After negative absorption of 263,641 square feet of space during the first quarter, the Milwaukee area retail real estate market improved and posted positive absorption of 115,562 square feet of space during the second quarter, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.
The region’s retail real estate vacancy rate is at 8.4 percent, up from 7.9 percent a year ago, according to the report.
The largest positive absorption during the quarter was from the opening of 266,000 square feet of space at the Mayfair Collection in Wauwatosa, with 185,607 square feet of space absorbed (69.9 percent occupancy).
But the area’s retail real estate market took two big hits during the second quarter with the closing of the 88,495-square-foot American TV store in Brown Deer and the 110,242-square-foot American TV store in Pewaukee.
The largest retail real estate sale of the quarter was DLC Management Corp.’s purchase of the 408,500-square-foot Midtown Center in Milwaukee for $47.1 million.
Second quarter retail space absorption and vacancy rate by county:
– Milwaukee: 85,568 square feet, 8.5 percent
– Racine: 57,206 square feet, 12 percent
– Sheboygan: 25,000 square feet, 10.3 percent
– Ozaukee: 20,791 square feet, 4.2 percent
– Kenosha: 5,315 square feet, 10.3 percent
– Walworth: -1,200 square feet, 10.1 percent
– Washington: -9,061 square feet, 6.9 percent
– Waukesha: -68,058 square feet, 7.1 percent
