Metro Milwaukee retail market stabilizes

The metro Milwaukee area’s retail real estate market had a 6.8 percent vacancy rate during the first quarter, which was the same as the fourth quarter of 2010, according to CoStar‘s First Quarter 2011 Market Report.

The metro Milwaukee area had positive net absorption of 19,966 square feet of retail space during the first quarter, according to the CoStar report.

Several planned retail developments in the Milwaukee area will add a significant amount of additional space to the market. The Marcus Corp. is planning a 460,000-square-foot retail and office space development called The Corners of Brookfield, which will be built southeast of Bluemound Road and Barker Road in the Town of Brookfield. The project will be anchored by a 140,000-square-foot Von Maur department store. Chicago-based HSA Commercial Real Estate plans to create a 250,000-square-foot retail development called The Mayfair Collection, most in part of a former Roundy’s warehouse northeast of Burleigh Street and U.S. Highway 45 in Wauwatosa. In addition, Wal-Mart plans to build several new stores in the Milwaukee area, Target plans to build a new store in Brookfield and Costco plans to build a store in Pewaukee.

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