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 This Week - Notes - Search - Index - Share 
Ralph Kamps
Editor CirexNews
608.345.2880
Bonus Edition Ken Harwood Publisher CirexNews 608.334.2174 New Listings
 buildings for sale Active 23 New Townhouses
1324 S Main St
Lake Mills, WI 53551
building for lease Active
427 State St
Madison, WI 53703
 building for lease Active New Oregon, WI Retail Strip Center
1042 Park St
Oregon, WI 53575
...Full Story Here
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...
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Smart Growth`s next Wednesday happy
hour is from 4:00 to 6:00 PM on April 24 and is being hosted by
Sketchworks Architecture in their new space on the third floor of
2501 Parmenter St in Middleton. Please come join the fun and see
their new space. If you have not already done so, please click on
the link below to register.
...Full Story Here
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 An accessible and activated waterfront that
establishes a protected shoreline and empowers the voices of Madison’s
past and present generations
After an intensive design process and a four-month review period, Sasaki was selected by the City of Madison committee to establish an ecologically vibrant living edge along Lake Monona’s waterfront. A once-in-a-generation opportunity, the master plan is a community-endorsed vision for revitalizing the capital city’s engagement with its lake. The redevelopment will forge connections to the water, expand recreational options, improve water quality, and provide an ecologically healthy shoreline for wildlife.
Currently described as a “heavily used but bland lakefront,” the Lake Monona waterfront creates a significant grade separation between downtown Madison and the lakeshore. Vehicular traffic along John Nolen Drive makes getting there both difficult and dangerous, further isolating residents from the lake’s edge. In response, Sasaki developed a new master plan for the 37-acre linear park, which envisions an inclusive community destination for residents and visitors that will boost the downtown economy and ecology of Madison’s unique isthmus environment...
...Full Story Here
RSK: Here it is. Construction will start soon...get ready for delays on John Nolen.
Ken Notes: If they actually get this done it will be very impressive.
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 Reduced compensation, flat fees, hourly rates among forecastsThe future of residential broker commissions has come under a microscope since the National Association of Realtors struck a landmark settlement deal expected to change how agents earn income.
The trade group last month agreed to pay $418 million to settle an antitrust lawsuit accusing it of conspiring with the nation’s largest brokerages to inflate brokers’ fees. The agreement, which is still awaiting the judge’s approval, would require the 1.4 million-member organization to change some of its policies that have long dictated commission structures.
Under the terms, NAR agreed to eliminate the policy at the heart of the lawsuit, known as the participation rule. The provision required listing brokers using NAR-controlled multiple listing services to offer compensation to buyer’s agents. If approved, the deal would also require buyer’s agents to obtain signed agreements. ...
...Full Story Here
RSK: This already happens in commercial real estate...the level of service dictates the compensation that a seller or buyer will pay...
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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.
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 How do you solve a problem like Mondays and Fridays? Hybrid work
means most occupiers have found themselves paying five-day rents for
effectively three-day use. But that might be about to change.
While corporates are looking at creative ways of smoothing out demand
and considering how they can sweat their commercial real estate assets
harder, HubbleHQ
CEO and co-founder Tushar Agarwal says his booking platform may have
found one way of cracking the dilemma with a model that allows firms
to identify and book only the days of the week they want.
But as the industry wrestles with constantly evolving work patterns,
can it really be as simple as dropping the days when staff would rather
stay home?...
...Full Story Here
RSK: Renting office space like hotels rooms is coming back.
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The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet.
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 Some
of the more reliable office building tenants are reversing course by
letting leases expire or subleasing space across major cities. Silicon Valley’s move-fast-and-break-things mindset now extends to leases.
Big Tech companies — some of the more reliable office building tenants— are reversing course by letting leases expire or subleasing space across major cities, leaving commercial landlords with empty square footage and growing losses, The Wall Street Journal reported.
Downsizing
Everybody remembers the ghost towns that bustling cities like New York and San Francisco turned into after COVID-19 left streets, shops, restaurants, and office buildings empty for months on end. For companies that could make the transition, especially tech firms, employees easily switched to remote work. The hope was that those workers would eventually return to the office and downtowns would thrive...
RSK:It is not all the pandemics fault...the computer revolution and more powerful laptops and software make the need for space obsolete.
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8 S Carroll St
Madison, WI
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6230 University Ave
Middleton, WI |
114 E Main St, Waunakee, WI
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822 E Washington Ave
Madison, WI |
Aventine
1958 Atwood Ave, Madison, WI
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Market No. 5
841 W Verona Ave, Verona, WI
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313 E Johnson St, Madison, WI
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401 Charmany Dr
Madison, WI
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...Full Story Here
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 Hybrid work has become the most common work style in the country. A 2023 study from Gallup said that 50% of companies had implemented a hybrid work schedule for employees, while only 20% still had employees working fully on-site. This is a stark contrast from 2019, when it was estimated that 60% of companies were working fully on-site. However, employees often report higher satisfaction in the workplace with hybrid work schedules. The rise of hybrid work has also brought about changes in employee expectations. Employees now want their workplaces to foster a greater sense of community, culture and well-being. According to Ebbie Wisecarver, chief design officer at WeWork, office space needs to be more “dynamic and elastic” to cater to these needs. But what does a dynamic and elastic office look like?...
