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Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. Email Ralph or call 608-345-2880 to feature your business or properties in CirexNews...

The AI boom is reshaping the Midwest, driving a wave of data center development, straining energy systems, consuming millions of gallons of water — and triggering a new debate over who benefits.

Why it matters: Data centers power the AI boom — but their soaring energy and water demands often go unreported, with unclear benefits for local communities and few permanent jobs created.

•     Data centers used 4.4% of U.S. electricity in 2023 and could consume up to 12% by 2028, per the U.S. Department of Energy.
  
  
•     Data center construction is at an all-time high, increasing 69% year over year from 2023 to 2024, per CBRE, a commercial real estate firm.

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RSK: These articles by Axios hit the nail on the head and why the Midwest including Wisconsin is hot on the data center developers lists.

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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The median asking rent dropped 0.6% year over year to $1,610, the 13th-straight month in which rents have been fairly stable. New tariffs could increase rental demand and hamper rental supply, which would cause rents to rise.

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RSK: And the bad thing about this is no one wins except those who receive the tariffs.

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Madison Lifestyle Office Portfolio comprises 14 Class A properties totaling over 1.7 million square feet of leasable area and an additional 8.3 acres of development land. The portfolio is located on the west side of Madison, Wisconsin.

At the third annual In Business Madison Real Estate & Construction Symposium on April 16, Madison development leaders shared sharp, often candid insights on everything from municipal approval frustrations to post-pandemic office trends and the intensifying pressure on industrial and lab infrastructure. 

In a wide-ranging evening featuring an intimate keynote conversation with developers as well as a discussion among a panel of experts, three themes stood out: the need for local leadership in shaping growth, the demand for flexibility and community engagement, and the increasing complexity of delivering housing and innovation-ready space in a changing economy.

Local developers, local values

During the keynote session, sisters Anne Neujahr Morrison and Sarah Neujahr, both principals of New Year Investments, discussed their development philosophy, shaped by deep roots in Madison and a shared legacy at Urban Land Interests. Their company developed the Ella on East Washington Avenue — a vibrant mixed-use building with 135 income-restricted apartments and several locally owned Black- and women-owned businesses — on the site of the former Ella’s Deli.

Their approach, they explained, is grounded in long-term investment, neighborhood engagement, and design that reflects the city’s character....

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RSK: Mostly the basics that are problems in CRE. The city approval bottleneck is one of the more important ones. A more complete synopsis will be in the May InBusiness Edition...

1200 John Q Hammons Dr Madison, WI	8040 Excelsior Dr Madison, WI	1255 Fourier Dr Madison, WI	8000 Excelsior Dr Madison, WI
8025 Excelsior Dr Madison, WI	8030 Excelsior Dr Madison, WI	8020 Excelsior Dr Madison, WI	1241 John Q Hammons Dr Madison, WI

8150 Excelsior Dr Madison, WI

1289 Deming Way Madison, WI

918 Deming Way Madison, WI

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For over 45 years, The Gialamas Company has brought real estate development, brokerage, leasing and building management expertise to the City of Madison and the State of Wisconsin.

Sublease availability and new construction deliveries continue to decline, creating the conditions for “cautious optimism” in the sector, Cushman & Wakefield says.

Despite economic uncertainty, office demand remained resilient in the first quarter, showing negative absorption in the period but increasing 30% quarter-over-quarter and 48% year over year on a four-quarter rolling total, according to Cushman & Wakefield’s Q1 2025 office marketbeat report released Monday.

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RSK: I hope they are correct. Less new construction is helping lease up those sublease spaces so they might be onto something. Yet, the RTO has not accelerated but remains steady.

Need to sublet extra office space? 

Let our years of experience help you find relief from this excess space and help your bottom line" 

Call Ralph Kamps 608-345-2880

Commercial Space for Lease – Portage

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RSK:The thought of staying on top of Tech and innovation...you must be careful with this one. People get used to certain things especially Techwise...if you change things too often they get out of sync from their habits and will rebel. Just saying to be careful with too many updates and changes...

