The industrial market continues to be a major bright spot for the southeastern Wisconsin commercial real estate market.
The region’s industrial space vacancy rate dipped to 7.6 percent during the third quarter, down from 8.1 percent in the second quarter, according to the third quarter market report by the Commercial Association of Realtors Wisconsin (CARW) and Xceligent.
The region’s industrial space vacancy rate has been on a steady decline since it was at 9.2 percent in the third quarter of 2010. The 7.6 percent vacancy rate in the third quarter of this year was the lowest vacancy rate for the region’s industrial market since it was at 7.5 percent in the third quarter of 2008.
The region’s industrial market had positive absorption of 1.28 million square feet of space during the third quarter, the highest amount of industrial space absorbed in the market since the fourth quarter of 2010.