Not all the numbers are trending in the right direction for Milwaukee’s retail sector, according to the latest research from Marcus & Millichap.
But that doesn’t mean that this sector is struggling. The retail sector in the Milwaukee area continues to turn in a solid performance, vacancy rates low, rents solid and investment sales prices ticking up.
In its third quarter 2025 Milwaukee retail report, Marcus & Millichap reported that the sector’s vacancy rate stood at 3.9%. That’s a low number and is evidence of a sector that has been resilient even during economic challenges.
But the Milwaukee area’s retail vacancy rate did rise in this quarter, up 60 basis points from the third quarter in 2024.
Another number heading in the wrong direction? Average asking rents. Marcus & Millichap reported that the average asking rent for retail spaces in the Milwaukee metropolitan area stood at $14.61 a square in the third quarter.
Again, that’s not a bad number. But it is down 3% from the same quarter a year earlier. Average retail rents here have been trending down since the third quarter of 2023.
This isn’t to say that Milwaukee’s retail sector is struggling today. It remains strong, one of the better-performing commercial real estate classes. An example of this? Marcus & Millichap said that the average sales price per square foot hit about $270 for Milwaukee-area retail properties in the third quarter. That figure is on the upswing. Last year in the third quarter, local retail properties sold for an average price of just over $265 a square foot.