Event Information
    June 10, 2025
    7am-12pm
    Ideal Builders

Please join us for our breakfast meeting and CE-2 on Tuesday, June 10th 2025 at Ideal Builders, 1406 Emil St Madison. Thanks to our presenting sponsors, Ideal Builders and Yaeger Advisors. The meeting schedule is:

    7 AM Breakfast
    8 AM Yaeger Advisors Presentation
    8:30 AM Ideal Builders Presentation
    9 AM – 12 PM CE-2

Add to your calendar June 10

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Introducing CARW Member Meet-up: A New Way to Connect with CARW
CARW is thrilled to unveil the CARW Member Meet-up, a series of gatherings designed to foster authentic connections within our community. These “meet-ups“ are a low-stress way to bring together small groups of members to share meaningful conversations over lunch, dinner, or even a cup of coffee.   ...Full Story Here

Ken Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop.

The United States ended 2024 with 1,354 fewer retail bank branches than when the year began. The closures are a return to a longstanding trend of banks shrinking their footprints after a pause in 2023.

Banks have long been a staple tenant for strip centers and freestanding retail pads near larger shopping hubs. With plentiful parking and dedicated drive-thrus, both types of retail real estate are coveted, making vacated banks a prime opportunity for tenants and landlords alike.

“The constraint on supply has propped up rents, in some cases higher than they should be,” said Terrison Quinn, managing principal for Southern California at SRS Real Estate Partners. “There’s very limited new supply. ... There`s enough demand out there, and we’re often competing for these boxes.”...   ...Full Story Here

RSK: I have to agree with this. Free standing bank branches usually have a great location, near a shopping center, on a corner, plenty of parking, free standing.Will be lots of compitition for these locations...

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With over 350 experienced real estate professionals, Knight Barry provides exceptional support and service. Visit our website for more information about our 50+ commercial and residential offices throughout Wisconsin, Michigan, and Minnesota.

MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700

Insights

Access the latest quarter commercial real estate results for the U.S. industrial sector. MarketBeat reports analyze quarterly market activity including supply, demand and pricing trends.

Key INDUSTRIAL Takeaways For Q1 2025

• Demand remained resilient in the first quarter despite tariff uncertainty. The U.S. industrial sector continued to absorb space in the first quarter, registering 23.1 million square feet (msf) of positive absorption. This was down from 42.4 msf observed in the fourth quarter but on par with the level absorbed in the same quarter one year ago.
• Vacancy continued to drift higher to 7%. The combination of vacant speculative deliveries and some occupier dispositions caused the U.S. industrial vacancy rate to rise by 30 basis points (bps) to 7%. After remaining historically tight for several straight years, vacancy is now back in line with the historical average—indicative of a more balanced market.
  
• Rent growth continued to moderate. Rising vacancy continues to take some of the pressure off rents. In the first quarter of 2025, rents grew by 4.3% year-over-year (YOY) but were flat quarter-over-quarter (QOQ). Moreover, a rising number of markets reported YOY declines this quarter...

DOWNLOAD REPORT

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RSK: Good report....worth the read. Demans has caught up with construction which has slowed down. All those spec spaces are being filled so vacancy rate should decrease soon.

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With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.

The craft brewing market is in the tank.

Why it matters: The once-thriving industry struggled to stay afloat in 2024 after posting its third consecutive year with negative growth, a trend driven by market saturation and shifts in alcohol consumption, particularly among younger drinkers.

State of play: Craft beer production hit 23.1 million barrels in 2024 — a 4% decline compared to the previous year and the largest drop in industry history outside the pandemic, according to data released Tuesday by the Brewers Association.

• The number of small, independent breweries operating in the U.S. decreased for the first time in 20 years with 501 closures compared to 434 openings...

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RSK: Sad, but there are plenty of options for a craft beer...many are good. Hopefully New Glarus Brewing, Capital Brewing and Wisconsin Brewing will survive the aluminum tariff increases. Was to bad to lose Leinenkugel`s original brewery but many of these old buildings will have a second life.

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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The overall availability rate for U.S. office space stood at 23.3% at the close of the first quarter, marking the third consecutive quarterly decline in availability—a trend not seen since before the pandemic in Q4 2018. Through Q1 2025, U.S. office leasing activity totaled 66.4 million square feet (msf), sitting 17.4% below the pre-COVID annual average of 80.4 million square feet (msf) (2000–2019) and 18.4% below Q1 2024. However, certain markets like San Francisco and Manhattan are up significantly from a year ago. Lending activity picked up, with the first quarter alone seeing approximately $15.7 billion in office loan originations.   ...Full Story Here

RSK: Again, some good news for the office sector but it is a slow return.

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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Consumers are increasingly opting for takeout and drive-thru meals instead of sitting down at restaurants.

