Milwaukee Industrial Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, CBRE, Newmark, JLL
Quarterly industrial market indicators for Milwaukee, aggregated by CREhunt from Cushman & Wakefield, CBRE, Newmark, JLL. As of Q2 2026, average asking rent was $5.08/SF/yr and vacancy was 4.0%, per Cushman & Wakefield.
Projected current industrial pricing — Milwaukee
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Milwaukee industrial yet, so this applies the typical cap rate across comparable industrial markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 multiple brokerages asking-rent data (benchmark cap rate 5.5%–7.5%, asking rent held flat). Assumes ~96% occupancy and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $5.08/SF/yr | 4.0% | 337K SF | — | Cushman & Wakefield |
| Q2 2026 CBRE | $5.91/SF/yr | 4.3% | 2.1M SF | — | CBRE |
| Q2 2026 Newmark | — | 4.4% | 1.1M SF | 876K SF | Newmark |
| Q1 2026 Newmark | $6.07/SF/yr | 4.5% | 397K SF | — | Newmark |
| Q1 2026 JLL | $5.57/SF/yr | 5.6% | 321K SF | — | JLL |
| Q1 2026 Cushman & Wakefield | — | 24.4% | 10K SF | — | Cushman & Wakefield |
| Q1 2026 CBRE | $5.75/SF/yr | 4.8% | 1.1M SF | — | CBRE |
| Q4 2025 Newmark | $5.55/SF/yr | 4.6% | 1.3M SF | — | Newmark |
| Q3 2025 Newmark | $5.47/SF/yr | 4.9% | 750K SF | — | Newmark |
| Q2 2025 Newmark | $5.37/SF/yr | 5.1% | — | — | Newmark |
| Q2 2025 Cushman & Wakefield | $5.35/SF/yr | 4.4% | 566K SF | — | Cushman & Wakefield |
| Q1 2025 Newmark | $5.59/SF/yr | 4.6% | -1.7M SF | — | Newmark |
| Q4 2024 Newmark | $5.16/SF/yr | 3.7% | — | — | Newmark |
| Q3 2024 Newmark | — | 3.6% | 602K SF | — | Newmark |
| Q2 2024 Newmark | $4.99/SF/yr | 3.9% | — | — | Newmark |
| Q1 2024 Newmark | — | 4.1% | 15.7M SF | — | Newmark |
| Q4 2023 Newmark | $4.97/SF/yr | 3.5% | — | — | Newmark |
| Q3 2023 Newmark | $5.01/SF/yr | 3.4% | — | — | Newmark |
| Q2 2023 Newmark | — | 2.9% | -3.4M SF | — | Newmark |
| Q1 2023 Newmark | — | 3.1% | 3.2M SF | — | Newmark |
| Q4 2022 Newmark | — | 3.5% | 2.0M SF | — | Newmark |
| Q2 2022 Newmark | $4.49/SF/yr | 3.5% | 1.8M SF | 5.0M SF | Newmark |
| Q1 2022 Cushman & Wakefield | $4.77/SF/yr | 2.6% | 867K SF | — | Cushman & Wakefield |
| Q4 2020 Newmark | $4.42/SF/yr | 4.1% | 3.1M SF | — | Newmark |
Industrial asking rents by submarket
The newest asking rent a named brokerage's report published for each Milwaukee industrial submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Kenosha | $5.36/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee Downtown | $6.64/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee North Central | $3.68/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee North Shore | $6.58/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee Northwest | $5.37/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee South | $6.27/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee South Central | $7.00/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Milwaukee West | $8.79/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Ozaukee | $6.12/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Racine | $5.61/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Walworth | $4.11/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Washington | $6.29/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Waukesha Northeast | $6.35/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Waukesha Northwest | $7.00/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Waukesha Southeast | $6.87/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Waukesha Southwest | $5.50/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Milwaukee industrial did not fully agree. On vacancy, the sources span 0.4 points — from 4.0% (Cushman & Wakefield) to 4.4% (Newmark). Asking-rent estimates differ by $0.83/SF/yr — from $5.08/SF/yr to $5.91/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Newmark | 4.4% | — | — |
| CBRE | 4.3% | $5.91/SF/yr | — |
| Cushman & Wakefield | 4.0% | $5.08/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for industrial space in Milwaukee?
- As of Q2 2026, the average asking rent for industrial space in Milwaukee was $5.08/SF/yr, per Cushman & Wakefield.
- What is the industrial vacancy rate in Milwaukee?
- The industrial vacancy rate in Milwaukee was 4.0% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Milwaukee market data come from?
- This report aggregates quarterly industrial market data for Milwaukee from Cushman & Wakefield, CBRE, Newmark, JLL.
- How much do brokerage estimates differ for industrial space in Milwaukee?
- For Q2 2026, the brokerage sources CREhunt aggregates for Milwaukee did not fully agree. On vacancy, the sources span 0.4 points — from 4.0% (Cushman & Wakefield) to 4.4% (Newmark). Asking-rent estimates differ by $0.83/SF/yr — from $5.08/SF/yr to $5.91/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.