MILWAUKEE, Sept. 9, 2026 — Marcus & Millichap (NYSE:MMI), has published its Q3 2026 Milwaukee Metro Area Retail report.
“While demographic and employment trends are creating a more selective environment for retail expansion, several market segments continue to demonstrate resilience, particularly in areas supported by strong residential occupancy and targeted consumer demand,” stated Todd Lindblom, senior managing director and market leader.
Key findings include:
- Leasing activity fell to its lowest level since at least 2011 as slower population growth, household formation and employment conditions reduced the need for additional retail space.
- Retail fundamentals may receive support from the apartment sector, where multifamily vacancy declined 70 basis points year over year to 2.6 percent, tying for the second-lowest rate nationally.
- Construction completions in 2026 are projected to total roughly half of the prior 10-year annual average, with two Costco locations accounting for approximately 80 percent of expected deliveries.
- Investment activity increased 20 percent in the year ended June, driven by stronger single-tenant transaction volume across restaurant, fast-food and automotive properties.
- Tourism-related spending reached a record $2.5 billion in 2025, while hotel occupancy rose roughly 320 basis points in the 12 months ended May, supporting demand for restaurants and experiential retail in visitor-oriented districts.
“Investors continue to focus on locations and properties that offer durable demand drivers, and Milwaukee’s combination of residential momentum, tourism growth and limited new supply in select submarkets may create opportunities despite broader market challenges,” added Lindblom.
Access the report here.
