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Optimism grows among commercial real estate professionals


For the second year in a row, Milwaukee-area commercial real estate professionals are overwhelmingly optimistic about the state of the marketplace, according to the results of the annual Commercial Association of Realtors Wisconsin member survey.


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November 102014 2:00AM Optimism grows among commercial real estate professionals By Andrew Weiland    --> today's news related articles Last call to register for Friday’s Commercial Real Estate & Development Conference For the second year in a row, Milwaukee-area commercial real estate professionals are overwhelmingly optimistic about the state of the marketplace, according to the results of the annual Commercial Association of Realtors Wisconsin member survey. The 2013 survey showed that CARW members were far more optimistic than in previous years, and the 2014 survey results show that CARW members have grown even more bullish. Asked, “What is your impression of the condition of the current commercial real estate market?” nearly 86 percent of CARW members said “improving,” 12 percent said “flat” and only 2 percent said “weak.” In the 2013 CARW survey, 80 percent of the members said the market was “improving,” 19 percent said it was “flat” and 1 percent said it was “weak.” CARW members are optimistic about 2015When asked, “Do you believe the southeastern Wisconsin commercial real estate market will improve in 2015?” 94.6 percent said “yes” and only 5.4 percent said “no.” CARW president and CEO Tracy Johnson said she was not surprised by the results of the survey. “Business is booming right now,” she said“(CARW members) are very excitedThere's a lot of buzzThey are doing deals everywhereThey're very busy.” CARW members' impression of CRE market condition   2014 2013 2012 2011 2010 Improving 86% 80% 43% 35% 32% Flat 12% 19% 49% 29% 40% Weak 2% 1% 8% 36% 28% The capital markets for commercial real estate also continue to improve, CARW members sayIn the 2014 survey, 77 percent said the capital markets are “improving,” 21.7 percent said they were “flat” and 1 percent said the capital markets are “declining.” In the 2013 CARW survey, 60 percent said the capital markets were “improving” and 40 percent said they were “flat.” The industrial market remains the strongest sector of the southeastern Wisconsin commercial real estate market, based on Xceligent data and the CARW survey resultsIn the 2014 CARW survey, 90.2 percent of respondents describe the region's industrial market as “improving,” 9.8 percent describe it as “flat” and none said it was “declining.” In the 2013 survey, 86.7 percent said the region's industrial market was “improving.” Xceligent data backs up the CARW survey resultsThe region's industrial space vacancy rate fell to 5.53 percent in the third quarter, down from 6.68 percent a year agoThe region's industrial space vacancy rate has been on a steady decline since peaking at 9.75 percent in 2008, during the Great RecessionThe region's industrial real estate market has absorbed 3.3 million square feet of space during the first three quarters of the year and has had 17 consecutive quarters of positive absorption. The long struggling southeastern Wisconsin office real estate market is showing signs of improvement, CARW members sayIn the 2014 survey, 53.3 percent said the region's office market is “improving,” up from 42.7 percent in the 2013 survey, and 41.3 percent said the region's office market was “flat,” down from 53 percent in 2013. Xceligent data also shows some improvement in the region's office real estate marketThe region's office space vacancy rate dipped to 19.09 percent in the third quarter, down from 20.59 percent a year agoThe market absorbed 104,270 square feet of office space during the third quarter and has now absorbed 556,653 square feet of space over the past year. CARW members remain enthusiastic about the region's retail real estate market, but less so than last yearIn the 2014 survey, 70.65 percent of respondents said the region's retail real estate market is “improving,” down from 77.3 percent a year ago, and 29.35 percent said the retail market is “flat,” up from 22.7 percent a year ago. The region's retail real estate market has been hurt this year by the closing of three AMF bowling centers, vacating a total of 135,000 square feet of space, and by the closure of Kmart stores in Hales Corners and Greenfield and a Sears store in RacineSears also plans to close its store at Bayshore Town Center in Glendale. advertisement '); //--> //UsercommentsStatus will be value 1 or 3 //value 1 means that usercomments are activated on the article, //value 3 means that usercomments are locked on the article //If the variable is empty, this means that usercomments are not activated on the article var UsercommentsStatus = '1'; Sign up for our FREE E-NEWSLETTERS today! advertisement '); //--> Biz Videomore » Biz Poll Should retailers be open on Thanksgiving Day?  vote »    POLL SPONSORED BY '); //--> Most Read Most Commented Bucks narrow options for new arena site Matt Levatich named Harley president, CEO Streetcar opponents say they won't turn in enough signatures by Tuesday The law of unintended consequences Walker rolls out first details on budget, announces worker readiness plan City attorney says petition drive might not be able to stop streetcar (2) The law of unintended consequences (2) MADISON - Walker unveils budget plan (2) Self storage facility planned in Brown Deer (1) Streetcar opponents say they won't turn in enough signatures by Tuesday (1) advertisement '); //--> advertisement '); //--> BizTimes.com News E-newsletters Magazine Regional Blogs Multimedia Small Business Directories Events BizExpo About BizTimes Profile Our Staff Contact Us Newsstand Locations Careers Reprints Advertise with BizTimes Media Kit Editorial Calendar Print Advertising Online Advertising Event Sponsorships Custom Publishing Event Management Other Services Contacts Sponsored Content Submit Press Releases News Tip/Story Idea Blogs/Opinions Photos Personnel Directory Listings Events Award Nominations

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