Milwaukee Market...INDUSTRIAL MARKET REPORT Market Key Statistics 2 Leasing 3 Rent 7 Construction 9 Under Construction Properties 11 Sales 13 Sales Past 12 Months 14 Economy 16 Market

Milwaukee Market

PREPARED BY

Amy Toles

Office Manager

Industrial Market Report

INDUSTRIAL MARKET REPORT

Market Key Statistics 2

Leasing 3

Rent 7

Construction 9

Under Construction Properties 11

Sales 13

Sales Past 12 Months 14

Economy 16

Market Submarkets 18

Supply & Demand Trends 22

Rent & Vacancy 24

Sale Trends 26

Milwaukee Industrial

7/18/2019Copyrighted report licensed to Judson & Associates, S.C. - 981635.

OverviewMilwaukee Industrial

12 Mo Deliveries in SF

672 K12 Mo Net Absorption in SF

(707 K)Vacancy Rate

4.1%12 Mo Rent Growth

3.2%Milwaukee’s proximity to Chicago stunts its ability togenerate demand from national logistics companies. Thisleaves the market reliant on local demand, fromcompanies such as UPS and FedEx and manufacturersthat need to ship finished goods. Overall vacancyremains very healthy, which has been the case for themajority of the current cycle. This supports the steadyrent growth witnessed during this cycle, even if thenumbers don’t necessarily jump off the page. Logistics

construction reigns supreme, and nearly 90% of thenewly delivered square footage in 2017-19 would beclassified as such. Demolitions are almost as common asnew construction, particularly in manufacturing assets,and developers typically avoid construction of largerwarehouses unless they are build-to-suit. Sales volumehas generally risen as the cycle has matured, althoughrising interest rates may reduce the investment appeal ofthis market, which is rooted in high cap rates.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$5.017.1%90,168,770Logistics 10.8% 182,009 0 3,786,419

$5.302.1%114,859,859Specialized Industrial 5.8% 68,551 0 333,000

$6.983.4%40,169,678Flex 6.2% 25,440 0 189,360

$5.464.1%245,198,307Market 7.7% 276,000 0 4,308,779

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

4.5%5.9%0.5%Vacancy Change (YOY) 8.3% 2006 Q1 3.5% 2018 Q3

1,213,4921,026,767(707 K)Net Absorption SF 4,928,374 2007 Q2 (1,953,771) 2010 Q3

2,126,176930,520672 KDeliveries SF 1,881,053 2018 Q2 95,823 2013 Q4

1.3%0.7%3.2%Rent Growth 5.1% 2007 Q1 -2.6% 2010 Q1

N/A$305.5M$397 MSales Volume $483.4M 2015 Q4 $112.4M 2010 Q4


Page 2

LeasingMilwaukee Industrial

Vacancy in the Milwaukee logistics market is slightlylower than the national average, although occupancy isbifurcated. Since almost all construction is build-to-suit,newer properties boast occupancy far stronger than themetro average. Big users may have to go theconstruction route if they require new space, since largespaces are seldom available. Limited spec constructionshould help the market retain stable vacancy, although ahigher proportion of speculative square footage deliveredin 2018 when compared with years past.

Because Milwaukee’s proximity to Chicago hampers thismetro’s ability to generate demand from national logisticscompanies, Milwaukee’s large manufacturing base couldboost logistics demand, insofar as those companies needto ship their finished products and manage the supply ofinputs coming to the metro. Companies such as Briggs &Stratton, a manufacturer of gasoline-powered gardenequipment and the one of the metro’s largest tenantswith over 670,000 SF of logistics space occupied, shouldbenefit from a resurging local and national housingmarket. Slightly edging it out for total SF occupied isFedEx, which occupies over 700,000 SF in threebuildings. Food distributors, such as Sysco, GeneralMills, and US Foods, and 3PLs, including Ryder and

Almo Distributing, round out the list of keystone tenants.

Another source of future demand could come in the formof the newly proposed Foxconn factory, which isexpected to be 20 million SF and employ 13,000 workersonce fully integrated. Foxconn’s new Mt. Pleasantlocation will provide employment opportunities to nearbyresidents in Racine, Kenosha, and Milwaukee County. InDecember 2018 Foxconn purchased an additional 91acres outside its development zone in Sturtevant. Thedomino effect of such a large employer moving to Mt.Pleasant will likely culminate in increases in residential,retail and infrastructure investment and development inthe coming years.

The Port of Milwaukee, owned by the city government, isone of over a dozen intermodal facilities alongWisconsin’s eastern coast. The port handles a variety ofcargo, including bulk commodities, grain, fertilizers andfuel, and is connected to a couple (Union Pacific andCanadian Pacific) of Class I railways. Falling coalvolumes are a headwind brought on by the rise of naturalgas power plants, but the city is improving the roadinfrastructure around the facility to better handle heavymachinery.

NET ABSORPTION, NET DELIVERIES & VACANCY


Page 3


VACANCY RATE

AVAILABILITY RATE


Page 4


12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absorption SF

Milwaukee NW Ind 283,769 0 283,769 0 0 0 283,7694143 N 27th St

Milwaukee SE Ind 153,300 0 153,300 0 0 0 153,300Centerpoint Distribution Center

NE/Menomonee Fall… 157,000 26,000 0 131,000 0 0 131,000N59 W13401 Manhardt Dr

Milwaukee NW Ind 111,725 0 0 0 0 0 111,7256600 N Industrial Rd

Milwaukee NW Ind 134,314 0 0 0 0 0 107,7825800 W Hope Ave

NE/Menomonee Fall… 200,000 75,000 0 0 0 0 100,000W130 N8675 Old Orchard Rd

Milwaukee SE Ind 99,681 0 0 0 0 0 99,681500 W Opus Dr

Milwaukee NW Ind 98,600 0 98,600 0 0 0 98,600Former E.R. Wagner Manufactur…

North/Sussex Ind 192,160 95,570 0 0 0 0 96,590Sussex Corporate Center

Milwaukee SE Ind 112,144 0 0 0 0 0 90,202525 W Marquette Ave

Central Waukesha Ind 214,533 0 0 0 0 0 87,655901 Northview Rd

Milwaukee NW Ind 154,800 82,000 0 0 72,800 0 72,800Milsco Manufacturing

West Allis Ind 230,079 0 0 0 0 0 72,7954503-4699 W Greenfield Ave

North Ozaukee Ind 340,000 0 0 0 0 0 72,391500 N Spring St

Central Waukesha Ind 120,000 0 0 0 0 0 72,000N17W23665 W Bluemound Rd

NE/Menomonee Fall… 146,423 0 0 0 0 0 62,948Lilly Creek Business Park

North Ozaukee Ind 62,661 0 62,661 0 0 0 62,661W60N171 Cardinal Ave

2,811,189 278,570 598,330 131,000 72,800 0 1,775,899Subtotal Primary Competitors

242,387,118 9,880,095 (135,261) (268,527) 203,200 0 (2,482,504)Remaining Milwaukee Market

