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Ralph Kamps
"If everyone is thinking the same thing, then no one is thinking."
— Ryan Holiday
Lease Asking Rates March 2026
This Weeks Articles for 3/24/2026 ...
- Despite neighbors’ opposition, Plan Commission backs west side development...
- Plan to demolish downtown building stalled at Planning Commission ...
- New Regent Street redesign proposal prioritizes pedestrians...
- Where Americans Are Moving and What It Means for Real Estate...
- Powell: 'Too Soon To Know' Iran War's Impact As Fed Holds Rates Flat ...
- New York City’s proposed $30 minimum wage would be the highest in the U.S....
- Property Space Markets, Led by Office & Retail, Showing Signs of Stabilization ...
- 2025 Placer.ai Office Index ...
- How Office Designers Are Preparing for an AI-Driven Future...
- Big Boxes Regain Ground in Warehouse Leasing...
- The Comeback of the Mega Distribution Center...
- Data Center Developers Battle For Hearts And Minds For Their Projects ...
- Spec Suites Are Helping Landlords Compete in a Flight-to-Quality Office Market...
- Speed Over Value: How ICE Has Quietly Snapped Up Scores Of U.S. Offices ...
- Study: Most retail workers considering switching careers or industries ...
New Listings
Building for Lease Active
1850 Hoffman St
Madison, WI
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...
Despite neighbors’ opposition, Plan Commission backs west side development
Madison’s west side would gain two mixed-use buildings with 227 new housing units under a proposal that took hours to work through at the Plan Commission’s meeting on Monday.
Located just north of the Beltline off of South Whitney Way, the project would require the demolition of an existing building at 5534 Medical Circle, a conditional use permit to exceed the unit and height limits for the area, and a certified survey map to combine two parcels for a single development.
Nick Orthmann, director of development at Bear Development LLC, urged the commission to approve all three. He argued that the proposal fits in with the West Area plan adopted in 2024, namely its call for complete neighborhoods, affordable housing near schools, and transitioning the area through redevelopment...
...Full Story Here
RSK: The commission would be hard pressed not to approve this project but you need to understand the opposition to it.
The Gialamas Company, Inc.
We offer the experience, quality and service you deserve, but with the personal attention and dedication that only a family business can provide. We’re not just your landlord, we’re partners in your success.
Plan to demolish downtown building stalled at Planning Commission
A Georgia-based developer’s proposal to demolish a 1960s apartment building in downtown Madison has stalled after the city’s Plan Commission neither approved nor denied the proposal, the Wisconsin State Journal reported. Developer Landmark Properties is proposing to demolish Master Hall and several other buildings in the 400 block of West Gilman Street. The developer wants to build a 16-story student housing development. About 10% of the 986 beds proposed would be offered at reduced rents, in accordance with a city zoning incentive that allows developers to build extra stories in exchange for providing lower-cost housing... ...Full Story Here
RSK: Seems to me they are stretching the landmark status.
Madison Lifestyle Office Portfolio
New Regent Street redesign proposal prioritizes pedestrians
The new Regent Street pedestrian-focused proposal increases sidewalk space and emphasizes traffic flow.
The Madison Traffic Commission approved a proposal to redesign Regent Street to prioritize pedestrian experience over expanding bike lane access on March 4.While city engineers emphasized the importance of pedestrian safety on Regent Street based on survey data and a recent pedestrian death, community members and several alders expressed concern for the lack of bike paths on the street.
Project designers met with the Traffic Commission to review the new preferred plan and give feedback to engineers on their proposed redesign of Regent Street between Randall Avenue and South Park Street.
Now, the proposal will move forward to the Madison Common Council.
RSK: Great idea.
Investors Associated
Where Americans Are Moving and What It Means for Real Estate
The latest Census state-to-state migration tables are a reminder that the U.S. housing and tenant-demand story is being driven by a surprisingly small share of movers. Interstate migration remains a thin stream compared with the size of the national population, but it is the stream that often sets the marginal bid for apartments and neighborhood retail in fast-growth metros. When the stream narrows, it does not erase demand; it concentrates it, making a smaller set of markets feel hotter and a larger set feel “stuck,” even when local economies remain healthy.In 2024 roughly seven million Americans moved to a different state, about 2.1 percent of the population age one year and older... ...Full Story Here
RSK: What does this mean for CRE? Follow the inflow populations to those states, but also follow the Cranes for new construction. More inflow means more retail and service needed as well. Madison is still an inlow city.
