The retail real estate market in the Milwaukee metropolitan area softened in the third quarter, with negative absorption of 147,520 square feet and vacancy rates rising to 5.8%, according to the latest market report from the Commerce Association of Wisconsin (CARW). Moody’s. The most notable vacancy during the quarter was the closing of the Piggy Wiggly grocery store in Elmbrook Plaza, 2315 N. 124th St., Brookfield, which vacated 46,000 square feet of space. According to the report, there are currently 16 retail space construction projects underway in southeastern Wisconsin totaling 530,567 square feet, including retail space construction projects in Kenosha, Racine and Walworth counties. It will include 382,520 square feet of space. Below is a breakdown of Q3 retail space vacancy rates by submarket. Kenosha, Racine, Walworth: 3.7% Mequon-Tiensville: 7.7% Milwaukee Central: 8.8% Brookfield and Pewaukee: 8.9% Mayfair-Wauwatosa: 9.8% Milwaukee CBD: 12.3%Milwaukee North Shore: 16.8% Below are by submarket Here’s a breakdown of Q3 retail space absorption: Mayfair-Wauwatosa: 6,191 square feet Milwaukee Central: 3,944 Milwaukee CBD: 608 Mequon-Tiensville: -2,100 Milwaukee North Shore: -31,719 Kenosha, Racine and Walworth: 40,871 Brookfield and Pewaukee: -68,815
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