Appleton anchors the Fox Cities metro of approximately 240,000 in east-central Wisconsin, a market with consistently strong commercial real estate fundamentals driven by a diverse manufacturing base, healthcare anchors, and one of Wisconsin's most educated workforces. The Fox Cities' position between Green Bay and Milwaukee on the I-41 corridor enhances its logistics appeal. ThedaCare, the Pierce Manufacturing (Oshkosh Defense) supply chain, and Lawrence University anchor an economic base that consistently outperforms comparable Wisconsin secondary markets.

Green Bay Market Overview: Key Metrics

The Green Bay commercial real estate market in 2026 reflects a market shaped by Green Bay Packers, Schneider National, Associated Banc-Corp, Bellin Health, HSHS St. Vincent Hospital, Georgia-Pacific, Fincantieri Marinette Marine, University of Wisconsin-Green Bay. Here are the key metrics investors and borrowers should know:

  • Multifamily Vacancy: 5.8%, near the national average with healthy absorption
  • Industrial Vacancy: 4.5%, among the tightest markets nationally
  • Office Vacancy: 12.0%
  • Retail Vacancy: 7.5%
  • Rent Growth: 4.0% year-over-year
  • Job Growth: 1.6%, tracking near the national average
  • Population Growth: 0.8% annually
  • Median Asking Rent: $1,050

Multifamily Outlook in Green Bay

Appleton multifamily is Wisconsin's strongest performing secondary market outside Milwaukee and Madison. Vacancy of 5.2 percent and annual rent growth of 4.2 percent reflect genuine housing undersupply relative to the region's manufacturing and healthcare workforce, with median asking rent near $1,100. Cap rates of 6.25 to 7.75 percent for Class B product in Grand Chute and Menasha are compressing as out-of-market capital recognizes Appleton's consistent performance, and 1970s and 1980s apartment stock offers renovation upside for value-add buyers.

Industrial & Logistics Market

Industrial is Appleton's top-performing investment sector, with vacancy below 4.0 percent among the tightest in Wisconsin and cap rates ranging from 6.00 to 7.25 percent. Specialty manufacturing, including Appvion's paper operations and the Pierce Manufacturing defense vehicle supply chain, combines with e-commerce distribution demand along the I-41 corridor between Green Bay and Milwaukee to drive absorption. New industrial development in Grand Chute and Kaukauna is being leased before completion, and asking rents continue to rise steadily.

Office & Retail Dynamics

Office demand in Appleton is anchored by ThedaCare's main campus and outpatient expansion alongside headquarters operations for U.S. Venture and Bergstrom Automotive, holding vacancy at 11.0 percent with cap rates from 6.75 to 8.25 percent, softer than the metro's industrial and multifamily performance. Retail is comparatively tight at 7.0 percent vacancy and 6.50 to 7.75 percent cap rates, led by Fox River Mall in Grand Chute and downtown Appleton's College Avenue corridor, which sustains a vibrant independent retail and dining scene serving the region's high-income workforce.

Financing Landscape in Green Bay

Commercial Lending Solutions arranges Appleton commercial real estate financing from $1 million upward, with industrial and logistics assets along I-41, agency multifamily, and ThedaCare-adjacent healthcare office the most active categories. Fannie Mae and Freddie Mac DUS execution is highly competitive given 5.2 percent multifamily vacancy and 4.2 percent rent growth, while 18 to 24 month bridge facilities fund value-add repositioning of older apartment stock in Grand Chute and the Menasha-Neenah corridor. CMBS and life company capital serve stabilized retail, office, and industrial assets from $3 million to $25 million.

For borrowers in the Green Bay area, current commercial mortgage rates range from 6.50% for agency multifamily to higher rates for transitional and value-add projects. Key factors that influence your rate include property type, leverage, sponsor experience, and asset location within the metro.

Top Submarkets to Watch

The Green Bay metro features several distinct submarkets that present unique investment opportunities:

  • Downtown Green Bay
  • West Green Bay
  • Ashwaubenon
  • Allouez
  • De Pere
  • Bellevue
  • Howard
  • Suamico
  • Wrightstown
  • Pulaski
  • Oconto Falls
  • Sheboygan

Each of these submarkets has distinct characteristics in terms of tenant demand, development activity, and pricing. The top investment corridors in Green Bay include Allouez, Bellevue, Howard, Ashwaubenon, De Pere, Suamico, Pulaski, Oneida.

Investment Outlook: Green Bay 2026

Appleton's outlook is positive, supported by 1.8 percent job growth and 1.0 percent population growth that outpace many Midwest secondary markets. Oshkosh Defense's long-term vehicle production contracts anchor manufacturing employment, while ThedaCare's ongoing clinical expansion sustains healthcare real estate demand. The I-41 logistics corridor is attracting further distribution investment between Milwaukee and Green Bay, and Fox Valley Technical College's workforce development programs support continued employer attraction. Over the next 12 to 24 months, tightening industrial and multifamily fundamentals should keep rent growth and absorption ahead of the broader Wisconsin market.

CLS CRE in Green Bay

CLS CRE provides commercial mortgage brokerage services throughout the Green Bay metropolitan area, with access to 1,000+ lenders including banks, life insurance companies, CMBS conduits, agency lenders, debt funds, and credit unions. Whether you're acquiring, refinancing, or developing commercial property in Green Bay, our market expertise and lender relationships help you secure the most competitive terms available.

Explore our financing programs for Green Bay:

Trevor Damyan, Commercial Mortgage Broker
Trevor Damyan
Commercial Mortgage Broker, CLS CRE | CA DRE 02244836

Trevor Damyan is a commercial mortgage broker at Commercial Lending Solutions with a background in structured finance at CBRE and Marcus and Millichap Capital Corporation. He specializes in bridge loans, construction financing, SBA programs, DSCR loans, and complex capital structures for investors and developers across all 50 states.