January 30. 2013 10:00AM - Last modified: January 30. 2013 10:09AM

Milwaukee area industrial vacancy rate lower than national average

The Milwaukee area industrial real estate market’s vacancy rate dipped from 6.6 percent in the third quarter to 6.5 percent in the fourth quarter of 2012, according to the latest market report from Cassidy Turley (the national affiliate for Milwaukee-based Cassidy Turley Barry). The region's industrial space vacancy rate remains well below the national average.

The national industrial space vacancy rate was at 8.9 percent in the fourth quarter. That is the lowest rate in three years, according to Cassidy Turley.

However, the Milwaukee market’s industrial space absorption slowed from a robust 1.579 million square feet in the third quarter to 426,000 in the fourth quarter.

Industrial space rates in the Milwaukee area increased 6.4 percent year-over-year to $4.14 per square foot, triple net, up from $4.01 in the fourth quarter of 2011, according to Cassidy Turley.