...Full Story Here
RSK: Some interesting facts in this article. WeWork seems to know what the trends are.
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 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. ...Full Story Here
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 Retail and Multifamily Deals Catch Up With Office and Hospitality, CoStar Data ShowsSales of distressed property in the first quarter of 2024 made up a higher percentage of transactions than at any time during the past 10 years.
The percentage of distressed property sales — a designation that typically applies to real estate when money is owed that can’t be repaid — increased from an average of 6% in 2023 to 6.7% in the first quarter, according to CoStar data. The multifamily percentage in the first quarter was more than double the average for last year. Retail also saw a sharp increase, from 4.1% for all of last year, to 6.3% in the first quarter.
Distressed hospitality and office deals still account for their highest percentages since 2020 when the nation fought to contain the COVID-19 pandemic...
...Full Story Here
RSK: Interesting graphic. You can bet office will lead the way in the next few years.
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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.
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 Like players of credit card roulette at a Michelin-starred
restaurant, office landlords are increasingly attempting to duck the
bill for tenant improvements, closing their wallets as shaky
fundamentals linger on — and on. Panelists at Bisnow’s Chicago Office Summit squabbled over who should bear the financial burden for costly tenant build-outs, exposing collegial tension between landlords and tenant representatives at the event, hosted at Braveheart by IndusPad.
While some panelists said participating in the amenities arms race is a must to stay competitive, others argued that capital spent on tenant improvements is no longer feasible as market and financing weakness pushes them to the breaking point...
...Full Story Here
RSK: Definitely a come to Jesus moment happening in downtown Chicago`s office market. Funny they do not mention safety as a component.
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 Coffee with CARW
May 8 @ 8:30 am - 9:45 pm
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. ...Full Story Here
Ken Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop.
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 A pressing issue echoing throughout the commercial real estate world is how inflation will continue to impact day-to-day activity. The latest Consumer Price Index Report seems to offer little reassurance for those worried that the economy may be at risk of a recession — but is the reality as the government paints it? On this week’s Walker Webcast, Walker & Dunlop CEO Willy Walker said that “it clearly seems like we’ve got a Fed misreading the data,” suggesting that housing inflation isn`t growing as fast as the Fed claims. According to the government, housing, which represents the largest component of the CPI at 36%, experienced a 5.7% price increase for multifamily rents and a 5.9% increase for single-family rents, Walker said. But rather than raw data, the reported 5.9% hike for SFRs was based on a survey of what people would charge to rent their home, he said. Walker & Dunlop’s research group crunched the numbers and found there was only 3.3% in SFR rent growth across the country, a stark difference from what the Fed report suggests...
...Full Story Here
RSK: Linneman says it`s more of a political thing than economic...I don`t agree. If you own property and have to refinance, it is so much more an economic sting.
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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
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 The U.S. office market turned in a dismal first quarter to start a year that many in commercial real estate see as one meant for treading water and waiting for calmer seas. Available space is at record levels, overall demand is tepid and formerly vigorous space takers, such as tech, are paring back their usage. The outlook, especially following last week’s higher inflation numbers and the subsequent doubts that an interest rate cut is in the near future, is also bleak. Familiar beacons of hope, like return-to-office and conversion potential, are waning as debt bears down on landlords. “There’s just no tenants right now.... ...Full Story Here
RSK: Ust not pretty out there right now, and office will take another hit soon when all the mortgage notes come due.
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 Amazon is now operating a robotic fulfillment center in Massachusetts, streamlining the delivery of sortable items in the Northeast U.S. Chain Store Age recently took an exclusive tour of Amazon’s new fulfillment center in North Andover, Mass. (known as BOS3 – the three letters are the abbreviation for Boston, the nearest city with a major airport), its first robotics fulfillment center in the state of Massachusetts. Opened in March 2024, the more than 3.8-million-sq.-ft., five-story facility processes hundreds of thousands of small packages each day through 12 miles of interconnected conveyors. All products handled at the center are sortable and have a maximum size of 18.5 inches for any of their three dimensions – or roughly the size of a kitchen microwave or smaller. Larger, non-sortable items are processed at other facilities, such as the Amazon BOS7 fulfillment center in Fall River, Mass...
...Full Story Here
RSK: One of the reasons Industrial/Warehouse sector is still the top sector.
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With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.