245,198,307 10,158,665 463,069 (137,527) 276,000 0 (706,605)Total Milwaukee Market


Page 5


TOP INDUSTRIAL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr

4143 N 27th St Milwaukee NW 283,769 Jonco Industries - -Q1 19

6051 S Moorland Rd SE/Muskego 192,800 ECM Industries LLC Newmark Knight Frank Cushman & Wakefield |…Q1 19

5201 International Dr Milwaukee SE 153,300 - - Cushman & Wakefield |…Q4 18

7475 S 6th St * Milwaukee SE 120,000 Independence Corrugated… CBRE Colliers InternationalQ3 18

525 W Marquette Ave Milwaukee SE 112,144 Independence Corrugated - CBREQ3 18

4611 N 32nd St Milwaukee NW 98,600 MilwaukeeWarehouse.co… - CBREQ4 18

900 North St North Ozaukee 81,944 Midwest Assembly, Wareh… - -Q4 18

1700 W Cornell St Milwaukee NW 66,000 Uniti Fiber - The Barry CompanyQ4 18

430 W Grange Ave Milwaukee SE 56,000 Skywest Airlines - Colliers InternationalQ1 19

130-150 W Edgerton Ave Milwaukee SE 54,632 KAT Logistics - CBREQ2 19

3595 N 127th St Brookfield/New Berlin 54,040 - - Founders 3Q3 18

N59 W13401 Manhardt Dr NE/Menomonee Falls 52,224 - - The Dickman Company…Q1 19

305 E Mahn Ct * Milwaukee SE 51,543 Regina USA, Inc. - -Q4 18

7000 S 10th Milwaukee SE 51,000 - - Frontline Commercial R…Q1 19

15775 W Schaefer Ct SE/Muskego 50,549 US Alliance Fire Protection - Founders 3Q2 19

N7W23700 Bluemound Rd * Central Waukesha 50,000 Embedtek - -Q3 18

N7W23750 Bluemound Rd Central Waukesha 49,951 - NAI Pfefferle Interstate PartnersQ2 19

12855 W Silver Spring Dr * NE/Menomonee Falls 48,000 The Anderson Group The Barry Company The Barry CompanyQ4 18

190 W Marquette Ave Milwaukee SE 38,050 - - CBREQ2 19

N60W14521 Kaul Ave NE/Menomonee Falls 37,450 Wastebuilt Solutions LLC - The Dickman Company…Q1 19

600-634 E Vienna Ave Milwaukee East 35,000 - - C.M.K., IncQ3 18

5120 S International Dr Milwaukee SE 35,000 XPO Last Mile, Inc. - The Dickman Company…Q3 19

2855-2885 S Calhoun Rd Brookfield/New Berlin 32,000 - - Luterbach CompaniesQ1 19

2900 S 163rd Brookfield/New Berlin 31,660 GWI Ventures LLC - Founders 3Q3 19

4991 Hron Rd North Washington 30,652 - - The Barry CompanyQ2 19

303 Commerce St Central Waukesha 30,000 Edgar Prager & Sons, Inc. - Newmark Knight FrankQ1 19

N59 W13401 Manhardt Dr NE/Menomonee Falls 26,362 - - The Dickman Company…Q1 19

5333-5349 S Emmer Dr SE/Muskego 26,000 - - Colliers InternationalQ4 18

W130 N8675 Old Orchard Rd NE/Menomonee Falls 25,000 - - The Dickman Company…Q4 18

2151-2153 N Dr Martin Luther King Dr Milwaukee East 25,000 - - C.M.K., IncQ3 18

1327 6th Ave North Ozaukee 25,000 Kleen Test Products - The Dickman Company…Q1 19

5665-5693 S Westridge Dr SE/Muskego 24,000 Graphicolor Printing - CBREQ2 19

2152 S 114th St West Allis 23,504 World Pac - Colliers InternationalQ1 19

4876 6th Milwaukee SE 21,153 Birchwood Snow & Lands… - -Q1 19

N115W19230 Edison Dr Washington East 21,000 - - Newmark Knight FrankQ3 18

2969 N 114th St Mayfair/Wauwatosa 20,500 Foot Bowl LLC - CBREQ1 19

N24W23750 Watertown Rd Central Waukesha 20,000 PTW Auto Glass - 2000 Development Corp.Q1 19

1480 Independence Ave Washington West 20,000 Glenroy Pouch Converting - CBREQ1 19

4965 S Howell St Milwaukee SE 19,570 - - Newmark Knight FrankQ3 19

4410 N 132nd St Brookfield/New Berlin 19,418 - - CBREQ4 18

*Renewal


Page 6

RentMilwaukee Industrial

Rent growth in 2019 continues to show strength. Theturnaround is a change from a stark past that includesseveral years of losses, so rents are still just slightlyabove their prerecession peak. The supply pipeline islight and disruptive speculative construction is rare, soit’s tempting to expect positive, albeit modest, gains over

the forecast period. Still, this is a locally driven marketwith sluggish employment growth, slow populationgrowth, and a long history of falling rents. That, plus thedearth of modern sheds, suggests Milwaukee’s rentgrowth may remain near the bottom of the top 54 metros’in the nation.

