Vacancy up but absorption positive for retail market

The Milwaukee area’s retail real estate market had positive net absorption of 185,916 square feet of space during the third quarter, but the vacancy rate rose from 9.3 percent in the second quarter to 9.6 percent, according to the latest market report from Xceligent and the Commercial Association of Realtors Wisconsin (CARW).

The market added 338,606 square feet of new retail space during the quarter, which contributed to the increased vacancy rate. The largest additions were the 150,900-square-foot Target store in the Underwood Crossing development in Brookfield, the 147,806-square-foot Wal-mart store at Timmerman Plaza in Milwaukee and a 39,900-square-foot Wal-mart Neighborhood Market store in Milwaukee.

Third quarter vacancy rates and absorption by county:
Walworth: 2.3 percent vacancy, 0 square feet of absorption
Ozaukee: 4.0 percent, -616 square feet
Kenosha: 5.9 percent, 6,400 square feet
Washington: 8.5 percent, 2,200 square feet
Waukesha: 8.8 percent, 141,714 square feet
Sheboygan: 9.1 percent, -20,637 square feet
Milwaukee: 10.3 percent, 68,871 square feet
Racine: 12.5 percent, -12,016 square feet

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