FOR IMMEDIATE RELEASE
Contact: Tracy Johnson, President & CEO, CARW | 414-698-7474 | tracy@carw.com
Josh Parrish, Director of Research | 414-416-7092 | jparrish@xceligent.com
MILWAUKEE, WI – The CARW/Xceligent third quarter numbers show that the 2017 commercial real estate market is still strong. Most overall vacancy and absorption numbers suggest that 2017 will also be positive for the southeastern Wisconsin commercial real estate market. Additionally, asking rents have increased for all market sectors.
“The third quarter of 2017 proved to be relatively flat for the office market,” said Jenna Maguire with Founders 3 Real Estate. “Smaller deals (5K SF or less) made up the bulk of the transactions.” Roundy’s downsizing at 875 E. Wisconsin and JCI closing its Lydell Corporate Center operation accounted for the majority of the negative net absorption reported. “There are several large deals currently circulating the marketplace, primarily downtown, which should land by year end,” Maguire added. “I anticipate a stronger fourth quarter and continued leasing velocity into the beginning of 2018.”
The industrial sector in Southeastern Wisconsin remains strong with nearly half of the absorption coming from owners/users taking additional space off the market for their own use. “The largest transactions for the third quarter were in the Racine /Kenosha area,” said Josh Parrish of Xceligent. “The market will likely continue to gain momentum as the Foxconn campus announcements are made.”
In the third quarter of 2017, the Wisconsin retail market continued to show positive absorption. “The Milwaukee retail real estate market is strengthening with new retailers and expanding brands,” said Kevin Schmoldt with NAI MLG Commercial. “In spite of national headlines which disproportionately emphasize the failure and fatigue of concepts that have failed to adapt, restaurants, entertainment and fitness related concepts are the most active in Southeastern Wisconsin.”
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 is a trade association representing more than 700 members from 200 Wisconsin businesses including REALTORS®, accountants, appraisers, architects, attorneys, bankers, builders, contractors, developers, environmental specialists, title insurance companies and other industry related businesses. CARW REALTOR® members are part of the REALTOR® network, the world’s largest professional association with over 1.1 million members worldwide and over 13,000 just in the State of Wisconsin.
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