industrial report 2015 Q3.pub

Transcription

Third Quarter
2015
Industrial
Market Report
www.mlgcommercial.com I Wisconsin I 414.347.9400
Milwaukee Industrial market enjoys its
consecutive quarter of
positive absorption.
21
st
3rd Quarter 2015 Highlights
Milwaukee Metro
2015 3rd Quarter
Absorption over the Past Year
The third quarter of 2015 was the 21st
consecutive quarter that the Milwaukee
Industrial market posted positive absorption,
with 588,515 SF absorbed. Over the past
year the market has absorbed 6.09 million
SF. Due to the continued positive
absorption, the vacancy rate has dropped
from 5.2% (Q3 14’) to 4.6% (Q3 15’).
Sales activity for the quarter decreased
slightly in comparison to the second quarter,
as 37 industrial properties traded hands with
a total volume of $87.6 million this quarter
down from 55 sales with a volume of $117
million in the second quarter. For the year
the market has experienced 207 industrial
sales with a total transactional volume of
$496 million. For comparison 2014 saw 201
properties trade hands through the 3rd
quarter with a total transaction volume of
$349 million.
Leasing activity for the quarter also
decreased slightly in comparison to the
second quarter, as 82 deals were completed
with a transaction total 1.49 million SF down
from 90 deals with a volume of 2.06 million
SF in the second quarter. For the year the
market has completed 283 leases totaling
5.25 million SF. Again, in comparison,
though the second quarter of 2014 the
market had completed 251 leases totaling
4.3 million SF.
Construction activity picked up for the
quarter. 620,000 SF of new construction or
additions were completed in the quarter.
Currently over 5.5 million SF is either planned
or under construction developments in the
Milwaukee Metro. Over the past year over
5.5 million SF of new construction or
additions have been delivered.
Vacancy
Rate
Average
Asking Rate
Q3 Industrial Market Indicators
Net
Under
construction
Absorption
3Q 2015
Industrial Submarket Statistics
Inventory
(SF)
Available
(SF)
Availability
Rate (%)
Industrial
Vacant (SF)
Vacancy
Rate (%)
Quarterly Net
Absorption (SF)
Milwaukee
Flex
Manufacturing
Whse/Distribution
Total
12,014,313
52,846,573
28,938,695
93,799,581
791,468
3,727,096
5,206,152
9,724,716
6.6%
7.1%
18.0%
10.4%
620,551
2,628,706
2,659,399
5,908,656
5.2%
5.0%
9.2%
6.3%
34,357
(22,167)
(95,315)
(83,125)
16,283,526
37,244,750
17,057,005
70,585,281
976,383
1,450,409
918,782
3,345,574
6.0%
3.9%
5.4%
4.7%
741,627
804,782
642,480
2,188,889
4.6%
2.2%
3.8%
3.1%
30,830
113,814
(4,020)
140,624
1,768,835
22,556,842
4,890,983
29,216,660
639,291
932,976
550,576
2,122,843
36.1%
4.1%
11.3%
7.3%
556,500
736,652
511,365
1,804,517
31.5%
3.3%
10.5%
6.2%
0
19,075
(151,600)
(132,525)
2,195,824
10,650,220
10,730,902
23,576,946
228,195
801,391
197,095
1,226,681
10.4%
7.5%
1.8%
5.2%
40,930
439,391
95,636
575,957
1.9%
4.1%
0.9%
2.4%
25,609
30,805
520,000
576,414
6,553,722
9,214,763
3,492,358
19,260,843
289,477
270,585
664,266
1,224,328
4.4%
2.9%
19.0%
6.4%
227,699
97,380
456,435
781,514
3.5%
1.1%
13.1%
4.1%
26,000
(59,298)
160,000
126,702
2,254,599
9,513,032
2,478,006
14,245,637
63,800
338,000
48,022
449,822
2.8%
3.6%
1.9%
3.2%
63,800
338,000
40,522
442,322
2.8%
3.6%
1.6%
3.1%
0
0
0
0
2,561,864
8,087,633
1,268,762
11,918,259
529,374
412,123
7,000
948,497
20.7%
5.1%
0.6%
8.0%
320,779
392,571
7,000
720,350
12.5%
4.9%
0.6%
6.0%
(1,000)
(38,575)
0
(39,575)
857,633
6,511,865
1,376,730
8,746,228
0
139,550
120,000
259,550
0.0%
2.1%