MARKET RENT GROWTH (YOY)


Page 7

RentMilwaukee Industrial

MARKET RENT PER SQUARE FOOT


Page 8

ConstructionMilwaukee Industrial

Following a 2017 that saw over 700,000 SF deliveracross the Milwaukee metro, even more square footagehas delivered in 2018. Overall, construction is fairlyspread out across the metro, but is generally a stone’sthrow away from one of the region’s highways, such as I-94 or Route 41. The majority of the new supply is stillbuild-to-suit, and vacancy in buildings delivered since2010 is at about 8% (the vast majority of that vacancy isin properties that delivered from 2016-2018). The largestdeliveries of the cycle include the 400,000 SFCenterPoint warehouse and the 203,000 SF FedExdistribution facility, both in Menomonee Falls. LibertyProperty Trust’s 171,000 SF building in the LibertyCorporate Preserve industrial park is a distant fourth,behind the 215,000 SF warehouse at 901 Northview Rd.The Liberty Corporate Preserve industrial park is leasedto a couple of 3PLs.

This cycle’s construction hotspots include the Pewaukee

Road corridor, which is right next to the WaukeshaAirport. Five buildings with just over 400,000 SF havedelivered there since 2010. Notable tenants in thoserecent deliveries include Staples, an office materialsupplier. Other active areas include New Berlin, OakCreek, and Germantown.

Creative destruction has forged the constructionlandscape as old industrial properties are flattened andreplaced by assets designed for higher and better use. Aprominent example is the demolition of the properties atW. Burleigh Street and Route 45 in Wauwatosa. Thosedemolitions made way for the Mayfair Collection, a high-profile and modern power center with a tenant roster thatincludes Nordstrom Rack, Sacks OFF 5th, DSW ShoeWarehouse, and Carter’s. In 2017, the developers brokeground on the first phase of a 400-unit apartmentcomplex on the site.

DELIVERIES & DEMOLITIONS


Page 9

ConstructionMilwaukee Industrial

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 Milwaukee SE 6 3,301 550,09087.7% 2 48,6242,895 1

2 Central Waukesha 2 345 172,6000% 3 33,5020 3

3 West Allis 3 232 77,1910% 3 38,0960 6

4 SE/Muskego 1 193 192,800100% 1 37,459193 2

5 Milwaukee NW 1 150 150,0000% 3 40,6120 4

6 SW Outlying Milwaukee 1 89 88,6670% 3 32,8920 5

7 Brookfield/New Berlin 0 - -- - 32,760- -

8 Downtown East 0 - -- - 14,100- -

9 Downtown West 0 - -- - 30,310- -

10 Mayfair/Wauwatosa 0 - -- - 92,054- -

All Other 0 - -- 41,673-

Totals 14 4,309 307,77071.7% 40,5763,087


Page 10

Under Construction PropertiesMilwaukee Industrial

Properties

13Square Feet

3,975,779Percent of Inventory

1.9%Preleased

77.7%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Apr-20189700 S 13th St

Amazon2,600,000 4 Feb-2020

Hillwood Development Corporation

Hillwood Development Corporation1

Oct-20189900 S 13th St

Ryan Business Park199,000 1 Oct-2019

-

-2

Jun-20186051 S Moorland Rd

192,800 1 Aug-2019-

-3

Oct-2018610 W Rawson Ave

180,178 - Aug-2019-

-4

Apr-201912111-12255 W Carmen…

150,000 1 Oct-2019Morgan Harbour Construction

Scannell Properties5

Mar-2019140 E Rawson Ave

Building A142,520 1 Oct-2019

-

St. John Properties6

Aug-2018102 W Oakview Pky

132,000 1 Aug-2019HSA Commercial Real Estate

Susanne E Mordja7


Page 11

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D11144313%26ProductMode%3DProperty%26external%3D1







Under Construction PropertiesMilwaukee Industrial

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Apr-20199705 S Oakwood Park Dr

88,667 1 Dec-2019-

-8

Dec-20184775 W Electric Ave

86,574 - Aug-2019-

Interstate Partners9

Feb-201952 W Burnham St

Burnham Business Cent…85,000 1 Aug-2019

-

Able Equipment Company Inc10

Apr-2019100 W Burnham St

Burnham Business Cent…60,000 - Aug-2019

-

Burnham BC LLC11

Mar-2019140 E Rawson Ave

Building B46,840 - Oct-2019

-

St. John Properties12

Jun-2019W226N2952 Duplainville…

12,200 1 Oct-2019-

Briohn Building Corporation13


Page 12







SalesMilwaukee Industrial

Sales volume has picked up steam in recent years. Thesale at 11800 W. Burleigh St. in Wauwatosa helped todrive last years' impressive volume. The 2 million SFwarehouse traded in 18Q1 for $31.25 million ($15.45/SF)between JCPenney Properties and Phoenix Investors,LLC. In February, JCPenney announced plans to closethe distribution and call center amidst a wave of storeclosures and layoffs. Phoenix Investors plans to keepmost of the physical infrastructure as-is, but willrenovate and reposition the asset. Phoenix Investorscited a limited high-end market of available industrialspace coupled with strong workforce demographics asreasons for the acquisition.

Another instigator of increased sales volume is theincrease in portfolio transactions. For instance, in 18Q1 asix property portfolio totaling 425,000 SF sold for about$25 million. The buyer, Milwaukee-based Zilber PropertyGroup, acquired 50% interest in the six industrialproperties (Zilber now has 100% ownership). Thebuildings, all located in New Berlin, ranged from 42,088SF to 127,368 SF, and were fully occupied at the time ofsale. About 25% of Milwaukee's sales volume in 2018 iscomposed of portfolio deals.

.

SALES VOLUME & MARKET SALE PRICE PER SF


Page 13

Sales Past 12 MonthsMilwaukee Industrial

Sale Comparables

273Avg. Cap Rate

8.2%Avg. Price/SF

$40Avg. Vacancy At Sale

6.4%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $54,418 $1,971,725 $900,100 $23,460,964

Price Per SF $3.89 $40 $47 $156

Cap Rate 5.1% 8.2% 8.6% 13.8%

Time Since Sale in Months 0.2 6.5 6.9 11.9

Property Attributes Low Average Median High

Building SF 1,050 44,398 19,999 750,300

Ceiling Height 8' 18'4" 18' 45'

Docks 0 4 2 58

Vacancy Rate At Sale 0% 6.4% 0% 100%

Year Built 1881 1973 1977 2019

Star Rating 2.1


Page 14

Sales Past 12 MonthsMilwaukee Industrial

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 FedEx Ground2015 202,950 0% $23,460,964 $116

