Milwaukee Retail Market Report

Local retail sector stands on firm ground in 2025. Three straight years of population growth —the first such streak since 2012 — has helped keep net absorption steady. The local single-tenant sector, accounting more than 80 percent of inventory, is the second tightest among major Midwest markets. This robust performance is illustrated along key corridors like Bluemound Road, Miller Parkway and Highway 100, with mid-sized retailers — particularly fitness centers, quick-service restaurants and experiential concepts — composing the bulk of 2024 leases. In submarkets like Ozaukee County, vacancy has hovered at 3 percent since year-end 2022, pushing new entrants to existing layouts. With only 120,000 square feet slated for completion this year, availability stays near historic lows. This dynamic will compel tenants to vie for existing space, fueling an asking rent gain that surpasses the 2024 mark.