q3marketreport2024

In Q3 2024, Wisconsin's economy maintained moderate growth, with unemployment rates remaining below the national average at 3.1% with continued strength in the manufacturing and logistics sectors.

As Milwaukee enters the end of 2024, the city's commercial real estate market reflects a period of both resilience and transformation. With 17 properties delivered year to date totaling 200,000 sf. The real estate sector remains a focal point for investors, developers, and businesses seeking stability and
growth in the Midwest.

New developments and adaptive reuse projects in neighborhoods like the Third Ward, Walker's Point, and along the Milwaukee River reflect the ongoing urban revitalization efforts that are reshaping the city's landscape. With 16 construction projects throughout the market with over 530,500 sf.

Going into the final quarter of 2024, stakeholders in the Milwaukee market should remain focused on sustainability initiatives, adaptive reuse opportunities, and the continued evolution of office and retail spaces to navigate the city's changing real estate dynamics.

During Q3 2024 the Wisconsin south east retail market experienced 291,000 sf of leasing activity in 53 transactions. One hundred seven properties totaling over 1.1 msf sold during Q3 2024 just shy of $138 million.

Over the past twelve months, asking rents have increased a total of 0.6%, up from $16.26. Since the beginning of Q3 2014, the metro as a whole has recorded an annual average increase of 0.8%. Effective rents, which exclude the value of concessions offered to prospective tenants, also rose by 0.1% during August.

Q3 Leased Space Tenant Categories

Q3 Leased Space Tenant Geographics

Q3 Monthly Leasing Activity in the Milwaukee Metro