N96W14849 County Line Rd5/30/2019 5.9%

-2 N15W24983 Bluemound…2012 173,000 0% $15,000,000 $876/14/2019 -

-3 N102W19400 Willow Cre…2018 162,230 0% $14,100,000 $8712/11/2018 -

-4 Warehouse, Machine Sh…1980 750,300 0% $13,275,000 $18

1100 Milwaukee Ave7/31/2018 9.9%

-5 135-137 W Forest Hill1992 148,405 72.1% $11,700,000 $792/1/2019 -

-6 770 S 70th St- 74,722 0% $9,200,000 $12312/13/2018 -

-7 7475 S 6th St- 120,000 0% $8,600,000 $729/28/2018 8.3%

-8 11400 W Burleigh St- 290,000 70.6% $8,000,000 $285/31/2019 -

-9 4107 W Orchard St1942 225,000 0% $7,900,000 $359/18/2018 -

-10 First Oak Creek Commer…2006 103,132 0% $7,626,935 $74

305 E Mahn Ct4/4/2019 5.1%

-11 W228N2801 Duplainville…- 188,210 0% $7,452,374 $4012/18/2018 8.7%

-12 AGI Fabricators1964 181,692 0% $7,400,000 $41

7000 W Calumet Rd8/28/2018 -

-13 N117W18456 Fulton Dr1990 100,800 0% $7,300,000 $729/28/2018 7.2%

-14 4343 S 6th St1956 108,003 0% $7,100,000 $661/10/2019 -

-15 W277N2837 Duplainville…1999 99,991 0% $6,847,626 $6812/18/2018 8.7%

-16 600 Perkins Dr1993 151,746 0% $6,600,000 $434/30/2019 -

-17 4143 N 27th St1948 283,769 0% $6,100,000 $213/28/2019 -

-18 Oak Creek Commerce C…2007 81,325 0% $6,014,239 $74

7420 S Howell Ave4/4/2019 5.1%

-19 5000 W Electric Ave2003 120,452 0% $5,400,000 $4510/22/2018 8.5%

-20 525 W Marquette Ave1979 112,144 0% $5,300,000 $4712/19/2018 6.5%


Page 15

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D9960237%26ProductMode%3DProperty%26SelectedTab%3Dsale%26external%3D1




















EconomyMilwaukee Industrial

The financial services and professional and businessservices sectors picked up in 2018, but not withoutheadwinds. The low-interest-rate environment ledNorthwestern Mutual to initiate a hiring freeze andannounce layoffs, although it did affirm its commitment tothe metro, citing the $450 million headquarters it hasunderway downtown. JPMorgan Chase and Anchor Bankadded pain to the financial sector, laying off 135 and 140people respectively. Finally, deflationary pressure ishurting grocery stores and food manufacturers. SouthernWisconsin Foods, ConAgra Foods, Piggly Wiggly, Sentry,TreeHouse Private Brands, Tyson Foods, Monsanto, andKraft Heinz announced local layoffs within the past fewyears.

The principal strength of Milwaukee is its low cost ofdoing business, relative to Chicago. Outside of higherwages and rent, Chicago’s high taxes are the primaryculprit for its higher cost of doing business. In 2016, a$225 million tax hike took effect, magnifying thedifference. Corporations responded by moving intoWisconsin, and Kenosha County in particular. GoldStandard Baking is the latest company to cross theborder, despite the fact that locating the property inIllinois makes more sense logistically. The $42 millionfacility could support 300 jobs at full capacity. Othercompanies to move across the border include VoncoProducts and Colbert Packaging, both packaging

companies.

A high density of college-educated workers has fueledthe area’s national concentration of education- andhealthcare-related employment. This does not justinvolve area hospitals and universities but extends tofirms like GE Healthcare, which has 5,900 localemployees who create cutting-edge medicaltechnologies such as million-dollar MRI machines.Manufacturing employment, which makes up 14.3% oflocal jobs (nationally it accounts for only 8.7%), has beena drag on the local economy principally becauseautomation has replaced routine-production workers,although a globalized economy and the rise of off-shoring play a role as well.

Numerous Fortune 1,000 companies headquartered inMilwaukee round out the economic picture. Thesecompanies include Johnson Controls, NorthwesternMutual, Kohl’s, Harley-Davidson, and WEC EnergyGroup. There’s also a notable concentration of financialinstitutions specializing in mutual funds and transactionprocessing, and a number of paper manufacturers,publishers, and printing companies. Milwaukee alsoserves as the headquarters of American Signal Corp.,the Koss Corp., Harken, Lesaffre Yeast Corp., MasterLock, and Manpower.

MILWAUKEE EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

0.00%0.75%0.84%0.31%1.41%0.62%1.6119Manufacturing

0.49%0.14%1.14%0.24%0.86%1.12%0.9149Trade, Transportation and Utilities

0.38%0.25%0.84%0.31%-0.19%-1.09%0.979 Retail Trade

0.35%0.04%0.99%-0.79%1.01%1.06%1.052Financial Activities

0.77%0.44%-0.03%-0.73%0.43%0.69%0.685Government

0.26%0.28%2.06%0.92%3.17%0.10%0.733Natural Resources, Mining and Construction

0.55%0.14%2.12%1.92%2.30%3.06%1.2176Education and Health Services

1.00%0.65%2.61%1.97%2.27%-0.46%1.0128Professional and Business Services

0.56%0.57%0.00%-2.22%-0.91%-1.67%0.813Information

0.61%0.04%2.49%1.89%2.51%2.77%0.883Leisure and Hospitality

0.30%0.06%0.98%1.16%1.30%2.61%1.449Other Services

Total Employment 885 1.0 1.31% 1.56% 0.81% 1.42% 0.32% 0.56%

Source: Oxford Economics

LQ = Location Quotient


Page 16

EconomyMilwaukee Industrial


YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,091,9691,578,123 0.1% 0.6% 0.2% 0.7% 0.1% 0.7%

Households 121,200,578625,149 -0.1% 0.5% 0.2% 0.6% 0% 0.6%

Median Household Income $63,584$62,597 3.5% 3.3% 1.6% 2.2% 4.3% 4.4%

Labor Force 163,304,766825,986 -0.2% 0.9% 0.2% 0.6% 0.3% 0.6%

Unemployment 3.6%2.9% -0.3% -0.3% -0.6% -0.6% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


