Uneven. Shifting. Reactionary. These are a few words economists and thought leaders have used to describe the 2022 commercial real estate market.
CARW members, in my observation, seem to be a bit more optimistic. Words like opportunity, innovation, and evolving – are more the norm. Maybe it’s our stable Wisconsin Real Estate market or the fact that some economic impacts and trends are realized in the Midwest much later than on the coasts. I also believe a strong contributing factor is the character of CARW members. They know their value is in understanding trends and leveraging their knowledge for their clients’ success. With that, I believe that 2022 was a year of progress for CARW. The organization stayed connected through the 2020-2022 disruptions and figured out a way, like all of you, to stay relevant, strong, and positive through it all.
Here is a look back at how CARW ended 2022:
PROGRAMMING:
CARW programming kicked off in January with an event featuring The Redshoe Economist, KC Conway with the Commercial Real Estate and Economic Forecast. CARW joined forces with the CCIM Wisconsin Chapter to present the event.
February brought us the Annual Roundtable Forum at the Italian Community Center Featuring 20 sessions on CRE topics. Speakers included Mayor Steve Olson (City of Franklin), Alyssa Geisler (Irgens), Kathy Heinrich (Milwaukee Tech Hub), Jason Fields (MADRep), Tina Chitwood (WEDC), and more. Although we once again had icy weather, the hearty crowd showed up to learn and network. The event was presented by Altius Building.
In March, CARW sponsored SIOR Wisconsin’s Industrial Panel “The Party Rages On” with speakers Chad Navis (Zilber), Todd Battle (KABA), Jeff Hoffman, CCIM, SIOR (Cushman & Wakefield | BOERKE Company), Peter Mork (Capital Partners) and Doug Fisher (Marquette University). The Event was held at “Gather” in the Deer District followed by a Bucks Game. The event was presented by Riley Construction.
March Madness was held at WhiteTail MKE on Old World Third Street – the event conveniently coincided with St. Patrick’s Day like it often does. The event was presented by Cushman & Wakefield | Boerke Co.
In March we also teamed up with ACRE, WCREW, and NAIOP WI to tour the Echelon apartment building and hear from Barry Mandel (Mandel Group), Mark Eppli (UW Madison), and Andy Hunt (Marquette University).
In May, CARW collaborated with CCIM for an Epic “May the 4th Be With You” Happy Hour at the Silverspot Cinema in Brookfield. The event was presented by Chicago Title.
May also brought us a unique opportunity to explore the ever-changing Office Market. We welcomed Brady Mick (EUA), Scott Lurie (F Street Group), Kelli Gabel (Good Karma Brands), and Mike Watts (CBRE). The panel was moderated by Alyssa Geisler (Irgens) and held in the former Grand Avenue Mall.
In June we hosted a Happy Hour in Madison on the Square with Old National Bank. In July, we held a Fox Valley Market Update at the Timberrattlers Stadium with Barb LaMue (New North, Inc.), Mark Pucci (Colliers), and Tom Fisk (NAI Pfefferle). The event was presented by REDIComps.
The CARW Golf Outing was once again held in August at the River Club. The sold-out event raised more than $10,000 for the CARW Foundation supporting scholarships and education for commercial real estate students in Wisconsin. The event was presented by Old National Bank.
In September, the CARW Retail Event welcomed Paco Underhill as keynote speaker a panel discussion as well as dozens of roundtable sessions were held at Potawatomi Casino. The event was presented by Landmark Credit Union and Innovative Construction Solutions as well as Crux Commercial and Husch Blackwell. Founders 3 presented the Happy Hour.
October brought the Deal of the Year Event where we recognized Thrive Foods and Community within the Corridor in addition to many others – HERE. We said thank you to Chairman Andy Hess (Founders 3) and welcomed 2023 Chair Mike Kleber (Zilber). Marianne Burish (Transwestern) also joined the CARW Board of Directors. The event was presented by Tri City National Bank.
In November, CARW continued its partnership with BizTimes for the CRE and Development Conference featuring Geoffrey Kasselman (Optimize). He spoke about the major trends in commercial real estate and looked to the future. The keynote was followed by an all-star panel including Tom D’Arcy (Hines), Tony Lindsey (North Wells), Lafayette Crump (City of Milwaukee), and Andy Hunt (Marquette University).
December brought us two large-scale events including the 400-person Holiday Party sponsored by Irgens that took place at the Milwaukee Athletic Club and the Market Update at the Brookfield Conference Center sponsored by First American Bank. More than 300 people came to hear from experts: Joe Moritz (Colliers), Hakan Hare (Founders 3), Nick Keys (Dickman Company), and David Tighe (Cushman & Wakefield | Boerke). Bailey Copeland (Greywolf) keynoted the event.
EDUCATION:
Throughout the year, CARW worked with the CCIM Wisconsin Chapter to host four separate courses including CI 104 – Investor Analysis, CI 103 – User Analysis as well as CCIM’s Negotiations course. These are multi-day sessions and bring dozens of people from around the country to Wisconsin.
2021/22 Continuing Ed requirements were due at the end of this year. CARW did its absolute best to hold in-person training for those who wanted to attend more than 12 sessions throughout the year.
We also held several Lunch and Learns, including one on 2022 Tax Changes and SBA loans as and policy updates. Lunch and Learns are presented by Landmark Credit Union.
