In Q3 2024, Walworth County’s industrial real estate market has remained resilient, with low vacancy rates and steady demand. Despite a few new listings, available space is limited, especially in high-demand areas. As lease rates hold steady, Walworth County continues to present strong opportunities for investors and developers alike.
South East Wisconsin Market Summary:
The Industrial market in South East Wisconsin is continuing the trend of strong performance. The vacancy rate of 5.5% can be misleading. A few select markets such as Racine and Kenosha are experiencing higher vacancy due to older building stock and a high concentration of new construction. Vacancy rates in the counties surrounding Milwaukee remains stubbornly low with rates under 1% in some of the areas. This has lead to a surprising increase in new construction during Q3. There are currently 25 tracked projects under construction in the market. A few of these projects remain as speculative projects which will be a welcome addition for companies looking for space. The average lease rate remains essentially unchanged this quarter. The average lease rate has increased by over 6% compared to Q3 2023.
Walworth County market
The Walworth county market remains very healthy for landlords. Expect to see new development coming available on the border of Waukesha County in Mukwonago, East Troy, and Elkhorn. A few buildings have become available in the Whitewater area however not many options exist. Walworth County market update:
- 265 O’Connor Dr, Elkhorn 71,040 Sq Ft SOLD
- 402 Main St, Walworth 87,398 Sq Ft SOLD
- 501 Commercial Ct, Lk Geneva 9,828 Sq Ft For Sale
- 369 Newcomb St, Whitewater 30,500 Sq Ft For Sale