219 E Main St, Mount Horeb, WI	5955 McKee Rd, Fitchburg, WI	640 University Ave Madison, WI	704 Williamson St Madison, WI
5955 McKee Rd, Fitchburg, WI	638 University Ave Madison, WI

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Converting malls could create hundreds of thousands of badly needed homes.

Watch the Video here!

Deming Park Building	One Financial Place	Wisconsin Trade Center	Greenway Building
8383 Greenway Madison, WI Brochure	8333 Greenway Blvd Middleton, WI	708 Heartland Trail, Madison, WI	525 Junction Rd, Madison, WI

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Nationwide office visits in March were at some of the highest levels since the onset of the pandemic, according to a new report that coincides with fresh data indicating the vast majority of office landlords are seeing more lease renewals.

March office visits were down just 32.7% compared to March 2019, according to a new Placer.ai report. Only August 2023, which included two more working days than March, and October 2023 featured higher visitation rates, with 31% and 32.2% drop-offs from the March 2019 baseline, respectively.

Miami and New York retained leads in office visit recovery, with respective visit gaps of 14.1% and 17.2% compared to the baseline. The national visit gap year-over-year dropped slightly, from a 36.3% decline in March 2023 to a 32.7% drop in March 2024.

If a company takes space in one of the priciest office buildings on the market, will it actually make their employees come to work more often? The simple answer is yes.

In 25 Manhattan buildings that signed at least three leases for $100 per SF or more last year, foot traffic is approximately 10% higher than the rest of Manhattan’s office stock, according to an analysis by Placer.ai provided to Bisnow. 

The desire to find an office space that employees will want to use has drawn more companies to the most expensive buildings, with 196 Manhattan office leases signed last year at $100 per SF or more, an all-time high, according to JLL. 

The new foot traffic data validates the flight-to-quality narrative that brokers have repeated since the onset of the pandemic.

Highlights:

• According to Placer.AI – a startup that uses cell phone data to analyze foot traffic patterns down to the property level – employee office visits were 31.3% lower than compared to February 2020 and 18.6% higher than February 2023.
  
  
• Perhaps unsurprisingly, among the eleven metros included in Placer’s report, San Francisco’s office recovery has been the most mired with office visits (as of February 2024) 46% lower relative to February 2020. However, relative to February 2023, office visits in San Francisco were 24% higher, which was the second-highest percentage increase (behind Dallas) among those select metros.

• Combining the Placer.AI with Moody’s CRE data indicates that higher employee utilization rates do not necessarily translate into higher office occupancy rates (but typically do when measured over longer time intervals). The measurement period, sample size, long-term nature of office leases are a few obvious factors affecting this relationship – although unquestionably, increased foot traffic in downtowns bodes well for nearby retail establishments and local municipalities.

Good Schools,
Good Neighborhoods:
a critical conversation
about fair housing

Description

Join RASCW and Own It: Building Black Wealth for a transformative seminar that redefines the conventional understanding of Fair Housing. 

Designed for real estate professionals seeking to deepen their understanding beyond surface-level discussions, this seminar offers a unique exploration of Fair Housing through the lens of how history has shaped the current day disparities in homeownership and generational wealth and offers ways we can do better now. 

Coffee with CARW

Join CARW for a morning Coffee Session at the Chase Tower in the first-floor conference room. The session will cover a range of topics from the state of crime in Milwaukee and what property owners and the real estate community can do to ensure tenants and customers are safe.  They will also cover the timeline and details regarding the RNC Convention in Milwaukee July 15-18.

Where:
Chase Tower:
111 East Wisconsin Ave. Milwaukee, WI 53202

When:
Wednesday, May 8th, 2024
8:30 – 9:00am registration, coffee and networking
9:00 – 9:45am  program with City of Milwaukee Law Enforcement and Downtown Patrol

The session is $10 to attend and proceeds support the CARW Foundation.

2814 Perry St, Madison

1909 W Court St, Janesvile

Commerce St, Lake Delton

2202 W Badger Rd, Madison

building for lease Active 2415 N Pleasant View Rd Middleton, WI 53562	building for lease Active 316 W Washington Ave Madison, WI 53703
land for sale Active 4703 Terminal Dr McFarland, WI 53558	Building for sale Active 732 Lois Dr Sun Prairie, WI

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6504 Ronald Reagan Ave, Madison, WI	Madison East Business Center 4602 S Biltmore Ln, Madison, WI	4602 S Biltmore Ln Madison, WI

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Companies leased more Atlanta industrial space to start 2024 than they did the year before, but the uptick in activity wasn`t enough to keep the market`s rising vacancy in check.

The vacancy rate for Atlanta-area industrial space shot up to 8.4% at the end of the first quarter, a steep increase from 5.2% during the same period in 2023, according to new data from Savills.

The wave of freshly vacant warehouse space was driven by the delivery of record levels of construction throughout the past year. Developers finished nearly 6M SF of new warehouses in Metro Atlanta in Q1 and were still underway on 19.8M SF, according to Savills.

“That’s going to be the biggest thing that affects the numbers going forward,” said Cori Nuttal, a principal with Lee & Associates in Atlanta...

A Vietnam court has sentenced real estate tycoon Truong My Lan to death in the country’s largest financial fraud case ever, state media Thanh Nien said

75 Gasser Rd Wisconsin Dells, WI	4711 Farwell St McFarland, WI	808 Industry Rd Sauk City, WI	426 Gammon Pl Madison, WI

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Key takeaways

Chain reaction

Lower interest rates should help lower real estate debt costs and start a chain reaction for a recovery in prices.

Lower borrowing costs

Lower interest rates should, in turn, reduce cap rates, which should result in higher real estate prices.

Future rent growth

Improved tenant confidence and a sharp reduction in new supply should drive rent growth starting next year.

While 2023 was challenging for US commercial real estate (CRE) investors, we believe that it’s “off the floor in 2024,” with real estate poised to start its price recovery sometime in the second half of the year. Think of it as a chain reaction, which starts with fed fund rate reductions. That should help to lower real estate debt costs, which should, in turn, reduce upward pressure on cap rates. An eventual lift in cap rates should drive higher real estate prices.

2 E Mifflin St Madison, WI	22 E Mifflin St Madison, WI	152 W Johnson St Madison, WI	1400 E Washington Ave, Madison, WI
10 W Mifflin St Madison, WI

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