The southeastern Wisconsin retail real estate market showed signs of slight decline during the second quarter of the year, according to the latest market report from
Moody’s and
Commercial Association of Realtors Wisconsin (CARW).
The area’s retail space vacancy rate increased slightly to 5.8% and the market had negative absorption of 21,259 square feet of space during the quarter. Year to date, the market has had negative retail real estate absorption of 99,631 square feet of space, according to the report.
The leasing of 34,400 square feet of retail space for a
Pan-Asia Supermarket store, which is celebrating its grand opening today, in West Allis, was the largest amount of positive absorption for the quarter in the region.
The closing of a 48,700-square-foot
Burlington store in the Brookfield/Pewaukee submarket was the largest amount of negative absorption for the quarter.
There are currently 19 retail real estate construction projects in southeastern Wisconsin, for a total of 544,443 square feet for space, including 384,520 square feet of retail space under construction in Kenosha, Racine and Walworth counties, according to the report.
Here’s a breakdown of second quarter retail space vacancy rates by submarket:
- Waukesha South, 1.8%
- Ozaukee, Washington and Sheboygan, 3.8%
- Waukesha Northwest, 3.8%
- Milwaukee West Allis, 3.9%
- Kenosha, Racine and Walworth, 4.2%
- Mequon-Thiensville, 5.6%
- Milwaukee South, 5.7%
- Milwaukee Northwest, 7.4%
- Brookfield and Pewaukee, 8.1%
- Mayfair-Wauwatosa, 8.5%
- Milwaukee Central, 9.9%
- Milwaukee CBD, 12.4%
- Milwaukee North Shore, 14.2%
Here’s a breakdown of second quarter retail space absorption by submarket:
- Milwaukee West Allis, 34,482
- Milwaukee Northwest, 28,532
- Waukesha South, 10,702
- Kenosha, Racine and Walworth, 4,170
- Waukesha Northwest, 3,658
- Milwaukee CBD, 8,603
- Milwaukee Central, -765
- Milwaukee North Shore, -1,894
- Ozaukee, Washington and Sheboygan, -6,634
- Mequon-Thiensville, -9,174
- Milwaukee South, -15,489
- Mayfair-Wauwatosa, -33,909
- Brookfield and Pewaukee, -43,541
Here’s a breakdown of current retail space construction by submarket:
- Kenosha, Racine and Walworth, 384,520
- Ozaukee, Sheboygan and Washington, 43,809
- Waukesha Northwest, 29,734
- Brookfield and Pewaukee, 21,177
- Milwaukee North Shore, 20,055
- Milwaukee West Allis, 14,500
- Mequon-Thiensville, 9,922
- Milwaukee Central, 7,186
- Milwaukee CBD, 6,312
