Figures

Milwaukee Industrial Figures Q2 2024

July 11, 2024 10 Minute Read

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‒The vacancy rate decreased by 10 basis points (bps) to 5.8% and the availability rate remained at 6.8%. The average direct asking lease rate increased to $5.23.
‒The market saw 713,673 sq. ft. of positive absorption during Q2 2024. One user project, Sysco’s addition in Jackson, WI contributed 248,010 sq ft. towards positive absorption in Jackson. Additionally, PurposeBuilt Brands moved into 209,053 sq. ft. in the Kenosha submarket.
‒There were three deliveries in Q2 2024, totaling 294,853 sq. ft. Included was one speculative (spec) project totaling 36,843 sq. ft. This quarter’s delivery volume is the lowest it has been since Q1 2018. There are approximately 2.2 million sq. ft. of projects under construction in the market.
‒There was approximately $41.6 million in industrial investment sales volume in Q2 2024
‒Uline listed 602,376 SF for sublease in the Kenosha submarket, and plan to vacant the space in February 2025
‒There were five new leases over 100,000 SF signed this quarter. The largest transaction of the quarter was WestRock, leasing 593,565 sq. ft. at the LogistiCenter in Pleasant Prairie was the largest lease transaction. Of the top five leases by size signed in Q2 2024, four were signed in the Kenosha and Racine submarkets.