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February 2020

Milwaukee Industrial Real Estate Summary: Leases, Sales, and Construction Stats (Q4 2019)

Milwaukee Wisconsin Industrial Commercial Real Estate Report - Ashley Capital

Following suit with most of the country, Milwaukee posted a major turnaround over the last decade in the aftermath of the economic recession in 2007 / 2008. According to US News and World Report, Milwaukee currently has an unemployment rate of 3.1%, which is 0.8% lower than the national average.

Milwaukee is known for precision manufacturing with several major players in the area, such as Harley-Davidson, Johnson Controls, and Rockwell Automation. These companies and others provide the foundation for a strong industrial jobs market and ultimately influences the industrial real estate market in the region.

Ashley Capital compiles the top lease, sales, and under construction project statistics every quarter for Milwaukee’s industrial real estate market. These stats and transaction highlights include: latest property deliveries, net absorption, vacancy rates, cap rates, price / square foot for sales, and much more.

Milwaukee Industrial Real Estate Lease Statistics

Top Milwaukee Industrial Real Estate Lease Statistics

12 Month Deliveries in Square Feet: 2.2 million
12 Month Net Absorption in Square Feet: 993,000
Vacancy Rate: 4.3%
12 Month Rent Growth Rate: -2.1%

Top Milwaukee Industrial Leases (Past 12 Months)

1) Property: 11800 W Burleigh St
Submarket:
Mayfair / Wauwatosa
Leased SF:
298,940
Quarter:
Q2 2019
Leasing Rep:
Phoenix Investors, LLC

2) Property: 4143 N 27th St
Submarket: 
Milwaukee NW
Leased SF:
283,769
Quarter:
Q1 2019
Tenant:
Jonco Industries

3) Property: W210N12800 Gateway Xing
Submarket:
Washington East
Leased SF:
198,766
Quarter:
Q3 2019

4) Property: 6051 S Moorland Rd
Submarket:
SE / Muskego
Leased SF:
192,800
Quarter:
Q1 2019
Tenant: ECM Industries
Tenant Rep: Newmark Knight Frank
Leasing Rep: Cushman & Wakefield

5) Property: 5800 W Donges Bay Rd
Submarket: SW Ozaukee
Leased SF:
168,358
Quarter:
Q4 2019
Tenant:
HB Performance Systems

Milwaukee Industrial Real Estate Sales Statistics

Top Milwaukee Industrial Sales Statistics (Past 12 Months)

Sales Comparables: 253
Average Cap Rate:
8.1%
Average Price/ SF: 
$48
Average Vacancy at Sale: 5.0%

Top Milwaukee Industrial Property Sales

1) Property: FedEx Ground (N96W14849 County Line Rd)
*Rating:
4
Year Built: 
2015
Building SF:
202,950
Vacancy:
0%
Price (PSF): 
$23,460,964 ($116)
Cap Rate: 
5.9%

2) Property: 6051 S Moorland Rd
*Rating:
4
Year Built: 
2019
Building SF:
192,800
Vacancy: 
0%
Price (PSF): 
$18,500,000 ($96)
Cap Rate: 
Not Listed

3) Property: 4625 W Oakwood Park Dr
*Rating: 4
Year Built: Not Listed
Building SF: 250,000
Vacancy: 
0%
Price (PSF): $17,750,000 ($71)
Cap Rate: Not Listed

4) Property: Baptista’s Building (10000 S Franklin Dr)
*Rating:
4
Year Built: 
1996
Building SF:
246,348
Vacancy: 
0%
Price (PSF): 
$17,750,000
Cap Rate: 
Not Listed

5) Property: N15W24983 Bluemound Dr
*Rating: 5
Year Built: 2012
Building SF: 173,000
Vacancy: 
0%
Price (PSF): $15,000,000
Cap Rate: Not Listed

*Rating is 1-5, 5 being the best

Milwaukee Industrial Real Estate Construction Statistics

Milwaukee Industrial Construction Projects Statistics

Properties Currently Under Construction: 10
Total Size in Square Feet:
3,610,128 
Percent of Inventory:
1.7%
Preleased: 92.1%

Top Milwaukee Industrial Projects Under Construction

1) Property: Amazon Fulfillment Center (9700 S 13th St)
Rating*:
4
Building SF:
2,600,000
Stories:
4
Completion:
Q1 2020
Developer/ Owner:
Hillwood Development Corporation

2) Property: Illing Co HQ (W204 N13125 Goldndale
Rating*:
4
Building SF:
248,000
Stories:
Not Listed
Completion:
Q2 2020
Developer/ Owner:
Illing Company Inc

3) Property: Phase II (NW102W 19300 Willow Creek)
Rating*:
3
Building SF:
240,000
Stories:
Not Listed
Completion:
Q1 2020
Developer/ Owner:
Trails AG LLC

4) Property: W226N918 Northmound Dr
Rating*:
4
Building SF:
131,405
Stories:
2
Completion:
Q2 2020
Developer/ Owner:
Briohn Building Corporation

5) Property: Commerce Center East III (15555 W Commerce Center)
Rating*:
3
Building SF:
126,700
Stories:
1
Completion:
Q2 2020
Developer/ Owner:
Interstate Partners

*Rating is 1-5, 5 being the best

Data Sources: Ashley Capital & CoStar