Madison Commercial Real Estate LLC
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...Full Story Here
Powell: 'Too Soon To Know' Iran War's Impact As Fed Holds Rates Flat
Federal Reserve governors voted to hold interest rates flat in a widely expected decision that was signaled at January's central bank meeting but later complicated by the outbreak of war in the Middle East. It was the second time in two meetings that central bankers opted for no action after shaving 75 basis points off the Fed’s benchmark rate across the last three Federal Open Market Committee meetings of 2025.
RSK: I doubt if this was a surprise to anyone.
Commercial Brokers Group
Breakfast meeting and CE-4 at Vogel
April 16, 2026
7:15 AM
Vogel Bros. Building Co.
New York City’s proposed $30 minimum wage would be the highest in the U.S.
New York City is among four proposals nationwide to raise state or citywide minimum wages in 2026, alongside a new federal bill
New York City proposed new legislation this week that would nearly double the citywide minimum wage — which increased to $17 in January — to $30 an hour by 2030 for large businesses and $29 an hour by 2031 for smaller businesses.
The “30 For Our City” bill, which was proposed by Brooklyn City Council Member Sandy Nurse and is supported by labor leaders, other progressive council members, and New York City Mayor Zohran Mamdani, is currently being considered by City Council.
“The math ain’t mathing,” Nurse said at a press conference in front of City Hall on Tuesday. “The wages aren’t adding up. The wages are too low, and the cost of living is too high.”...
RSK: I think you would see many businesses hanging it up, especially fast food and low margin chains....just too little profit to risk it.
St. John Properties
Property Space Markets, Led by Office & Retail, Showing Signs of Stabilization
Space market fundamentals can differ markedly across property types. Net absorption (demand) and net deliveries (supply) for the four traditional property types (retail, apartments, industrial, and office) highlight the ups and downs of the space markets and can illustrate excess net demand (net absorption less net deliveries) for each sector.
Recent data from CoStar showcase the supply and demand differences across property types. In the fourth quarter of 2025, office and retail were the sectors where demand exceeded supply. For industrial and apartments, net absorption continued to fall short of net deliveries. Signs of stabilization, however, were evident across each of the four traditional property types...
...Full Story Here
RSK: Good report....lots of graphics.
CARW 2025 Events and Resources
Knight Barry Title Group
MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700
2025 Placer.ai Office Index
See the evolution of office foot traffic patterns on a nationwide and regional level.
Despite the deeper December dip, it was the busiest in-office December since COVID-19, suggesting that the slowdown reflects seasonal behavior rather than waning return-to-office momentum. December’s performance varied widely by market, with Miami (-10.9 percent), Dallas (-18.8 percent) and New York City (-19.6 percent) posting the smallest gaps versus 2019, while Chicago lagged at -47.6 percent....
...Full Story Here
RSK:Return to office a bit dependent on the weather....but it is gaining.
Reinhart
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.
How Office Designers Are Preparing for an AI-Driven Future
When AI started dominating workplace conversations a few years ago, the prevailing fear was that it would accelerate the decline of office demand. If AI could automate knowledge work and make employees more productive working from anywhere, the logic went, companies would need less space and fewer reasons to bring people together. The office seemed destined to become even more optional than the pandemic had already made it.
That narrative is proving wrong. Recent research from Gensler found that employees who qualify as AI Power Users actually spend less time working alone and report having stronger team relationships than their peers. Thirty percent of employees now fall into this category, and they’re the ones most embedded in collaborative workflows. AI isn’t eliminating the need for offices. It’s changing what offices need to provide.
RSK: This is an optimistic look at Ai and office space....but I have to agree with it for now.
Colliers|Wisconsin
See All Listings Here...
...Full Story HereBig Boxes Regain Ground in Warehouse Leasing
Demand is increasingly shifting toward inland and lower-cost markets.
Their Large-Format Deals Return report found that those larger deals surged by 32 percent year-over-year, and that third-party logistics providers and manufacturers accounted for almost two-thirds of that. Overall, net absorption totaling 113 million square feet occurred in newer, larger warehouse and logistics facilities, representing 64 percent of the total nationwide.
The report attributes much of that activity to consolidation, as occupiers left multiple smaller, outdated buildings and regrouped into modern Class A facilities with higher clear heights, greater power capacity and updated infrastructure supporting automation and robotics, consistent with broader industrial market trends....
...Full Story Here
RSK: Chicago and the entire Midwest is benefiting from this trend.
Park Towne Realty LLC
The Comeback of the Mega Distribution Center
Demand for the largest warehouses in the U.S. is rising again after several years of slower leasing. Companies signed 146 leases for warehouses larger than 500,000 square feet last year, a jump of more than 30 percent from the year before, according to data cited in a recent logistics report. Tenants, including logistics firms, manufacturers, and companies tied to the data center supply chain, are once again looking for massive distribution facilities after a period when many occupiers paused expansion.