POLICY & LEADERSHIP:
From a public affairs standpoint, CARW members were extremely engaged with more than 40% of members investing in RPAC. RPAC invests in candidates who support the issues that impact REALTORS and Economic Development. The Association raised more than $40,000 for policy-related activities. For more information, click HERE. RPAC investors had the opportunity to meet Milwaukee Bucks Coach Mike Budenholzer in July at the Café Hollander in Wauwatosa. Investors also heard from political strategists Joe Zepecki and Bill McCoshen and attended a productive listening session with Milwaukee Mayor Cavalier Johnson and DCD Commissioner Lafayette Crump.
Two representatives from CARW were named to Board positions with the National Association of REALTORS (NAR). Ben Adank (Cushman & Wakefield | Boerke) will serve on the Commercial Real Estate Research Advisory Board and Tracy Johnson will continue to serve on the NAR Commercial Committee. The following CARW members serve on WRA Committees: Adam Williquette (American CRE) and Jeff Hoffman, SIOR, CCIM (Cushman & Wakefield | Boerke) – WRA Policy Committee; Kevin Armstrong (Founders 3) – WRA Legal Action Committee. Many opportunities exist for members – contact the Association Office for more information.
Two members of CARW received Commercial Designations in 2022 – big congrats are in order for Travis Tiede (Newmark) for obtaining the SIOR designation, and to Ben Filkouski (Madison Commercial Real Estate) for obtaining the CCIM designation. CARW is engaged with both CCIM and SIOR and encourages members to obtain these advanced designations that signify professionalism in the industry.
The CARW Foundation recognized Mike Mooney (MLG Capital) as the 2022 Commercial Real Estate Hall of Fame inductee. He joins the inaugural inductee, Deborah Sobczak (Eastmore), and 2021 inductee, Tom Brernacchi.
The WEDC Mainstreet Bounceback program was designed to help businesses establish a physical location in previously vacant spaces. CARW worked with MEDC and WEDC to support more than 130 businesses leasing vacant spaces in Southeastern Wisconsin. CARW provided a critical component of the application – a letter legitimizing a lease and occupancy.
In October, CARW partnered with the Sheboygan County Economic Development Corporation on a full-day developer tour and presentation about the Forward Fund, a collaborative investment and outreach program designed to attract single-family home developers to the market. For more information click HERE.
DATA & INFLUENCE:
The Moody’s / Catylist growth in Wisconsin led to increased traction with the Southeastern Wisconsin reports, Madison Reports, and the with soon to come, Fox Valley reports. CARW works exclusively with REDIComps to ensure the most accurate, economical, flexible, and user-friendly data platform for Wisconsin brokers. More information can be found HERE.
In 2022, CARW launched the podcast series supported by Landmark Credit Union – “The Take on Commercial Real Estate” which features people and topics that drive the commercial real estate market. More episodes are cued to launch in early 2023. To download episodes and find out more click HERE.
NextGen officially turned FIVE Years Old in 2022 and welcomed its 100th graduate of the program. More than 85% of graduates stay within the commercial real estate industry in Wisconsin. The program celebrated in spectacular fashion with an event at the Starlight Room at the 3rd Street Market Hall. A celebratory video was produced – check it out HERE
And finally, CARW has been able to pull together a collaborative biannual Sentiment Survey of the brokers in our industry to get a more comprehensive sense of how practitioners are feeling about the market. The data suggests one thing but the points pulled from the survey break down sector sentiment and will compare over time, how members are sensing the changes. More than 20% of members took part in the first mid-year survey. More information on the first survey is HERE. The 2022 year-end Survey will be released in Mid-January, 2023.
A FEW NUMBERS TO CONSIDER:
- Attendees at CARW Events throughout the Year: >3,000
- CARW Members at the end of 2022: 921
- Top Represented Cities for CARW Members (In order): Milwaukee, Madison, Brookfield, Appleton, Wauwatosa, Waukesha, Green Bay
- Top Categories of CARW Members: REALTORS (57%), Services/Support (17%), Developers/Construction (15%), Financial Institution (6%), Asset Manager (3%), Economic Development (2%)
- REALTOR Breakdown by Sector: General Sales/Leasing (27%), Industrial Sales/Leasing (13%), Investment Sales (15%), Office Sales/Leasing (10%), Property Management (14%), Retail Sales/Leasing (15%), Tenant Representative (3%)
- Member Demographics (age) Breakdown: 30 Years and Under (14%), 50-30 Years (45%), 51-70 Years (38%), Over 70 (3%)
- Gender Breakdown: All Members: Female (24%), Male (74%); REALTOR Members: Female (20%), Male (80%)
- WEDC Mainstreet Bounceback Grants Supported: 130
- Properties on the Moody’s / Catylist Wisconsin Exchange: 122,244
- Sale Comps on the Moody’s / Catylist Wisconsin Exchange: 29,207
- Active Listings on the Moody’s / Catylist Wisconsin Exchange: 7,782
Everything we do at CARW is designed to make you a more engaged, knowledgeable professional. If there is something we’re missing or an idea that you have, please bring it to our attention. We are always looking for interested individuals to serve on committees, speak to the membership and serve on our board of directors. We are grateful to those who serve on committees and sponsor CARW. I thank you for being a part of CARW. We’re stronger because we work together on challenges and opportunities we all face as an industry, as a community, and as individuals. I am enthusiastic about 2023 – as a market and as an organization – I hope you are too!
On behalf of the CARW Board of Directors and CARW Team,
Tracy Johnson, CAE, RCE
President & CEO, CARW
Did we miss anything? Let us know: tracy@carw.com