8.7%
3.0%
82,950
30,000
112,950
0.0%
1.3%
2.2%
1.3%
0
0
0
0
271,349,435 19,302,011
7.1%
12,535,155
4.6%
588,515
Waukesha
Flex
Manufacturing
Whse/Distribution
Total
Racine
Flex
Manufacturing
Whse/Distribution
Total
Kenosha
Flex
Manufacturing
Whse/Distribution
Total
Washington
Flex
Manufacturing
Whse/Distribution
Total
Sheboygan
Flex
Manufacturing
Whse/Distribution
Total
Ozaukee
Flex
Manufacturing
Whse/Distribution
Total
Walworth
Flex
Manufacturing
Whse/Distribution
Total
Grand Total
Some information contained herein has been obtained from third party sources deemed reliable but has not be independently verified by NAI MLG Commercial. NAI MLG Commercial makes no warranties or representation as to the completeness or accuracy thereof. NAI MLG Commercial makes no guarantee about projections, opinions, assumption
or estimates. Occasional corrected or updated information becomes available for both current and historical data thereby invalidating specific comparison to previously issued
reports.
Third Quarter 2015
3Q 2015
Milwaukee Industrial Snapshot
Industrial
Inventory (SF)
Manufacturing
156,625,678
Whse/Distribution 70,233,441
Flex
44,490,316
2015 Q3
271,349,435
2015 Q2
270,390,199
2015 Q1
270,298,788
Total
Available
(SF)
8,072,130
7,711,893
3,517,988
19,302,011
18,968,347
19,136,837
Availability
Rate (%)
5.15%
10.98%
7.91%
7.11%
7.02%
7.08%
Quarterly
Average
Vacancy
Net
Rental Rate
Vacant (SF)
Rate (%) Absorption
(NNN)
(SF)
5,520,432
3.52%
43,654
$ 4.20
4,442,837
6.33%
429,065
$ 4.15
2,571,886
5.78%
115,796
$ 5.27
12,535,155 4.62%
588,515
$ 4.54
12,534,748 4.64%
1,221,395
$ 4.50
13,143,379 4.86%
2,886,716
$ 4.49
Significant Lease Transactions
Property
City
LakeView Corporate Park, Lot 117 Pleasant Prairie
Tenant
U-Line
Size
520,000
Bldg Type
Warehouse
3745-3775 N Richards St
-
78,000
Manufacturing
Brown Deer Business Park Bldg 5 Brown Deer
OTR Wheel & Engineering Inc.
71,778
Warehouse
6600 Washington St
Global Power Systems
53,503
Manufacturing
Milwaukee
West Allis
Significant Sale Transactions
Property
City
LakeView Corporate Park, Lot 118 Pleasant Prairie
Buyer
Alliance Development Corp
Size
411,415
Price
$
22,808,693
Stella and Chewy's
Oak Creek
Lex Oak Creek LP
164,007
$
22,556,242
1300 Lincoln Ave
Waukesha
STORE Master Funding VIII LLC 112,539
$
11,226,100
1400 N 113th St
Wauwatosa
1400 North II LLC
$
4,800,000
196,921
Some information contained herein has been obtained from third party sources deemed reliable but has not be independently verified by NAI MLG Commercial. NAI MLG Commercial makes no warranties or representation as to the completeness or accuracy thereof. NAI MLG Commercial makes no guarantee about projections, opinions, assumption
or estimates. Occasionally corrected or updated information becomes available for both current and historical data thereby invalidating specific comparison to previously issued
reports.
Third Quarter 2015
3Q 2015
Milwaukee Industrial Snapshot
Industrial
*Sales & Leases recorded through 6/30 Some information contained herein has been obtained from third party sources deemed reliable but has not be independently verified by NAI MLG Commercial. NAI MLG Commercial makes no warranties or representation as to the completeness or accuracy thereof. NAI MLG Commercial makes no guarantee about projections, opinions, assumption
or estimates. Occasionally corrected or updated information becomes available for both current and historical data thereby invalidating specific comparison to previously issued
reports.