Page 17

SubmarketsMilwaukee Industrial

MILWAUKEE SUBMARKETS


Page 18


SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 Brookfield/New Berlin 15,004 6.1% 5 0 - - -458 0 0 0% -

2 Central Waukesha 25,629 10.5% 3 2 345 1.3% 2765 0 0 0% -

3 Downtown East 56 0% 25 0 - - -4 0 0 0% -

4 Downtown West 1,334 0.5% 22 0 - - -44 0 0 0% -

5 Mayfair/Wauwatosa 8,193 3.3% 13 0 - - -89 0 0 0% -

6 Milwaukee East 8,493 3.5% 12 0 - - -172 0 0 0% -

7 Milwaukee Near SW 14,197 5.8% 6 0 - - -328 0 0 0% -

8 Milwaukee NW 33,749 13.8% 1 1 150 0.4% 5831 0 0 0% -

9 Milwaukee SE 28,348 11.6% 2 6 3,301 11.6% 1583 3 272 1.0% 1

10 Milwaukee West 10,016 4.1% 9 0 - - -255 0 0 0% -

11 NE/Delafield 9,917 4.0% 10 0 - - -221 0 0 0% -

12 NE/Menomonee Falls 16,244 6.6% 4 0 - - -453 2 214 1.3% 2

13 North Ozaukee 9,513 3.9% 11 0 - - -249 0 0 0% -

14 North Shore 219 0.1% 24 0 - - -4 0 0 0% -

15 North Washington 6,298 2.6% 16 0 - - -165 0 0 0% -

16 North/Sussex 5,466 2.2% 17 0 - - -98 0 0 0% -

17 SE Ozaukee/I-43 Corr 349 0.1% 23 0 - - -8 0 0 0% -

18 SE/Muskego 6,555 2.7% 15 1 193 2.9% 4175 0 0 0% -

19 SW Outlying Milwaukee 5,394 2.2% 18 1 89 1.6% 6164 0 0 0% -

20 SW Ozaukee 3,123 1.3% 20 0 - - -64 0 0 0% -

21 SW/Mukwonago 2,180 0.9% 21 0 - - -72 0 0 0% -

22 Third Ward/Walkers Pt 7,398 3.0% 14 0 - - -134 0 0 0% -

23 Washington East 11,442 4.7% 8 0 - - -301 1 186 1.6% 3

24 Washington West 3,662 1.5% 19 0 - - -80 0 0 0% -

25 West Allis 12,419 5.1% 7 3 232 1.9% 3326 0 0 0% -


Page 19

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=CMA&redirUrl=%2F%23%2Fsearch%2Fdetail%2Fsubmarket%2Ftype%2F0%2Fproperty%2F2%2Fgeography%2F3317%3Fnested%3Dfalse


























SUBMARKET RENT

Growth

Asking Rent

Per SFSubmarketNo.

12 Month Asking Rent Annualized Quarterly Rent

RankRank GrowthRank

1 Brookfield/New Berlin 3.2%13 2.8% 17$5.71 17

2 Central Waukesha 7.7%4 2.7% 18$6.30 2

3 Downtown East 2.7%2 1.6% 21$7.52 24

4 Downtown West 2.3%3 4.2% 4$6.75 25

5 Mayfair/Wauwatosa 2.9%7 0.9% 24$6.02 22

6 Milwaukee East 3.3%20 3.4% 15$5.20 16

7 Milwaukee Near SW 4.3%18 4.2% 3$5.39 10

8 Milwaukee NW 3.7%22 1.6% 22$4.85 12

9 Milwaukee SE 3.6%21 4.7% 1$4.98 14

10 Milwaukee West 4.7%25 4.0% 5$3.70 7

11 NE/Delafield 8.6%8 3.7% 11$5.91 1

12 NE/Menomonee Falls 6.3%12 3.5% 14$5.80 3

13 North Ozaukee 2.7%16 0.8% 25$5.49 23

14 North Shore 4.5%24 3.9% 6$4.54 8

15 North Washington 5.7%23 2.6% 19$4.73 4

16 North/Sussex 5.3%10 3.5% 13$5.87 5

17 SE Ozaukee/I-43 Corr 4.4%1 1.5% 23$8.71 9

18 SE/Muskego 5.2%9 3.7% 12$5.90 6

19 SW Outlying Milwaukee 2.9%6 3.7% 9$6.11 20

20 SW Ozaukee 3.5%15 3.1% 16$5.50 15

21 SW/Mukwonago 4.1%14 3.8% 8$5.65 11

22 Third Ward/Walkers Pt 2.9%11 4.5% 2$5.82 18

23 Washington East 2.9%5 3.7% 10$6.12 21

24 Washington West 3.6%19 2.2% 20$5.21 13

25 West Allis 2.9%17 3.9% 7$5.46 19


Page 20



























SUBMARKET VACANCY & NET ABSORPTION

12 Month Net Absorption

Rank Construct. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 Brookfield/New Berlin 225,968 1.5% -65,412 0.4% 74

2 Central Waukesha 579,296 2.3% -225,564 0.9% 48

3 Downtown East - - -0 0% --

4 Downtown West 146,212 11.0% -(17,251) -1.3% 1621

5 Mayfair/Wauwatosa 2,421,327 29.6% -(1,833,126) -22.4% 2522

6 Milwaukee East 857,036 10.1% -21,711 0.3% 919

7 Milwaukee Near SW 334,282 2.4% -(42,004) -0.3% 1910

8 Milwaukee NW 1,293,129 3.8% -380,495 1.1% 217

9 Milwaukee SE 1,037,458 3.7% 0.3471,992 1.7% 115

10 Milwaukee West 1,027,504 10.3% -(205,233) -2.0% 2420

11 NE/Delafield 27,571 0.3% -4,901 0% 101

12 NE/Menomonee Falls 201,459 1.2% 0.7321,098 2.0% 33

13 North Ozaukee 284,479 3.0% -187,889 2.0% 514

14 North Shore - - -0 0% --

15 North Washington 237,932 3.8% -(107,345) -1.7% 2216

16 North/Sussex 101,516 1.9% -155,551 2.8% 67

17 SE Ozaukee/I-43 Corr - - -0 0% --

18 SE/Muskego 108,069 1.6% -41,208 0.6% 86

19 SW Outlying Milwaukee 137,456 2.5% -(33,332) -0.6% 1711

20 SW Ozaukee 50,840 1.6% -(13,340) -0.4% 145

21 SW/Mukwonago 14,500 0.7% -(14,500) -0.7% 152

22 Third Ward/Walkers Pt 308,686 4.2% -(109,165) -1.5% 2318

23 Washington East 325,609 2.8% -(41,041) -0.4% 1812

24 Washington West 84,063 2.3% -(63,147) -1.7% 209

25 West Allis 354,273 2.9% -(102,942) -0.8% 2113


Page 21


























Supply & Demand TrendsMilwaukee Industrial

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2023 718,857 0.3% 0.3%654,282 1.1252,530,496

