By Brian Vanevenhoven and Joseph Ziolkowski, Newmark The metro Milwaukee retail market remains strong, supported by historically low vacancy rates. Elevated construction costs — and the resulting pressure on rents — continue to limit new construction, keeping inventory low and occupancy high. The western suburbs have the lowest vacancies in the region and are seeing robust demand for available space. While the urban core continues to face challenges, the Historic Third Ward remains a bright spot, benefiting from favorable demographics and a cultivated consumer base driving strong retail sales. Recent data underscores this trend. While Milwaukee County saw modest population growth in 2025, surrounding suburban counties are expanding at a faster pace, according to CoStar Group. Waukesha County alone has added more than 10,000 residents since 2020, according to the U.S. Census Bureau. This outward migration — driven by affordability, schools and lifestyle preferences — is creating new pockets of retail demand across the metro area. Drivers of growth Several factors are fueling suburban retail expansion. The continued strength of experiential retail, particularly in the fitness and wellness sector, is the most notable driver. Concepts such as Crunch Fitness and Planet Fitness have been among the most active tenants, …
