The southeastern Wisconsin retail real estate market bounced back from a tough ending of 2014 with a strong first quarter, according to the latest Xceligent data.
The region’s retail real estate market had positive absorption of 225,795 square feet of space and the region’s retail space vacancy rate fell to 8.1 percent, down from 9.3 percent in the fourth quarter of 2014.
The region’s largest retail lease in the quarter was Kohler Arts Center leasing 59,470 square feet of space at Sheboygan Plaza. However, the region retail real estate market was hurt by the closing of a 107,115-square-foot JCPenney store at Regency Mall in Racine.
The region’s largest retail space sale in the quarter was Lake Geneva Investors LLC purchase of Geneva Square for $13.15 million.
The Sheboygan County retail market data was boosted by construction work for a Sam’s Club store in the Town of Sheboygan.
First quarter retail real estate vacancy rate and absorption by county:
- Sheboygan: 7.2 percent, 237,293 square feet
- Waukesha: 7.4 percent, 102,139 square feet
- Milwaukee: 7.8 percent, 12,362 square feet
- Ozaukee: 5.4 percent, 4,906 square feet
- Walworth: 10.6 percent, 2,300 square feet
- Kenosha: 8.9 percent, 1,710 square feet
- Washington: 7.8 percent, -27.800 square feet
- Racine: 12.1 percent, -107,115 square feet