The metro Milwaukee industrial real estate market outperformed the national market during the first quarter of the year, according to the first quarter report from commercial real estate services firm Cassidy Turley.
Out of the 69 industrial real estate markets in the U.S. tracked by Cassidy Turley, Milwaukee ranked 15th in first quarter absorption with 712,000 square feet of space and 5th in all of 2013 with 4.8 million square feet of space. Milwaukee’s industrial space vacancy rate in the first quarter was at 6.1 percent, which ranks 19th.
The national industrial space vacancy rate is 8.3 percent, according to Cassidy Turley.
Metro Milwaukee’s first quarter industrial space absorption exceeded the entire Northeast region’s 338,000 square feet of absorption, according to the report. The Midwest had 9 million square feet of absorption in the quarter.
“Milwaukee continues to outperform the national industrial market and I think that trend will continue for the foreseeable future,” said James T. Barry III, president of Milwaukee-based Cassidy Turley Barry.