The southeastern Wisconsin industrial real estate market had a positive net absorption of nearly 1.1 million square feet of space and its vacancy rate dipped to 8.2 percent in the first quarter of 2011, according to the first quarter industrial market report from Xceligent and the Commercial Association of Realtors Wisconsin (CARW).
The vacancy rate was an improvement compared to the 8.4 percent vacancy rate in the fourth quarter of 2010 and the 9.3 percent vacancy rate in the first quarter of 2010.
Racine County was the strongest industrial real estate submarket during the first quarter. The Racine County industrial real estate market had 381,566 square feet of positive net absorption, and its vacancy rate is now at 3.9 percent.
Milwaukee County had 801,879 square feet of positive net absorption during the first quarter and its vacancy rate is now at 10.9 percent.
The highest industrial space vacancy rate in the region is 14.2 percent in Ozaukee County.
Sheboygan County had the worst quarter in the region, with negative net absorption of 303,000 square feet.
