Madison Market Recap 2017 Q3

Transcription

1 Madison Market Recap 2017 Q3 INDUSTRIAL OFFICE RETAIL NAI MLG COMMERCIAL S BILTMORE LANE, SUITE 117, MADISON, WI MLGCOMMERCIAL.COM

2 M A D I S O N, W I Market Recap 2017 Q3 Office Market Stats Submarket Inventory (SF) Available (SF) West Available (%) Vacant (SF) Vacant (%) Quarterly Absorbtion (SF) YTD Absorbtion (SF) A 443,795 10, % 7, % 15,000 60,000 B 1,168, , % 73, % 39,477 C 1,011,053 76, % 60, % 4,661 44,531 Far West Total 2,623, , % 142, % 19, ,008 A 2,700, , % 108, % 22,591 29,197 B 2,096, , % 262, % 58,247 14,767 C 263,001 33, % 25, % 6,637 6,815 East Total 5,060, , % 396, % 87,475 50,779 A 771,454 55, % 33, % 8,472 4,362 B 1,240, , % 165, % 26,325 6,902 C 536, , % 104, % 17,911 8,600 Downtown Total 2,548, , % 302, % 35,764 19,864 A 1,714, , % 111, % 31,882 23,889 B 1,665, , % 109, % 10,050 9,596 C 476,551 52, % 42, % 5,859 8,234 South Total 3,855, , % 262, % 47,791 41,719 A 512,912 44, % 25, % B 1,015, , % 61, % 7,422 17,455 C 207,025 11, % 1, % 800 3,277 Total 1,735, , % 88, % 6,622 20,732 Grand Total 15,823,782 1,642, % 1,192, % 112, ,102 Madison, Wisconsin Page 2

3 Madison Office Trends 300, , ,000 (100,000) Historical Vacancy Rate & Net Absorption Absorption Vacancy 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Historical Vacancy Rates by Class 15.00% A B C 12.00% 9.00% 6.00% 3.00% 0.00% 250, , , ,000 50,000 (50,000) (100,000) Historical Net Absorption by Class A B C Madison, Wisconsin Page 3

4 M A D I S O N, W I Market Recap 2017 Industrial Market Stats Submarket Inventory (SF) Available (SF) Northeast Q3 Available (%) Vacant (SF) Vacant (%) Quarterly Absorbtion (SF) YTD Absorbtion (SF) Warehouse/Distribution 7,179, , % 130, % 53,000 78,466 Flex 837,483 32, % 28, % 11,988 Light Industrial 3,250,909 43, % 33, % 236, ,457 Northwest Total 11,267, , % 192, % 183, ,911 Warehouse/Distribution 467, % 0.0% Flex 81,296 28, % 0.0% Light Industrial 1,310, % 0.0% Southeast Total 1,858,896 28, % 0.0% Warehouse/Distribution 2,732,562 89, % 62, % 6,900 28,020 Flex 1,135, , % 128, % 47,692 Light Industrial 2,278,858 28, % 1, % 8,750 28,704 Southwest Total 6,146, , % 192, % 15, ,416 Warehouse/Distribution 1,792, , % 52, % 38, ,539 Flex 1,128, , % 114, % 39,830 Light Industrial 2,813,702 32, % 32, % 385,170 West Total 5,734, , % 199, % 38, ,539 Warehouse/Distribution 1,593,671 51, % 7, % 43,964 35,698 Flex 1,135,680 92, % 23, % 12,097 49,541 Light Industrial 2,386,234 26, % 6, % 23,940 17,690 East Total 5,115, , % 36, % 80, ,929 Warehouse/Distribution 4,922, , % 155, % 5,250 35,970 Flex 1,717, , % 104, % 50,708 94,540 Light Industrial 3,213, , % 0.0% 58, ,699 Central Total 9,853, , % 259, % 103, ,269 Warehouse/Distribution 766, % 0.0% Flex 186,039 14, % 3, % 5,862 Light Industrial 2,963,588 1, % 1, % 5,720 Total 3,916,556 16, % 5, % 11,582 Grand Total 43,893,799 1,588, % 886, % 420,906 1,552,646 Madison, Wisconsin Page 4

5 Madison Industrial Trends Historical Vacancy Rate & Net Absorption 1,200,000 Absorption Vacancy 3.5% 1,000, % 800, % 600, % 400, % 200, % 0.5% (200,000) 0.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Historical Vacancy Rates by Use Whse/Dist Flex Lt Ind 600,000 Historical Net Absorption by Use Whse/Dist Flex Lt Ind 400, ,000 (200,000) Madison, Wisconsin Page 5

