Figures

Milwaukee Industrial Figures Q3 2024

October 9, 2024 10 Minute Read

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‒   The vacancy rate decreased by 20 basis points (bps) to 5.2% and the availability rate decreased 40 bps to 6.4%. The average direct asking lease rate increased to $5.47.
‒   The market saw 649,347 sq. ft. of positive absorption during Q3 2024. MDS Fulfilment leased and moved into 150,000 sq. ft. in Milwaukee. Two user expansion projects including Dreampack in New Berlin and Plas Tech Engineering in Walworth County contributed 75,000 sq ft. towards positive absorption for the quarter.
‒   There were two deliveries in Q3 2024, totaling 75,000 sq. ft. bringing this quarter’s delivery volume to the lowest it has been since Q1 2018. There are approximately 2.8 million sq. ft. of projects under construction in the market.
‒   There was approximately $124.5 million in industrial investment sales volume in Q3 2024.
‒   Vacancy remains higher in submarkets where large spec projects were recently delivered, as tenants slowly fill in space, along with submarkets where users have given up large, older industrial properties. One tenant, GZ Media, moved into 68,750 sq. ft in a new spec building in the Racine submarket this quarter.
‒   There were four new leases over 100,000 sq. ft. signed this quarter. One of the top largest leases signed this quarter was MGS Investments Inc. signing 128,886 sq. ft at N128W20955 Holy Hill Rd, Germantown.