According to a recent report by Boston-based Colliers International, the industrial space vacancy rate in the Milwaukee area increased a bit during the third quarter to 7.57 percent, up from 7.54 percent during the second quarter.
For the nation as a whole, the industrial space vacancy rate was 8.24 percent, down slightly from 8.31 percent in the second quarter and 8.7 percent for the third quarter last year.
“Milwaukee is slightly better than the U.S. average in terms of vacancy rate, but still pretty much in the middle of the pack,” said James T. Barry, III, president and CEO of Colliers Barry, the Milwaukee affiliate of Colliers International.
Nationally, the industrial real estate market had steady demand and an increase in construction during the third quarter, according to the Colliers International report.
"The third quarter held few surprises for the industrial market," said Ross Moore, senior vice president and director of market and economic research at Colliers International. "We anticipated an increase in completions and felt demand would stay strong, despite a slowdown in manufacturing and the overall economy. Rents did increase slightly more than anticipated, but our full-year forecast of a 10-percent increase is now squarely within grasp."