After a
second quarter surge in absorption, the southeastern Wisconsin industrial real estate market absorption slowed during the third quarter, but the market remains healthy and its vacancy rate dipped slightly to 5.5%, according to the latest market report from the
Commercial Association of Realtors Wisconsin (CARW) and
Moody’s.
The market absorbed 787,594 square feet of industrial space during the third quarter, a healthy total but that was down considerably from nearly 2.2 million square feet during the second quarter.
Year-to-date, the southeastern Wisconsin industrial real estate market has absorbed more than 2.9 million square feet of space.
There is nearly 3.7 million square feet of industrial space currently under construction in southeastern Wisconsin, according to the report.
Here’s a breakdown of third quarter industrial space vacancy rates by county:
- Walworth: 0.6%
- Waukesha: 0.8%
- Sheboygan: 1.2%
- Ozaukee: 1.7%
- Washington: 3.2%
- Milwaukee: 7.3%
- Racine: 8.0%
- Kenosha: 13.1%
Here’s a breakdown of third quarter industrial space absorption by county:
- Milwaukee: 346,627 square feet
- Waukesha: 227,417
- Racine: 187,824
- Washington: 41,024
- Walworth: 25,000
- Kenosha: 0
- Sheboygan: 0
- Ozaukee: -40,298
Here’s a breakdown of industrial real estate currently under construction by county:
- Kenosha: 1,119,331 square feet
- Milwaukee: 940,305
- Washington: 610,650
- Waukesha: 519,706
- Racine: 452,352
- Sheboygan: 49,500