The rebound follows a sharp cooling in the industrial real estate market after the pandemic-era boom. Between 2022 and 2024, developers delivered an enormous wave of new warehouse space, which pushed vacancy rates higher and made tenants more cautious about signing new leases. Some companies also spent several years working through excess inventory that had been stockpiled during supply chain disruptions. As that inventory has normalized and construction activity has slowed, demand is beginning to catch up with supply again...
...Full Story Here
RSK: This just goes to show that industrial demand moves rather quickly.
RASCW Events
ABR Designation Course
with Lynn Madison
Thursday, March 12, 2026 9:00 AM
Friday, March 13, 2026 4:00 PM (CDT)
The Accredited Buyer`s Representative (ABR®) Designation is for real estate buyer`s agents who focus on working directly with buyer-clients at every stage of the home-buying process. With this designation you will receive specialized training, prove your experience, learn advanced strategies to identify buyer needs and preferences, clearly communicate your value, and gain a competitive edge. This course is the first step in earning your designation, the last two steps can be found here: abr.realtor/how-to-earn-your-abr/.
...Full Story Here
Data Center Developers Battle For Hearts And Minds For Their Projects
A groundswell of community opposition to new data centers is forcing
developers to invest in charm offensives to convince local officials
that the asset class can be good for their communities.Doing community outreach is worth it, data center developers said at Bisnow’s Data Center Investment Conference and Expo Southeast. Developers can either enlist community members as advocates or face them as adversaries, said Andre Patrick, vice president of the engineering consulting firm Introba.
Too often, he said, the industry shortchanges community engagement.
“We’ve done a very poor job in that regard,” said Patrick during the March 4 event at the Atlanta Marriott Marquis. “Thus, you see pushback, not just in any single region but throughout the U.S. as a whole.”
RSK: Data centers will be a hard sell in our neck of the woods. Too much environmental and energy backlash that go along with them. SE Wisconsin already has infrastructure in place and that is where the action is happening right now.
Key Commercial Real Estate, LLC
Spec Suites Are Helping Landlords Compete in a Flight-to-Quality Office Market
The office market has become starkly divided between winners and losers. National vacancy stands at 18.2% as of January 2026, but that headline number masks a more nuanced reality. Class A trophy buildings in prime locations have vacancy rates 500 basis points below the market average. Midtown Manhattan Class A rents are 6% higher than pre-pandemic levels. Class A vacancy actually declined by 5 basis points in the fourth quarter of 2025 even as overall vacancy remained elevated. The message is clear. Quality matters more than ever, and tenants are willing to pay premiums for spaces that meet their evolving needs.RSK: The landlord is definitely taking a chance but it seems to be paying off in most cases. There is a flight to perceived quality and this helps both tenant and landlord make a decision.
Food Fight
Food Fight Gift Cards...
Food Fight is a locally owned and operated restaurant group with an ever-growing family of unique and diverse restaurants in the greater Madison area. Founded in 1994 by Monty Schiro of Monty’s Blue Plate Diner and local real estate investor Peder Moren, Food Fight Restaurant Group combined their creative vision and business sense with a mission of providing the best possible service and experiences for the greater community.
Speed Over Value: How ICE Has Quietly Snapped Up Scores Of U.S. Offices
The federal government has signed scores of leases over the past six months for U.S. Immigration and Customs Enforcement away from the public eye.The General Services Administration, the government's real estate arm, has sidestepped its traditional bidding process, doing deals with an emphasis on speed over value.
RSK: ICE quitely leasing up office space as well as Industrial.
Mullins Group LLC
Study: Most retail workers considering switching careers or industries
A majority of job seekers, especially those in retail, are looking for a career change.
More than half (54%) of job seekers are interested in switching careers or industries, according to talent success company Criteria’s 2026 Candidate Experience report. Those in blue collar fields are 25% more likely to want to switch careers compared to white collar workers, while those with higher educational attainment are the least likely.
Nearly seven-in-10 (69%) retail candidates are looking to switch careers, the highest percentage of any sector in the study. Retail was followed by those in education (67%), hospitality (65%) and transportation & logistics (63%)...
...Full Story Here
RSK: I would think retail workers do not make as much as Starbuck employees and just a tad above fast food places. No wonder they are thinking about a career change...
Properties for Lease or for Sale By Company
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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 |
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  |
 |
 |
 |
 |
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Hovde & Hovde, Inc
...Full Story Here
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