The metro Milwaukee industrial real estate market continues to gain strength. During the second quarter the region’s industrial space vacancy rate dipped to 8.0 percent, the lowest level of vacancy since the first quarter of 2004, according to data fro the Commercial Association of Realtors Wisconsin (CARW) and Xceligent. The metro Milwaukee industrial real estate market’s vacancy rate has been steadily decreasing since it spiked at 9.2 percent in the first quarter of 2010.
According to CB Richard Ellis‘ second quarter report, the Milwaukee area’s industrial space vacancy rate was at 9.7 percent during the second quarter, down from 10.4 percent in the first quarter and 10.8 percent in the second quarter of 2010.
“The industrial real estate market in Milwaukee is in solid recovery mode,” the CB Richard Ellis report said.
However, absorption slowed during the second quarter of this year to 446,378 square feet of space after robust absorption of 1.2 million square feet in the first quarter of the year and 1.4 million square feet during the fourth quarter of 2010.
Still, the metro Milwaukee market has had positive net absorption of 3.5 million square feet during the last year.