The Milwaukee apartment market remains strong, even during the COVID-19 pandemic. And when it comes to commercial sectors in the region? Only industrial is outperforming it.
That was the takeaway from a panel of apartment experts during the third annual Milwaukee Commercial Real Estate Summit held Nov. 5 by Midwest Real Estate News and REjournals.com.
This year’s summit was an unusual one, of course. Because of the pandemic, the event was held virtually, with panelists speaking from their offices and homes. It also took place shortly after the presidential election, which, during the event, had yet to be decided.
But speakers expressed plenty of optimism regarding the Milwaukee commercial real estate market and economy. Those speaking on the apartment panel predicted that Milwaukee will see an increase in renters as people move from bigger cities such as San Francisco, New York City and Chicago to smaller, tier-2 and -3 cities like Milwaukee.
The mood, then, was a positive one on the multifamily panel, one moderated by Tracy Johnson, president and chief executive officer of CARW, the Commercial Association of REALTORS Wisconsin. Other panelists, all with years of experience in the multifamily market, were S.R. Mills, chief executive officer of Bear Development; Patrick Gallagher, executive vice president of CBRE; Ralph DePasquale, managing director of Berkadia; and Jason Korb, principal of Korb & Associates.
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