That’s according to the National Restaurant Association’s 2024 Off-Premises Restaurant Trends report, which found that nearly 75% of all restaurant traffic now happens off-premises. Gen Z and millennials are leading the way, with two-thirds saying that takeout is “essential” to their lifestyle. Nearly six-in-10 use takeout or drive-thru at least weekly, and more than 60% say they`re ordering off-premises more often than a year ago.

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RSK: Now you know why the footprint for many restaurants is shrinking. Most orders are takeouts except for the higher end establishments. People have slowly stopped preparing meals at home and if they do it is pre-,ade ready to heat n eat ones. Restaurant space is now between 2500 to 5000 sq. ft,

4901 Eastpark Blvd	5201 Eastpark Blvd Madison, WI	2310 Crossroads Dr	5315 Wall St Madison, WI
2801 Crossroads Dr Madison, WI	5325 Wall St Madison, WI	2128 City View Dr Madison, WI	5310 Wall St Madison, WI

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One area of expertise for Investors Associated is first class property management. To keep our properties running smoothly, we focus on the little things with the big picture in mind. Our team is comprised of a group of individuals that oversees the day-to-day operations such tenant retention, lease negotiations and property maintenance costs. Bottom line, if you’re not happy, we’re not happy! Check out our properties today and see why you should lease with us.

2025 Milwaukee Brewers Trip
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Wednesday, May 7, 2025
(10:00 AM - 6:00 PM) (CDT)

Join us for an exciting afternoon of baseball and networking! The 2025 Milwaukee Brewers Trip to American Family Field, will be May 7, 2025. The Brewers will be playing against the Houston Astros. Here are the details:

•     Game Day: May 7, 2025, tickets are located in the Johnsonville Party Deck
  
  
•     Game Time: 12:10pm game against the Houston Astros
  
  
•     Getting There: The bus departs at 10am. We will meet at East Towne Mall old Sears parking lot (behind Culvers). The bus will return right after game.
  
  
•     Cost: $110 per person – includes: Game Ticket & Seat, Coach Bus Transportation, Refreshments, All-You-Can-Eat Lunch Buffet, & Two Beers

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Labor availability, energy costs, and sustainability emerge as key priorities for corporate leaders and site selection consultants

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RSK: The midwest is still the prime location along with the south. A good pipeline of workers and energy plus water resources is the key. WIsconsin better be careful on granting utilities increased rates.

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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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With significant reshoring likely years away, higher prices for imported servers, cooling equipment and power systems could raise development costs in the short term, industry experts say.

Dive Brief:

• Despite an exemption for semiconductor imports, Trump administration tariffs will likely raise data center development costs and could chill investment in the sector, with proposed and under-construction facilities affected more than operating data centers, analysts say.
  
  
• “Any data center buildout where the product is not made in the U.S. is going to be affected,” even as durable inventory stockpiles and long development lead times blunt the financial impact in the near term, said Ashish Nadkarni, group vice president and general manager for worldwide infrastructure research at IDC.
  
  
• The tariffs are also likely to raise prices and worsen supply chain constraints for critical power infrastructure, potentially delaying development and pushing data centers toward more flexible power management solutions, said Tyler Norris, Ph.D candidate at Duke University and co-author of a February report on data center load flexibility.

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RSK: I think there will be a wait and see for a bit until the tariff fiasco works itself out. Others that are already under construction or near finishing will be completed...

ABSTRACT Commercial Real Estate LLC	The Gialamas Company, Inc.	Artis Reit	Key Commercial Real Estate, LLC
Madison Commercial Real Estate LLC	St. John Properties	IA Management, LLC	Wisconsin Commercial Real Estate
Park Towne Realty LLC	Mullins Group, LLC	Crown Commercial	Flad Development & Investment Corp.
Evans Properties, LLC	Keller Real Estate Group		MIG Commercial Real Estate, LLC
First Weber Group, Inc - West Towne	Opitz Realty, Inc.	First Weber Group, Inc - Prairie Du Sac	Peterson Management Company Inc.
The Lenhart Company, Inc	Scott Faust & Associates	Shamrock Real Estate Services, LLC	Targa, Inc
Executive Management, Inc	Stark Commercial - East	Urban Land Interests	Slinde Realty Company
Assist-2-Sell/Pohlkamp & Associates	Berkshire Hathaway Home Services Matson Real Estate	Artisan Graham Real Estate

Hovde & Hovde, Inc

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