(Milwaukee, WI) – The CARW/Xceligent first quarter numbers show that 2017 is off to a strong start for all sectors. Most vacancy and absorption numbers suggest that the rest of 2017 will also be positive for the southeastern Wisconsin commercial real estate market.
The Milwaukee office market continues to show improvement reflected not only in positive net absorption, but also planned under construction projects. “The decrease in overall office vacancy combined with rising effective lease rates is creating an opportunity for owners of Class B office buildings,” said Jack Jacobson, Principal with NAI MLG Commercial. “Owners are making investments to attract high quality tenants and meet tenant’s expectations.”
The industrial sector in Southeastern Wisconsin remains strong despite a decline in deal volume and absorption, and increased vacancy rates. “A number of companies announced leases in remaining speculative inventory or construction of larger facilities,” said Tony Haning, Vice President with JLL. “The current climate continues to represent increasing demand for quality available inventory, setting the stage for positive momentum in the remainder of 2017.”
In the first quarter of 2017, the Wisconsin retail market showed stability with weighted average asking rents witnessing almost no change. “Milwaukee landlords and developers are still having a fair amount of success repurposing recently vacated spaces as long as they’re in good locations,” said Cory Sovine, Senior Vice President with Colliers International. “New construction retail centers, although limited, have not yet begun to overtly impact vacancy rates in existing product.”
About CARW: CARW is the VOICE for commercial real estate brokerage and related professionals in Wisconsin. Founded in 1993, CARW is dedicated to the success of our members by providing public policy advocacy, invaluable educational opportunities, networking experiences and data exchange.
CARW is a trade association representing more than 650 members from 200 Wisconsin businesses including REALTORS®, accountants, appraisers, architects, attorneys, bankers, builders, contractors, developers, environmental specialists, title insurance companies and other industry related businesses. CARW REALTOR® members are part of the REALTOR® network, the world’s largest professional association with over 1.1 million members worldwide and over 13,000 just in the State of Wisconsin.
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