NAI MLG Commercial releases its latest industrial market report. The Milwaukee Industrial market experienced 918,579 SF of positive absorption in the third quarter of 2016, and for the year the market has absorbed 4.3 million SF. The vacancy rate decreased slightly from last quarter, as it is now at 4.19% compared to 4.42% (Q2 ’16) as new speculative construction is beginning to be filled. Since the beginning of the year the vacancy rate has dropped from 4.46% to 4.19%.
With continued absorption, large blocks of available space have become harder to find. Currently, there are only 48 blocks of space available over 100,000 SF with a majority of those blocks being in outdated facilities with lower clear heights, inadequate power or inconvenient freeway access. Five new large blocks came to the market this past quarter which will help alleviate the very tight market and continue to drive positive market absorption in the very near future.
See the complete report here: Milwaukee Industrial Market Report Q3 2016