The metro Milwaukee retail real estate market showed some improvement during the first quarter with positive absorption of 32,776 square feet of space, according to the latest market report from the
Commercial Association of Realtors Wisconsin (CARW) and
REDIComps.
That’s a noteworthy improvement from the first quarter when the region’s retail real estate market had negative absorption of 60,000 square feet of space.
However the region’s retail real estate vacancy rate increased slightly in the second quarter to 5.6%.
During the second quarter, the largest absorption occurred in the Brookfield and Pewaukee area led by
Crunch Fitness leasing 54,700 square feet to open a fitness center at W. 12575 Capitol Drive in a space formerly occupied by
Xperience Fitness.
Xperience Fitness
last year closed all of its Wisconsin locations.
Chelseas Station, New York-based Crunch Fitness has about 460 locations in 41 states and six countries. It also plans to open fitness centers at 120 E. Sunset Drive in Waukesha and at 6251 S. 27
th St. in Greenfield, which is also a former Xperience Fitness location.
The Milwaukee South submarket had the most negative retail real estate absorption in the second quarter, led by
Twins Furniture vacating 29,000 square feet on South 27
th Street.
Currently, there are 15 retail construction projects in the metro Milwaukee area with a total of 482,600 square feet of space. Year to date construction of nine new retail properties has been completed in the market, with a total of 135,800 square feet, according to the CARW and REDIComps report.
