The southeastern Wisconsin industrial real estate market's vacancy rate rose from about 3.5% in the second quarter to 4.4% in the third quarter, but the market absorbed an additional 359,149 square feet of space during the quarter, according to the latest market report from the
Commercial Association of Realtors Wisconsin.
Year to date the region's industrial real estate market has had more than 1.6 million square feet of positive absorption, according to the report. However, the market's third quarter absorption was down from the approximately 500,000 square feet of industrial space absorption in the second quarter.
There is currently 7.95 million square feet of industrial real estate under construction in the region, according to the report. Kenosha County has the most, by far, at 4.6 million square feet.
Here's a county-by-county breakdown of industrial real estate under construction:
- Kenosha: 4,621,064
- Washington: 1,301,134
- Milwaukee: 857,750
- Waukesha: 659,578
- Racine: 242,520
- Ozaukee: 165,868
- Walworth: 105,750
Here's a county-by-county breakdown of industrial real estate vacancy rates (and total amount of available space):
- Sheboygan: 0.4% (736,699 square feet)
- Walworth: 0.7% (416,840)
- Waukesha: 1.0% (1,659,782)
- Washington: 1.4% (505,113)
- Ozaukee: 1.5% (335,523)
- Milwaukee: 5.4% (10,392,936)
- Racine: 8.4% (3,053,532)
- Kenosha: 10.7% (5,443,642)
Here's a county-by-county breakdown of year-to-date industrial real estate absorption:
- Racine: 626,378 square feet
- Waukesha: 436,149
- Washington: 205,522
- Walworth: 203,450
- Milwaukee: 169,139
- Ozaukee: 94,139
- Sheboygan: -4,625
- Kenosha: -120,304
