CARW / Catylist Release 2022 Q2 Madison Market Commercial Numbers
MADISON, WI, AUGUST 4 2022 – The Commercial Association of REALTORS® Wisconsin (CARW) 2022 Madison Market second quarter numbers show a market and economic overview of the industrial, office and retail markets. The market reports are produced in collaboration with Moody’s/Catylist and REDIComps Research. Click here for the report.
The Madison Market is incredibly active with significant multifamily development throughout the area. Strong economic sectors in healthcare and technology are driving employment and attracting residents. Student activity and tourism support a vibrant retail economy.
The Madison Office market posted YTD 153,500 sf positive absorption and a vacancy rate of 11.8% in Q2 2022. “Covid caused a pronounced vacancy increase in 2020 and 2021, with large tenants still continuing to shed space but demand among small tenants has stabilized the market in recent quarters,” said Craig Stanley, Founding Principal of Broadwing Advisors. Some of the largest tenants vacating include TRC Environmental and Pro Assurance, according to the report. Madison is showing strong office construction activity with five properties currently under construction totaling 619,000 sf.
The Madison Industrial market is extremely strong with low vacancy and a great deal of construction. “Just when you thought the Madison industrial market couldn’t get any tighter, we see a pronounced drop in vacancy to just 2.2% this quarter,” said Chris Caulum, Vice President of Oakbrook Corporation. “Developers are responding with a large amount of new spec construction to try to meet the demand.” Fifteen properties are currently under construction totaling 1.3 million sf.
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 supports more than 900 commercial real estate professionals in 500 companies throughout Wisconsin and the region. CARW also oversees the statewide data exchange that tracks commercial lease and sale information. Members represent more than 29.5 M sf of commercial real estate available for sale and nearly 66.2 M sf available for lease.
About REDI: 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.
About Moody’s/Catylist: Moody’s, a global integrated risk assessment firm that empowers organizations to make better decisions recently purchased Catylist, a commercial real estate software company that supports the commercial data exchange systems in more than 50 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.
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