Milwaukee area industrial space vacancy rate dips

The Milwaukee area’s industrial space vacancy rate fell during the second quarter of this year from 7.6 percent in the first quarter to 7.3 percent, according to a report by Boston-based Colliers International. The company’s local office is Milwaukee-based Colliers Barry. Milwaukee’s industrial space vacancy late is lower than the national industrial space vacancy rate of 8.23 percent, which is up from 7.98 percent in the first quarter, according to Colliers International.

Boston has the highest industrial space vacancy rate in the nation, at 20.9 percent. Chicago has an industrial space vacancy rate of 8.9 percent. For the next three months, the Colliers International forecast predicts that Milwaukee’s industrial space vacancy rate will decline more and rental rates will increase.

The Milwaukee area’s industrial space is selling at $57 per square foot and has a capitalization rate of 8.15 percent, according to Colliers International.

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