CARW / Catylist Release 2019 Q2 Commercial Numbers
MILWAUKEE, July 24, 2019– The Commercial Association of REALTORS® Wisconsin (CARW) second 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.
The Southeast Wisconsin Office Market data shows that there was more than 55,000 square feet of positive absorption in the market with just under 12 percent vacancy. “The Milwaukee office market continues to see strong occupancy and lease rates as we hit the midway point of 2019,” said Alyssa Geisler, Senior Associate at CBRE. “Office leasing activity has remained robust and steady, however, with several hundred thousand square feet of Class A office space under construction downtown between BMO Tower and The Huron Building, we anticipate that vacancy rates will increase in Q4 2019.”
The Industrial Market remains strong showing more than 1 million square feet of absorption with a vacancy rate of 3.5 percent for multi and single-tenant properties. “Vacancy rates remain low and there is a lack of decent newer high bay product available in the marketplace near metro Milwaukee,” said Kevin Barry, Executive Vice President at The Barry Company. “As such, areas just at the edge of the metro area are seeing newer developments absorb relatively quickly like Briggs and Stratton – Germantown, Amazon – Oak Creek, among several others. With interest rates still low, expect additional new speculative and end-user developments in these areas to continue.”
“Retail leasing in the second quarter of 2019 has been slow”, said Hakan Hare, retail broker at Founders 3 Real Estate Services. “It is hard to find employees for most of the business owners, but it looks strong for the rest of the year. We’ve seen most of the retail activities on gym/personal fitness users and entertainment users, however medical office users are actively searching on retail spaces as well.”
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.
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.
# # #