2022 773,619 0.3% 0.2%626,514 1.2251,811,639

2021 947,902 0.4% 0.3%747,021 1.3251,038,020

2020 3,419,843 1.4% 1.0%2,454,894 1.4250,090,118

2019 1,920,808 0.8% 0.9%2,126,287 0.9246,670,275

YTD 448,840 0.2% 0.2%601,542 0.7245,198,307

2018 1,247,733 0.5% 0%31,367 39.8244,749,467

2017 668,736 0.3% 0.9%2,235,213 0.3243,501,734

2016 845,006 0.3% 1.0%2,503,722 0.3242,832,998

2015 1,099,984 0.5% 0.2%496,315 2.2241,987,992

2014 (567,908) -0.2% 1.1%2,651,038 -240,888,008

2013 (1,525,965) -0.6% 0%56,788 -241,455,916

2012 (136,099) -0.1% 0.6%1,527,326 -242,981,881

2011 123,896 0.1% -0.1%(272,929) -243,117,980

2010 295,042 0.1% -0.7%(1,761,030) -242,994,084

2009 630,489 0.3% -0.6%(1,428,002) -242,699,042

2008 452,691 0.2% 1.1%2,655,324 0.2242,068,553

2007 1,581,605 0.7% 1.2%2,846,405 0.6241,615,862

SPECIALIZED INDUSTRIAL SUPPLY & DEMAND



2023 50,268 0% -0.1%(134,858) -115,404,512

2022 54,091 0% -0.2%(198,467) -115,354,244

2021 66,275 0.1% -0.3%(380,411) -115,300,153

2020 51,086 0% -0.2%(224,721) -115,233,878

2019 322,933 0.3% 0.7%778,758 0.4115,182,792

YTD 0 0% 0.4%508,283 0114,859,859

2018 (52,659) 0% 0.2%200,033 -114,859,859

2017 67,720 0.1% 0.7%768,381 0.1114,912,518

2016 110,465 0.1% 0.7%814,163 0.1114,844,798

2015 270,140 0.2% -0.3%(345,102) -114,734,333

2014 (310,882) -0.3% 1.1%1,306,682 -114,464,193

2013 (8,800) 0% -0.4%(427,388) -114,775,075

2012 (137,739) -0.1% 0.9%1,013,306 -114,783,875

2011 80,285 0.1% -0.1%(105,099) -114,921,614

2010 150,442 0.1% -0.7%(834,578) -114,841,329

2009 (220,318) -0.2% -0.9%(1,011,551) -114,690,887

2008 (355,304) -0.3% 0.6%707,609 -114,911,205

2007 403,780 0.4% 0.3%320,881 1.3115,266,509


Page 22

Supply & Demand TrendsMilwaukee Industrial

LOGISTICS SUPPLY & DEMAND



2023 637,533 0.7% 0.8%813,974 0.896,636,603

2022 686,057 0.7% 0.9%870,968 0.895,999,070

2021 840,514 0.9% 1.3%1,239,557 0.795,313,013

2020 3,337,441 3.7% 2.8%2,674,242 1.294,472,499

2019 1,366,288 1.5% 1.5%1,352,815 1.091,135,058

YTD 400,000 0.4% 0.3%264,478 1.590,168,770

2018 1,300,392 1.5% -0.3%(253,586) -89,768,770

2017 589,301 0.7% 1.5%1,362,683 0.488,468,378

2016 450,258 0.5% 1.2%1,072,309 0.487,879,077

2015 665,889 0.8% 0.8%709,732 0.987,428,819

2014 (257,026) -0.3% 1.2%1,049,505 -86,762,930

2013 (1,472,432) -1.7% 0.4%342,170 -87,019,956

2012 (41,566) 0% 0.7%598,333 -88,492,388

2011 133,447 0.2% 0.2%162,515 0.888,533,954

2010 142,000 0.2% -1.1%(941,119) -88,400,507

2009 664,550 0.8% -0.5%(433,815) -88,258,507

2008 771,630 0.9% 2.0%1,708,971 0.587,593,957

2007 1,074,240 1.3% 2.5%2,187,924 0.586,822,327

FLEX SUPPLY & DEMAND



2023 31,056 0.1% -0.1%(24,834) -40,489,381

2022 33,471 0.1% -0.1%(45,987) -40,458,325

2021 41,113 0.1% -0.3%(112,125) -40,424,854

2020 31,316 0.1% 0%5,373 5.840,383,741

2019 231,587 0.6% 0%(5,286) -40,352,425

YTD 48,840 0.1% -0.4%(171,219) -40,169,678

2018 0 0% 0.2%84,920 040,120,838

2017 11,715 0% 0.3%104,149 0.140,120,838

2016 284,283 0.7% 1.5%617,250 0.540,109,123

2015 163,955 0.4% 0.3%131,685 1.239,824,840

2014 0 0% 0.7%294,851 039,660,885

2013 (44,733) -0.1% 0.4%142,006 -39,660,885

2012 43,206 0.1% -0.2%(84,313) -39,705,618

2011 (89,836) -0.2% -0.8%(330,345) -39,662,412

2010 2,600 0% 0%14,667 0.239,752,248

2009 186,257 0.5% 0%17,364 10.739,749,648

2008 36,365 0.1% 0.6%238,744 0.239,563,391

2007 103,585 0.3% 0.9%337,600 0.339,527,026


Page 23

Rent & VacancyMilwaukee Industrial

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2023 113 0.3% 7.1%$5.79 11,474,916 4.5% 0%

