The metro Milwaukee retail real estate market softened during the third quarter with negative absorption of 147,520 square feet of space, and a vacancy rate that ticked up to 5.8%, according to the latest market report from the
Commercial Association of Realtors Wisconsin (CARW) and
Moody’s.
The most notable vacancy during the quarter was the closure of a Piggy Wiggly grocery store at Elmbrook Plaza in Brookfield, 2315 N. 124th St., vacating 46,000 square feet of space.
There are currently 16 retail space construction projects in progress in southeastern Wisconsin totaling 530,567 square feet, according to the report, including 382,520 square feet of retail space under construction in Kenosha, Racine and Walworth counties.
Here is a breakdown of third quarter retail space vacancy rates by submarket:
- Kenosha, Racine and Walworth: 3.7%
- Mequon-Thiensville: 7.7%
- Milwaukee Central: 8.8%
- Brookfield and Pewaukee: 8.9%
- Mayfair-Wauwatosa: 9.8%
- Milwaukee CBD: 12.3%
- Milwaukee North Shore: 16.8%
Here is a breakdown of third quarter retail space absorption by submarket:
- Mayfair-Wauwatosa: 6,191 square feet
- Milwaukee Central: 3,944
- Milwaukee CBD: 608
- Mequon-Thiensville: -2,100
- Milwaukee North Shore: -31,719
- Kenosha, Racine and Walworth: 40,871
- Brookfield and Pewaukee: -68,815
