Markets · Milwaukee–Waukesha, WI MSA · Core Market

Milwaukee Industrial Market Report

Bluebird CRE Research · As of 2026 Q1 · Data: CoStar Group, www.costar.com

A manufacturing-driven market on the I-94 corridor between Chicago and Minneapolis, with below-replacement rents and sub-3% vacancy in smaller-bay facilities — the heart of Bluebird's Wisconsin footprint.

5.1%
Vacancy
$7.68/SF
Asking Rent
$5.97/SF
NNN Rent
1.2M SF
Net Absorption (12 mo)
1.7M SF
Under Construction
9.8%
Market Cap Rate

Asking Rent / SF

2016–2026

Now $7.68 · +1.6% YoY

Vacancy Rate

2016–2026

Now 5.1%

Net Absorption (12 mo)

2016–2026

Now 1.2M SF

Annual figures through 2026 Q1. Source: CoStar Group, www.costar.com.

Bluebird-owned industrial property in Milwaukee, WI
Bluebird-owned in this market

7834–7842 N Faulkner Rd · Milwaukee, WI · 29,747 SF

Market overview

As of 2026 Q1, Milwaukee industrial vacancy stands at 5.1% with asking rents near $7.68/SF. The market absorbed 1.2M SF over the trailing year, and investment sale pricing implies roughly a 9.8% cap rate. Those are the figures that frame how we underwrite here.

Bluebird's read

A manufacturing-driven market on the I-94 corridor between Chicago and Minneapolis, with below-replacement rents and sub-3% vacancy in smaller-bay facilities — the heart of Bluebird's Wisconsin footprint. Bluebird targets functional small-bay and IOS product here at a basis below replacement cost, with leasing and mark-to-market as the value-add levers.

Economy

Population
1.6M
Total employment
851,745
Industrial employment
147,048
Median HH income
$80,339

Key submarkets

  • • New Berlin / Waukesha
  • • Menomonee Falls
  • • Oak Creek / Franklin
  • • Germantown

Representative tenants

  • • Amazon (Oak Creek)
  • • Rockwell Automation
  • • Briggs & Stratton
  • • Komatsu

Milwaukee insights

Milwaukee Industrial Real Estate: Market Report

A data-driven look at the Milwaukee industrial market — vacancy, rents, submarkets, and why below-replacement small-bay product is mispriced.

Explore other markets

Madison, WI
4.2% vacancy · $8.15/SF
Columbus, OH
6.5% vacancy · $8.41/SF
Indianapolis, IN
7.6% vacancy · $7.71/SF

Market data sourced from CoStar Group, www.costar.com (as of 2026 Q1); figures are point-in-time estimates and forecasts are not guarantees. Provided for informational purposes only and not an offer to sell securities. Past performance does not guarantee future results.

Invest in Milwaukee industrial with Bluebird

Bluebird works with accredited investors and family offices on value-add Midwest industrial. Request access to current and upcoming opportunities — and our quarterly market reports.

Invest With Us