2022 112 0.8% 6.8%$5.77 11,408,454 4.5% 0%

2021 112 1.2% 6.0%$5.73 11,260,048 4.5% 0.1%

2020 110 2.2% 4.7%$5.66 11,057,232 4.4% 0.3%

2019 108 2.4% 2.4%$5.54 10,088,475 4.1% -0.1%

YTD 106 1.0% 1.0%$5.46 10,158,665 4.1% -0.1%

2018 105 3.9% 0%$5.41 10,311,367 4.2% 0.5%

2017 101 2.1% -3.8%$5.20 9,104,501 3.7% -0.7%

2016 99 1.3% -5.7%$5.10 10,670,978 4.4% -0.7%

2015 98 1.5% -6.9%$5.03 12,329,694 5.1% 0.2%

2014 97 1.1% -8.3%$4.96 11,726,025 4.9% -1.3%

2013 96 0.4% -9.3%$4.91 14,944,971 6.2% -0.6%

2012 95 0% -9.6%$4.89 16,527,724 6.8% -0.7%

2011 95 -1.8% -9.6%$4.89 18,191,149 7.5% 0.2%

2010 97 -1.8% -7.9%$4.98 17,794,324 7.3% 0.8%

2009 99 -1.2% -6.2%$5.07 15,738,252 6.5% 0.8%

2008 100 0.2% -5.0%$5.14 13,679,761 5.7% -0.9%

2007 100 0.6% -5.2%$5.13 15,882,394 6.6% -0.6%

SPECIALIZED INDUSTRIAL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 118 0.5% 11.9%$5.77 3,577,443 3.1% 0.2%

2022 118 1.0% 11.4%$5.75 3,391,528 2.9% 0.2%

2021 116 1.7% 10.3%$5.69 3,138,530 2.7% 0.4%

2020 114 3.2% 8.4%$5.60 2,691,150 2.3% 0.2%

2019 111 5.0% 5.0%$5.42 2,414,203 2.1% -0.4%

YTD 108 2.6% 2.6%$5.30 2,361,889 2.1% -0.4%

2018 106 5.6% 0%$5.16 2,870,172 2.5% -0.2%

2017 100 2.4% -5.3%$4.89 3,122,864 2.7% -0.6%

2016 98 0.6% -7.6%$4.77 3,823,525 3.3% -0.6%

2015 97 1.1% -8.2%$4.74 4,527,223 3.9% 0.5%

2014 96 0% -9.2%$4.69 3,911,981 3.4% -1.4%

2013 96 0.2% -9.2%$4.69 5,529,545 4.8% 0.4%

2012 96 1.0% -9.4%$4.68 5,110,957 4.5% -1.0%

2011 95 -1.8% -10.2%$4.63 6,262,002 5.4% 0.2%

2010 96 -2.7% -8.6%$4.72 6,076,618 5.3% 0.9%

2009 99 -0.8% -6.0%$4.85 5,091,598 4.4% 0.7%

2008 100 -0.1% -5.2%$4.89 4,300,365 3.7% -0.9%

2007 100 -0.1% -5.1%$4.90 5,363,278 4.7% 0.1%


Page 24

Rent & VacancyMilwaukee Industrial

LOGISTICS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 113 0.2% 5.9%$5.27 6,209,280 6.4% -0.2%

2022 113 0.6% 5.7%$5.26 6,384,125 6.7% -0.2%

2021 112 1.0% 5.0%$5.23 6,567,617 6.9% -0.5%

2020 111 2.0% 4.0%$5.17 6,964,884 7.4% 0.5%

2019 109 2.0% 2.0%$5.07 6,299,022 6.9% -0.1%

YTD 107 0.7% 0.7%$5.01 6,438,339 7.1% 0.1%

2018 107 3.5% 0%$4.98 6,302,817 7.0% 1.6%

2017 103 2.2% -3.3%$4.81 4,758,339 5.4% -0.9%

2016 101 2.1% -5.4%$4.71 5,531,721 6.3% -0.7%

2015 99 2.2% -7.3%$4.61 6,153,772 7.0% -0.1%

2014 97 2.5% -9.4%$4.51 6,197,615 7.1% -1.5%

2013 94 -0.8% -11.6%$4.40 7,504,146 8.6% -1.9%

2012 95 -0.5% -10.9%$4.44 9,318,748 10.5% -0.7%

2011 95 -1.5% -10.5%$4.46 9,958,647 11.2% 0%

2010 97 -0.8% -9.1%$4.52 9,987,715 11.3% 1.2%

2009 98 -2.3% -8.3%$4.56 8,904,596 10.1% 1.2%

2008 100 -0.4% -6.2%$4.67 7,806,231 8.9% -1.2%

2007 100 -0.3% -5.8%$4.69 8,743,572 10.1% -1.4%

FLEX RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 102 0.2% -0.7%$7.07 1,688,193 4.2% 0.1%

2022 102 0.5% -0.9%$7.05 1,632,801 4.0% 0.2%

2021 102 0.5% -1.4%$7.02 1,553,901 3.8% 0.4%

2020 101 0.4% -1.9%$6.99 1,401,198 3.5% 0.1%

2019 101 -2.3% -2.3%$6.96 1,375,250 3.4% 0.6%

YTD 101 -2.0% -2.0%$6.98 1,358,437 3.4% 0.5%

2018 103 1.2% 0%$7.12 1,138,378 2.8% -0.2%

2017 102 1.1% -1.2%$7.03 1,223,298 3.0% -0.2%

2016 100 1.5% -2.3%$6.95 1,315,732 3.3% -0.9%

2015 99 0.9% -3.8%$6.85 1,648,699 4.1% 0.1%

2014 98 1.2% -4.6%$6.79 1,616,429 4.1% -0.7%

2013 97 2.6% -5.7%$6.71 1,911,280 4.8% -0.5%

2012 95 -1.2% -8.2%$6.54 2,098,019 5.3% 0.3%

2011 96 -2.4% -7.0%$6.62 1,970,500 5.0% 0.6%

2010 98 -1.6% -4.7%$6.78 1,729,991 4.4% 0%

2009 100 -0.4% -3.2%$6.89 1,742,058 4.4% 0.4%

2008 100 1.7% -2.8%$6.92 1,573,165 4.0% -0.5%

2007 98 3.7% -4.5%$6.80 1,775,544 4.5% -0.6%


Page 25

Sale TrendsMilwaukee Industrial

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2023 -- - -- 148- $48.99 8.8%