NAI MLG Commercial
NAI MLG Commercial
1st
3rd Quarter
Quarter 2015
2015
Featured Transactions
9051-9069 N Deerbrook Trl
1100 Maple Ave
Brown Deer
Columbus
Size: 71,778
Size: 61,644
Tenant: OTR Wheel Engineering
Sale Price: $935,000
1801 William St
9151-9181 N Deerbrook Trl
Racine
Brown Deer
Size: 48,400
Size: 31,040
Sale Price: $1,150,000
Tenant: Patterson Medical Supply, Inc.
Why NAI MLG Commercial?
8086 N 76th St
Milwaukee
Size: 29,751
We are the market-leading, full-service commercial
real estate brokerage and property management
company providing exceptional service and
expertise throughout Wisconsin for over twentyfour years. Whether you’re a commercial real
estate buyer, seller, owner, tenant or developer,
NAI MLG Commercial is your ideal partner given
our depth of local market expertise, and our
exceptional access to a world of opportunity
through the NAI Global network.
Sale Price: $700,000
NAI MLG Commercial
NAI MLG Commercial
1st
3rd Quarter
Quarter 2015
2015
Featured
Transactions
New
Listings
Listing Property Name
Type
City
Use
Available
SF
Rate
Contact
Lease
N54 W13901 Woodale Dr
Menomonee Falls Bulk Warehouse
381,293
$3.50 - $6.50
NNN
Travis Tiede
(414) 395-4682
Lease
Large Industrial Property
Stevens Point
Warehouse -Distribution
335,384
$3.50 NNN
Stephen Provancher
(414) 395-4689
Lease
1250-1290 Lincoln Ave
Waukesha
Light Industrial
65,523
$2.50 NNN
Mitchell Starczynski
(414) 395-4692
Lease
8701 W Bradley Rd
Milwaukee
60,500
$4.25 NNN
Stephen Provancher
(414) 395-4689
Lease
Woodgate North
Pewaukee
Flex/R&D
27,390
$4.75 - $8.75
NNN
(414) 395-4692
Lease
W134N5368 Campbell Dr
Menomonee Falls Light Industrial
22,300
$6.00 NNN
Adam Matson
(414) 395-4686
Lease
2323 Corporate Dr
Waukesha
Flex/R&D
16,405
$4.75 - $9.00
NNN
(414) 395-4692
Lease
N8W22350 Johnson Dr
Bldg B
Pewaukee
Flex/R&D
12,865
$4.50 - $9.50
NNN
Brett Garceau
(414) 395-4677
Lease
10950 W Rogers St
West Allis
Light Industrial
11,050
$4.75 - $6.75
NNN
Adam Matson
(414) 395-4686
Lease
Parkview III
Menomonee Falls Flex/R&D
9,325
$4.50 - $8.50
NNN
Brett Garceau
(414) 395-4677
Lease
4430-4432 S Kansas St
Saint Francis
Light Industrial
5,070
$4.25 - $8.25
NNN
Curt Pitzen
(414) 395-4688
Lease
N8W22350 W Johnson Dr
Bldg A
Pewaukee
Flex/R&D
4,665
$4.50 - $8.50
NNN
Brett Garceau
(414) 395-4677
Lease
Wisconsin Ave Business
Center
Pewaukee
Flex/R&D
1,900
$8.84 Gross
Curt Pitzen
(414) 395-4688
Lease
W226N665 Eastmound Dr
Pewaukee
Flex/R&D
1,125
$8.75 NNN
Adam Matson
(414) 395-4686
Sale
1250-1290 Lincoln Ave
Waukesha
Light Industrial
65,523
$900,000
(414) 395-4692
Sale
2100 N Northwestern Ave
West Bend
Manufacturing
63,800
$399,000
Curt Pitzen
(414) 395-4688
Sale
8701 W Bradley Rd
Milwaukee
60,500
$2,150,000
Stephen Provancher
(414) 395-4689
Sale
198 N Harrison St
North Prairie
Light Industrial
56,000
$1,890,000
Adam Matson
(414) 395-4686
Sale
1205 S Grandview Blvd
Waukesha
Light Industrial
45,141
$1,450,000
Barry Chavin
(414) 395-4676
Sale
7026 N Teutonia Ave
Milwaukee
Light Industrial
42,750
$1,070,000
(414) 395-4692
Sale
12100 W Wirth St
Wauwatosa
Light Industrial
37,816
$2,775,000
Stephen Provancher
(414) 395-4689
Sale
W134N5368 Campbell Dr
Menomonee Falls Light Industrial
22,300
$1,500,000
Adam Matson
(414) 395-4686
Sale
1810 S Calhoun Rd
New Berlin
Light Industrial
18,625
$465,000
(414) 395-4692
Sale
530 N 22nd St
Milwaukee
Light Industrial
17,900
$580,000
Curt Pitzen
(414) 395-4688
Sale
17100 W Victor Rd
New Berlin
Light Industrial
