Amazon project boosts region’s industrial real estate market

Bolstered by big developments in Kenosha County, including the 1.1 million-square-foot Amazon fulfillment center, the southeastern Wisconsin industrial real estate market continues to post impressive results, according to the latest Xceligent data.

The region’s industrial real estate market absorbed nearly 2.8 million square feet of space during the first quarter of the year. It was the 19th quarter in a row of positive industrial space absorption for the region.

Kenosha County alone absorbed 1.8 million square feet of industrial space. Besides the Amazon project, other notable industrial real estate developments in the county include 742,000 square feet of space for the Niagara Bottling and Kenall Manufacturing facilities.

The region’s industrial space vacancy rate fell to 4.86 percent in the first quarter, down from 6.45 percent in the first quarter of 2014 and 5.82 percent in the fourth quarter of 2014.

First quarter industrial space vacancy rates and absorption by county:

* Kenosha: 2.63 percent, 1.8 million square feet
* Milwaukee: 7.56 percent, 597,568 square feet
* Washington: 3.87 percent, 144,535 square feet
* Racine: 3.46 percent, 125,241 square feet
* Waukesha: 3.34 percent, 111,520 square feet
* Sheboygan: 3.14 percent, 10,464 square feet
* Walworth: 2.6 percent, -28,700 square feet

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