Region’s industrial market absorbed 1.4 million square feet in Q3

The strong run for the southeastern Wisconsin industrial real estate market continued in the third quarter. The region’s industrial real estate market absorbed 1.4 million square feet of space in the quarter, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin (CARW).

It was the 14th consecutive quarter of positive absorption for the region’s industrial real estate market. The region has absorbed 16 million square feet of industrial space since the second quarter of 2010.

“The industrial growth trend for the Milwaukee market has continued to climb,” said Joe Doyle of Xceligent.

The largest absorption of industrial space during the quarter was by PM Plastics, which leased 285,000 square feet of space at 700 N. Shore Dr. in Hartland, according to the report. Dave Hazenfield and Sam Dickman Jr. of The Dickman Company Inc. brokered the deal for the property owner.

The region’s industrial space vacancy rate fell from 6.7 percent in the second quarter to 6.0 percent in the third quarter, according to the report.

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