Overall, vacancies will rise about 20 basis points from the 7.5% rate at the beginning of the year, Marcus & Millichap predicts. However, vacancies will rise in the city, while dropping in the suburbs, according to the firm.
After rising 2.2% in 2001, rents will increase by just 1.5%, Marcus & Millichap predicts. Average rent in the Milwaukee market will rise to $651 this year, the firm forecasts.
Median sales prices rose 5% last year, Marcus & Millichap says, but the Milwaukee market is not likely to see institutional interest this year, and fewer sales will take place until the economy shows signs of improvement.
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