The Commercial Association of REALTORS® Wisconsin (CARW) third quarter numbers show a market and economic overview of the industrial and office industries and notable transaction report in retail. The market reports are produced in collaboration with CARW members and REDIComps Research and Catylist. Click HERE for the report.
The Southeast Wisconsin Office Market data shows more than 1,000,000 sf of office construction in southeastern Wisconsin including the BMO Tower and the 165,000 sf Huron Building which will be anchored by Husch Blackwell. “Downtown Milwaukee continues to see good leasing velocity as suburban tenants like HNTB, Hammes Company and GRAEF prioritize moving into the Central Business District in order to be closer to where their workforce lives and plays,” said Matt Hunter, Executive Vice President with JLL. The third quarter, 2019 shows the largest absorption change this year with 400,000 square feet positive absorption.
The Industrial Market remains strong showing more than 2.5 million square feet of year to date absorption with 700,000 square feet of absorption during the third quarter and a vacancy rate of 3.8 percent. “Two of the top positive changes resulted from new construction being delivered for Silgen Containers in Kenosha County and Banker Wire in Walworth County,” said Chris Allen, Director of Analytics for REDIComps.
“Retail leasing in the third quarter of 2019 has not changed much since Q2”, said Tracy Johnson, CARW CEO. “There is a shift in retail as strip centers in the suburban areas change hands and investors make improvements to keep and attract the tenants seeking to have a brick and mortar presence.”
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 with over 850 members, representing more than 400 individual businesses including commercial REALTORS®, accounting firms, appraisers, architects, attorneys, bankers, builders, contractors, developers, environmental specialists, title insurance companies and other industry related businesses. CARW REALTORS® are a member of the REALTOR® Network, the world’s largest professional association with over 1.3 million members.
Founded in 1994, REDI is the original fully researched CIE/CMLS exchange. REDI provides tailored commercial real estate products for the commercial real estate industry, including a complete market property universe continuously updated with the latest availabilities and sales transactions. REDI/Catylist provides fully researched market data and Commercial Data Exchange Services to more than 50 markets nationwide. Visit www.redicatylist.com/carw for more information.
Catylist is a commercial real estate software company that supports commercial data exchange systems in more than 45 markets across North America. Catylist partners with brokerage firms, local associations, and economic development communities to create a customized, local database that serves as the most trusted source for information in the market.