16,980
$955,000
Barry Chavin
(414) 395-4676
Sale
4430-4432 S Kansas St
Saint Francis
Light Industrial
Pitzen
12,388
$687,500
www.mlgcommercial.com
I Wisconsin Curt
I 414.347.9400
(414) 395-4688
Third Quarter 2015
Methodology, Definitions & Submarket map
Methodology: The report includes all industrial properties larger than 10,000 SF in with in the 8 county Milwaukee
metro. Excluded from the report are government owned buildings and those buildings considered “special use
industrial”. For reporting purposes incubator space is included with in Flex; bulk warehouse, truck terminals,
warehouse freezer space is included with in Warehouse Distribution; light industrial is included under
Manufacturing.
Leasing Activity: Measured in the amount square footage that is committed to and signed under a lease
obligation for a specific building in a given period of time. It includes direct leases, subleases and renewals of
existing leases. It also includes any preleasing of an under construction building.
Sale Activity: Measured in sales price recorded to the state of Wisconsin. Excluded sales are in bank
foreclosures, bank owned sales, buildings less than 10,000 SF and those considered non arm length.
Inventory: The total square footage of a
building that can be occupied
Available Rate: A measurement expressed as a
percentage of the total amount of available
space divided by the total amount of existing
inventory.
Sheboygan Vacancy Rate: A measurement expressed as a
percentage of the total amount of vacant
space divided by the total amount of existing
inventory.
Washington Net Absorption: The net change in occupied
space over a given period of time. Unless
noted all net absorption figures include both
direct and sublease space.
Waukesha Sources used
Ozaukee Milwaukee Data: Xceligent, CoStar, market
knowledge.
Commentary: Metro Milwaukee
Association of Commerce, Wisconsin
department of revenue, Federal Reserve
Bank of Chicago’s Business Journal,
Biztimes, Journal Sentinel.
Racine Walworth Kenosha Some information contained herein has been obtained from third party sources deemed reliable but has not be independently verified by NAI MLG Commercial. NAI MLG
Commercial makes no warranties or representation as to the completeness or accuracy thereof. NAI MLG Commercial makes no guarantee about projections, opinions,
assumption or estimates. Occasionally corrected or updated information becomes available for both current and historical data thereby invalidating specific comparison to
previously issued reports.
NAI MLG Commercial
Industrial Team
Barry Chavin, SIOR
Stephen Provancher
Principal
Principal
t (414) 395-4676
m (414) 254-9438
t (414) 395-4689
m (262) 271-4440
[email protected]
[email protected]
Vytau Barcas
Anthony Bareta
Vice President
Senior Vice President
t (414) 347-9400
t (414) 395-4675
m (262) 818-5660
m (414) 254-7487
[email protected]
[email protected]
Brett Garceau
Adam Matson, SIOR
t (414) 395-4677
t (414) 395-4686
m (262) 501-8319
m (262) 613-6096
[email protected]
[email protected]
Curt Pitzen
t (414) 395-4688
m (262) 687-1433
Sales Associate
t (414) 395-4692
m (262) 709-6043
[email protected]
[email protected]
Travis Tiede
Vice President
t (414) 395-4682
m (920) 475-8135
[email protected]
Third Quarter
2015
Industrial
Market Report
757 N Broadway, Suite 700
Milwaukee, WI 53202
Tel 414.347 .9400
www.mlgcommercial.com

industrial report 2015 Q3.pub

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