During the second quarter of 2015 the southeastern Wisconsin industrial real estate market continued its strong performance, while the region’s office and retail markets were flat posting modest gains, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.
The region’s industrial market absorbed 1.23 million square feet of space in the second quarter, the 20th quarter in a row of positive absorption, and the region’s industrial space vacancy rate dipped slightly to 4.58 percent, according to the report. Rental rates for industrial space in the region appear to be trending “slightly upward,” according to the report.
The region’s office market barely posted positive absorption in the second quarter of 8,613 square feet of space. The office space vacancy rate also remained flat at 20 percent.
The region’s retail market was also flat during the second quarter, posting positive absorption of 53,279 square feet of space and a slight dip in the vacancy rate to 8.3 percent. The New Berlin/Muskego submarket absorbed 52,400 square feet of space during the quarter. The biggest retail lease during the quarter was At Home’s lease of the 100,801-square-foot former Kmart store at 3201 N. Mayfair Road in Wauwatosa.