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 Industrial users in the U.S. slammed the brakes on leasing in the first quarter, deepening a slowdown that is likely to continue for the remainder of the year. Net absorption reached 28M SF nationwide in Q1, a roughly 70% drop from a year earlier, driving the vacancy rate up to 6.7% from 4.5% last year. But industrial brokers aren’t worried. In fact, they realize their position could be viewed as enviable. “A breather, a recalibration period, a soft landing — any or all of the above terms are appropriate,” Newmark National Industrial Research Managing Director Lisa DeNight said. “In the first quarter, we had around 28M SF of net absorption across the country. The office market would love to see that.” ...Full Story Here
RSK: But even Industrial/Warehouse has some cracks in it`s walls.
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 Each 26.2 mile race is really over 500 miles with training. On this path, I encounter the aspects of myself where I feel strong, powerful and those where I feel I am crawling. We have all been there! The beauty is that in each moment, training run, race prep and the big day itself, I get to consciously choose how I will feel. Triumphant. The Boston Marathon is the World`s Oldest Annual Marathon. It`s both a mental and physical marathon over the months and especially as it nears. Keeping yourself relaxed and "in check" is crucial. There were various check points throughout the process to make your way to the start line. We were one of about 20 buses that took a 1-hour ride (on the highway) to drop us off at the start line. It`s intimidating. You need to set your mindset from the start to then run 26.2 miles to the finish on Boylston. Crossing the finish line in Boston has never been more challenging and rewarding. Years ago, my sister-in-law, Ruth, and good friend Petra Kilian saw something in me that I had not yet realized. We all have a gift, a spark and through it, dreams are awakened. For me, this was Boston. It materialized in 2019 and I`ve worked hard to get here. Over the years, I`ve adjusted my nutrition, post-run habits, and how I frame it (training when you don`t want to). It truly is a journey and the actual marathon itself takes you across a new finish line in life. It closes the loop with celebration. The entire process is held deeply in my mind, body, spirit. The same is true of commercial realestate. A simple conversation led to the proverbial knocking on door, I took action and the right door opened. Again, utilizing a disciplined approach and consistency led to an elevated way of showing up for myself and others, adjusting and adopting new beliefs, habits, and creating a platform to Live Fully while in service of others. A final gratitude to my Sponsors for your belief in Dreams Materialized: myVA Rocks, Underground Printing, AGH & Associates, LINK, ABSTRACT Commercial Real Estate, Angus-Young, Cirex/Madsion Commercial Real Estate and Supreme Structures Inc. Which marathon is next? More to come.... ...Full Story Here
Ken Notes: So impressive, I want a broker that can literally run a marathon...
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 - Economists
and strategists now see the Fed waiting until at least September to cut
interest rates and are increasingly entertaining the possibility of no
reductions at all this year.
- Bank of America economists said
there is a “real risk” that the Fed won’t cut until March 2025 “at the
earliest,” though for now they’re still going with a December forecast.
- Hope remains that the inflation data turns lower in the next few months and gives the Fed room to ease.
If there was any doubt before, Federal Reserve Chair Jerome Powell has pretty much cemented the likelihood that there won’t be interest rate reductions anytime soon.
Now, Wall Street is wondering if the central bank will cut at all this year...
RSK: I agree, the economy is still too hot from all the money the WHite House pushed into it. Printing presses are still running and the handouts are too much at the moment. They may never learn.
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 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.
 Gift cards can be redeemed at all of our restaurants for dine-in visits or call-in carryout orders, and they never expire ...Full Story Here
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ABSTRACT Commercial Real Estate LLC
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The Gialamas Company, Inc.
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Artis Reit
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Key Commercial Real Estate, LLC
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Madison Commercial Real Estate LLC
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St. John Properties
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IA Management, LLC
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Wisconsin Commercial Real Estate
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Park Towne Realty LLC
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Mullins Group, LLC
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Flad Development & Investment Corp.
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Evans Properties, LLC
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Keller Real Estate Group
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MIG Commercial Real Estate, LLC
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First Weber Group, Inc - West Towne
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Opitz Realty, Inc.
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First Weber Group, Inc - Prairie Du Sac
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Peterson Management Company Inc.
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The Lenhart Company, Inc
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Scott Faust & Associates
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Shamrock Real Estate Services, LLC
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Targa, Inc
| Executive Management, Inc
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Stark Commercial - East
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Urban Land Interests
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Slinde Realty Company
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Berkshire Hathaway Home Services Matson Real Estate
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Artisan Graham Real Estate
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...Full Story Here
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 Ralph Kamps Editor CirexNews 608.345.2880
Ken Harwood Publisher CirexNews 608.334.2174
Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. It is online at CirexNews.com. All of our articles are archived and searchable. So a search for " opportunity zone" will bring up dozens of articles on the subject.
In our weekly News & Views you can promote your clients properties and your services
call 608-345-2880 for details...
...Full Story Here
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