After two quarters of negative absorption, the southeastern Wisconsin industrial real estate market bounced back during the second quarter posting positive absorption of 1.1 million square feet of space, according to the latest market report from
Moody’s and the
Commercial Association of Realtors Wisconsin.
Despite that, the market’s industrial space vacancy rate ticked up from 5.9% in the first quarter to 6.2% in the second quarter.
The highlight of the quarter was the completion of Atlanta-based
WestRock Company’s new $140 million, 593,564-square-foot corrugated box plant in Pleasant Prairie.
Largely because of that deal, Kenosha County led the region with more than 1 million square feet of industrial space absorption during the quarter.
Here’s a breakdown of second quarter industrial space vacancy rates by county:
- Sheboygan, 0.5%
- Walworth, 0.6%
- Waukesha, 1.8%
- Ozaukee, 4.1%
- Washington, 4.5%
- Milwaukee, 8.3%
- Racine, 9.8%
- Kenosha, 11.5%
Here’s a breakdown of second quarter industrial space absorption by county:
- Kenosha: 1,046,222
- Washington: 389,903
- Racine: 255,673
- Waukesha: 48,633
- Sheboygan: 0
- Walworth: 0
- Ozaukee: -302,385
- Milwaukee: -334,694