6 M A D I S O N, W I Market Recap 2017 Q3 Retail Market Stats Submarket Downtown/Campus Inventory (SF) Available (SF) Available (%) Vacant (SF) Vacant (%) Quarterly Absorbtion (SF) YTD Absorbtion (SF) General 1,237,462 77, % 67, % 32,910 39,467 East Total 1,237,462 77, % 67, % 32,910 39,467 Neighborhood Ctr 830, , % 121, % 9,900 19,756 Reg/Power Ctr 3,120, , % 153, % 4,076 4,076 Conv/Strip Ctr 944,550 68, % 66, % 104 1,947 General 1,349,670 99, % 85, % 3,588 21,735 North Total 6,245, , % 426, % 9,308 39,362 Neighborhood Ctr 198,515 7, % 7, % 3,151 5,903 Reg/Power Ctr 53, % 0.0% Conv/Strip Ctr 162,343 19, % 19, % 4, South Total 414,708 26, % 26, % 7,437 5,273 Neighborhood Ctr 380,028 53, % 11, % 2,199 2,468 Reg/Power Ctr 821,266 31, % 0.0% Conv/Strip Ctr 452,185 19, % 15, % 7,264 3,636 General 397,492 17, % 17, % 1,538 4,020 West Total 2,050, , % 44, % 3,527 5,188 Neighborhood Ctr 1,077,055 96, % 70, % 24,184 26,240 Reg/Power Ctr 1,846,451 6, % 6, % Conv/Strip Ctr 503,373 41, % 4, % 3,797 8,042 General 939, , % 116, % 62,228 81,378 Total 4,366, , % 197, % 34,247 47,096 Grand Total 14,314,847 1,139, % 761, % 18,935 31,818 Madison, Wisconsin Page 6

7 Madison Retail Trends Historical Vacancy Rate & Net Absorption 60,000 40,000 20,000 (20,000) (40,000) (60,000) Absorption Vacancy 5.4% 5.3% 5.2% 5.1% 5.0% 4.9% 4.8% 4.7% 4.6% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Historical Vacancy Rates by Use Conv/Strip Ctr Reg/Power Ctr Free/Gen Nbrhd/Comm Ctr 60,000 40,000 20,000 20,000 40,000 60,000 80,000 Historical Net Absorption by Use Conv/Strip Ctr Reg/Power Ctr Free/Gen Nbrhd/Comm Ctr Madison, Wisconsin Page 7

8 M A D I S O N, W I Market Recap 2017 Q3 Our Methodology Tracked Set Methodology Office: The total square feet of all existing multi tenant office buildings greater than 10,000 SF, excluding medical, government and owner occupied buildings Industrial: The total square feet of all existing single and multi tenant industrial properties greater than 10,000 SF, excluding government buildings Retail: The total square feet of all existing single and multi tenant retail properties, excluding government buildings. 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. Vacancy Rate: A measurement expressed as a percentage of the total amount of vacant space divided by the total amount of existing inventory. Quarterly Absorption: The net change in occupied space over time. Unless noted, all net absorption figures include both direct and sublease space. Available Square Feet: All of the available leasable space within a building, whether it is occupied or vacant, for direct lease or sublease space. Vacant Square Feet: The total of all of the vacant square footage within a building, including both direct and sublease space Sources used: Data: Xceligent Why NAI MLG Commercial? We are the marketleading, fullservice 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. Madison, Wisconsin Page 8

9 Our People Chuck Redjinski Chuck joined NAI MLG Commercial in March 2003 and was promoted to branch manager of the Madison office in October As branch manager Chuck oversees the brokerage operations of the Madison office. He has more than 25 years of commercial real estate experience and a strong knowledge of the Madison market, where he has practiced for the last 21 years ckr@mlgcommercial.com Mitch Quade Mitch s responsibilities include assisting retail clients in the leasing and sale of commercial buildings, as well as land development. Mitch joined NAI MLG Commercial in 2005 as a Real Estate Assistant. In his role, he assisted brokers in all aspects of the commercial real estate industry mdq@mlgcommercial.com Julie Crawford Julie joined NAI MLG Commercial in March 2002 with a primary focus of providing real estate and administrative assistance to the Office, Retail, Industrial and Investment Segments in the Madison market. In March 2015 she accepted a position as Assistant Property Manager in which Julie will work directly with the Senior Property Manager in all aspects of property management, including the daily operations and tenant relations. Madison, Wisconsin Page 9

10 4602 S Biltmore Lane, Suite 117 Madison, WI mlgcommercial.com