improving multifamily demand here is partially the result of increasing office-usage as more renters resume commutes and live-work-play lifestyles. Entering July, office vacancy downtown reached a three-year low, backed by Baker Tilly, Rite-Hite and Capital First Trust absorbing a combined 200,000 square feet of office space since the start of 2023.

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