FOR IMMEDIATE RELEASE
Contact: Tracy Johnson, President & CEO, CARW | 414-698-7474 | tracy@carw.com
Chris Allen, Director of Analytics, REDIComps | 952-456-1669 | chris@redicomps.com
CARW / Moody’s Release 2024 Q1 Commercial Numbers for Southeast Wisconsin
MILWAUKEE, April 2024– The Commercial Association of REALTORS® Wisconsin (CARW) 2024 first quarter numbers show a market and economic overview of the industrial, office and retail sectors. The market reports are produced in collaboration with CARW members, Moody’s and REDIComps Research. The report is HERE
“Despite the tumultuous conditions affecting the market, Wisconsin’s Commercial Real Estate sector maintains its resilience,” emphasized Tracy Johnson, CEO of CARW. “In the face of uncertainty, our steadfast commitment to supporting businesses throughout the Pandemic has led to a relatively stable market environment. While other cities grappled with closures, our proactive approach has mitigated drastic declines in real estate values, even as remote work trends shift people away from downtowns and traditional office spaces.”
COMMENTS:
OFFICE
“As the numbers show, with over 100 lease comps totaling 535,500 SF, contrary to popular belief, the office market remains incredibly active with the vast majority of tenants flocking to recently built or recently renovated buildings both downtown and in the suburbs. With over a 17% vacancy rate market wide, there’s no shortage of product and construction costs, as opposed to physical space characteristics, are becoming the major factor in getting deals across the finish line leading landlords with good existing conditions and/or spec suites with a leg up on the competition.”
Ben Anderson | Senior Vice President | Colliers, Wisconsin
INDUSTRIAL
“Despite what the numbers show – in Waukesha County mainly – the market is approaching 0% vacancy due to the extremely high demand for such limited options, thus creating a tight and tough market.”
Nick Zurich | Broker | The Barry Company
RETAIL
“Existing, well located retail space remains tough to find throughout Southeast Wisconsin. New construction, apart from select single tenant spaces, is still limited due to current construction costs and interest rates.”
Brian Vanevenhoven | Managing Director | NEWMARK
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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 36.5 M sf of commercial real estate available for sale and nearly 63 M sf available for lease.
About Moody’s:
Moody’s is a global integrated risk assessment firm that empowers organizations to make better decisions. Moody’s recently acquired Catylist, a commercial real estate software company that supports the commercial data exchange systems in more than 50 markets across North America. Moody’s 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.
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 carw.com for more information.