2022 -- - -- 146- $48.28 8.8%

2021 -- - -- 144- $47.57 8.8%

2020 -- - -- 142- $47.02 8.7%

2019 -- - -- 140- $46.08 8.6%

YTD $191.3 M126 2.3% $37.93$1,989,332 1387.4% $45.58 8.5%

2018 $448.1 M292 5.5% $39.39$2,082,719 1378.4% $45.24 8.5%

2017 $388.6 M272 4.7% $39.31$1,880,097 1279.2% $42.00 8.5%

2016 $396.4 M271 4.6% $36.69$1,650,641 1228.1% $40.28 8.6%

2015 $483.4 M302 6.0% $34.86$1,832,863 1177.8% $38.54 8.7%

2014 $312.7 M230 3.9% $34.11$1,501,211 1118.4% $36.65 8.9%

2013 $288.5 M233 4.0% $30.73$1,340,757 1058.9% $34.63 9.0%

2012 $217.6 M250 3.5% $29.61$1,076,831 10210.4% $33.55 9.2%

2011 $208.0 M170 2.7% $31.89$1,329,075 977.8% $32.09 9.4%

2010 $112.4 M137 1.5% $31.44$863,184 9410.9% $31.18 9.7%

2009 $144.9 M145 2.4% $25.59$1,041,218 928.1% $30.23 10.0%

2008 $239.4 M189 2.7% $37.77$1,314,473 1008.3% $33.01 9.6%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

SPECIALIZED INDUSTRIAL SALES





2023 -- - -- 154- $48.24 8.7%

2022 -- - -- 151- $47.47 8.7%

2021 -- - -- 149- $46.66 8.7%

2020 -- - -- 146- $45.91 8.6%

2019 -- - -- 142- $44.57 8.5%

YTD $68.3 M45 2.1% $32.43$2,009,863 139- $43.53 8.5%

2018 $151.0 M117 4.3% $34.15$1,677,984 1378.5% $43.09 8.4%

2017 $150.8 M111 4.0% $39.58$1,816,481 1278.9% $39.85 8.5%

2016 $150.7 M113 3.9% $34.59$1,489,282 1219.6% $38.05 8.5%

2015 $209.8 M116 5.6% $34.75$1,924,866 1167.1% $36.40 8.6%

2014 $113.2 M83 2.7% $37.40$1,490,056 1118.2% $34.69 8.8%

2013 $121.5 M91 3.7% $29.28$1,412,943 1048.9% $32.77 9.0%

2012 $90.0 M101 3.8% $22.42$1,056,796 10110.4% $31.76 9.1%

2011 $96.6 M81 3.2% $26.41$1,207,631 976.5% $30.40 9.4%

2010 $68.8 M62 2.1% $29.91$1,158,486 9410.6% $29.56 9.6%

2009 $76.5 M63 2.3% $29.74$1,233,423 929.9% $28.78 10.0%

2008 $88.5 M75 2.4% $35.16$1,246,156 1008.7% $31.36 9.5%




Page 26

Sale TrendsMilwaukee Industrial

LOGISTICS SALES





2023 -- - -- 148- $47.89 8.8%

2022 -- - -- 146- $47.26 8.8%

2021 -- - -- 144- $46.65 8.8%

2020 -- - -- 143- $46.22 8.7%

2019 -- - -- 140- $45.44 8.6%

YTD $107.8 M59 3.0% $43.38$2,395,670 1396.4% $45.09 8.5%

2018 $221.4 M114 7.1% $41.83$2,872,944 1397.6% $44.91 8.5%

2017 $179.8 M114 5.8% $40.36$2,038,844 1289.4% $41.44 8.5%

2016 $188.2 M113 6.2% $36.57$1,980,803 1238.1% $39.74 8.6%

2015 $231.7 M147 7.7% $35.89$1,880,770 1178.3% $37.94 8.7%

2014 $144.8 M104 5.5% $30.91$1,539,452 1118.7% $35.99 8.9%

2013 $129.1 M107 4.9% $30.39$1,288,767 1059.0% $33.99 9.1%

2012 $91.9 M110 3.3% $37.19$1,057,619 10210.0% $32.95 9.2%

2011 $97.5 M70 2.9% $38.58$1,543,455 978.3% $31.50 9.5%

2010 $30.1 M62 1.1% $32.73$508,287 94- $30.56 9.7%

2009 $52.4 M63 3.0% $19.59$870,390 918.2% $29.58 10.1%

2008 $96.9 M73 3.1% $36.87$1,365,258 1007.5% $32.41 9.6%



FLEX SALES





2023 -- - -- 137- $53.60 9.0%

2022 -- - -- 135- $52.89 9.0%

2021 -- - -- 134- $52.26 9.0%

2020 -- - -- 133- $52.02 8.9%

2019 -- - -- 133- $51.90 8.8%

YTD $15.2 M22 1.2% $33.58$872,671 13510.9% $52.58 8.7%

2018 $75.7 M61 5.0% $45.60$1,573,946 1338.9% $52.16 8.6%

2017 $58.0 M47 4.2% $35.78$1,631,826 1268.6% $49.41 8.6%

2016 $57.6 M45 3.3% $44.16$1,308,182 1227.3% $47.86 8.6%

2015 $41.9 M39 3.8% $30.46$1,302,173 1186.0% $46.01 8.7%

2014 $54.6 M43 4.0% $37.60$1,428,923 1127.5% $43.76 8.9%

2013 $37.9 M35 2.7% $38.32$1,300,580 1068.6% $41.38 9.0%

2012 $35.7 M39 3.0% $41.34$1,188,029 10211.5% $40.04 9.2%

2011 $13.9 M19 1.1% $41.28$1,037,502 98- $38.26 9.4%

2010 $13.5 M13 0.9% $38.01$1,209,673 9511.2% $37.20 9.7%

2009 $16.0 M19 1.1% $38.38$943,159 926.0% $35.85 10.1%

2008 $54.0 M41 3.0% $45.25$1,345,592 1007.9% $39.07 9.6%




Page 27

Documents

Milwaukee Market...INDUSTRIAL MARKET REPORT Market Key Statistics 2 Leasing 3 Rent 7 Construction 9 Under Construction Properties 11 Sales 13 Sales Past 12 Months 14 Economy 16 Market