MARKET OVERVIEW
The Milwaukee Industrial market, consisting of 366 msf of space in eight counties across Southeastern Wisconsin. For all properties Southeastern Wisconsin posted over 3.04 msf positive while multi-tenant properties had 377,000 sf positive absorption.
The third quarter finished with a vacancy rate of 3.5% for all inventory and 9.6% for multi-tenant properties. The average asking lease rate for Southeastern Wisconsin came in at $5.58 psf NNN. To date, there are 24 properties totaling 6.04 msf of new construction projects throughout the market.
Market Highlights
Kenosha County topped all counties in positive absorption with 1.8 msf resulting from new deliveries of 1.69 msf for Uline. Waukesha was second highest with 727,000 sf positive absorption led by Milwaukee Tool leasing 388,000 sf. No counties had negative absorption but the largest vacancy was US Corrugated vacating 329,000 sf in Milwaukee County.
At the close of Q3 2021 the market had 69 lease transaction with just under 1.7 msf of leasing activity. Thirteen properties were delivered year to date with 2.4 msf. Fifty one properties sold topping $93 million and over 1.9 msf during Q3 2021.
Want to read the full report? Find it here: Click to access 2021-q3-milwaukee-marketreport-industrial.pdf