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 Q3 Commercial Numbers for Madison Wisconsin
MADISON, October 2024– The Commercial Association of REALTORS® Wisconsin (CARW) 2024 third quarter numbers show a market and economic overview of the industrial, office and retail sectors for the Madison Market. The market reports are produced in collaboration with CARW members, Moody’s. The report is HERE.
COMMENTS:
OFFICE: “The Madison office market saw some sign of life as more transactions (64) to place in the 3rd quarter in some time. That said, Madison continue to see little growth in office overall. Large users continue to find ways to shed space. It feel as if the bottom may be near, but it will take some time before a truly healthy office market is back.” Craig Stanley, Founding Principal | Broadwing Advisors
INDUSTRIAL: “The Industrial Real Estate Market in Madison continues to hold at a very low vacancy rate as we move into Q4 2024. There is still pent up leasing activity in the market, however due to the limited supply of opportunities available, some Tenants are choosing to hold tight until they find the, “right fit” for their needs. As new construction pricing and commercial interest rates hold steady, we are seeing a further gap between B/C Class product to new construction/A class product as it pertains to lease rates. Many smaller buildings for sale (50,000 SF or less) are priced for an owner user acquisition, making it more challenging for third party investors within the market to transact. We are still very bullish on the industrial real estate market in Madison but it will take some time for supply to catch up to demand.” Benjamin Filkouski, CCIM, Broker, Partner | Madison Commercial Real Estate
RETAIL: “In Madison retail vacancy remains exceptionally low with continued while demand for Class A, traditional retail space remains high. However, new construction for this product type is almost non-existent with the exception of a few single tenant, build to suits. Some tenants are opting for less traditional retail (mixed use, class B) while some new to market retailers are abandoning entry into the market all together. Stricter zoning codes and high construction costs continue to impede new retail development. Medtail, restaurants and financial institutions, continue to drive much of the activity in the market.” Max Jacobson, Principal | JCRE
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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.