Skip to main content

Scroll Down

Market Report

Milwaukee Retail Market Report

2024 Investment Forecast

Milwaukee Stands Among the Most Improved
Midwest Retail Markets, Spurring Investment Activity

Strong space demand noticed in Ozaukee. Four years of positive net absorption in Ozaukee County has led to sub-2 percent local vacancy across both the single- and multi-tenant segments entering 2024, well under the submarket’s overall measure of 6.1 percent in 2019. Improved retailer space demand here has followed an uptick in residential popularity in northern suburbs, as well as increased enrollment at the nearby Concordia University Wisconsin. Outside these areas, persistently high inflation has had a more noticeable impact on consumer spending and tenant demand. A six-year low retail sales growth figure, paired with a largely stagnant population, will lead to slight space relinquishment in 2024. Yet, while the overall vacancy rate is rising, it will remain 90 basis points below its pre-pandemic figure by year-end. This matches Indianapolis as the largest spread among major Midwestern metros, and stands 170 basis points below the local long-term average. 

Related Research

Back to top