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Mitchell Industrial Park
But office market dips, and retail was flat
The metro Milwaukee industrial real estate market continues to outperform the area’s office and retail real estate markets.
During the third quarter, the area’s industrial real estate market absorbed 1.68 million square feet of space and its vacancy rate dipped to 3.7 percent, compared to 4.0 percent a year ago, according to the latest market report from Xceligent and the Commercial Association of Realtors Wisconsin (CARW).
The region’s third quarter industrial space absorption was more than double that of the third quarter of 2016, when 723,516 square feet of space was absorbed, but was down from the second quarter of 2017, when about 2 million square feet of industrial space was absorbed in the region.
The Milwaukee area’s office market had negative absorption of 77,961 square feet of space during the third quarter and its vacancy rate rose from 16.5 percent in the second quarter to 16.8 percent.
The decline in the area’s office market during the third quarter was largely due to Johnson Controls’ move to vacate 120,000 square feet of space at the Lydell Corporate Center in Glendale, according to the Xceligent and CARW report.
The area’s retail market had a flat performance during the third quarter with only 32,848 square feet of absorption, and the vacancy rate increased slightly to 7.6 percent.
The area’s retail real estate market was hit by Pick ‘n Save store closures that resulted in a total of 150,000 square feet of vacant space, but the completion of the first phase of the 84South development in Greenfield boosted the retail real estate data.
Biz Times by Andrew Weiland[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]