Milwaukee November 2023 Key Take Aways!
Jim Dash (Carlson Dash)- Shared that certain niche markets are still very busy. Seeing contractors are still short of labor. Noted cases of price volatility vs accepted risk.
Mike Bahr (Plunkett Raysich Architects)- Shared he’s now seeing the market stabilize and the trends forecasted by the Federal Reserve play out. Despite slowdowns, the firm is still busy. Seeing work through long term relationships mostly. Anticipating nine months of backlog.
Gard Pecor (Costar Group)- Shared MKE is one of the slowest growing markets in the midwest. Seeing development taper off, continued housing crisis, and property devaluation. Noted a sizable increase in available space in suburbs vs city. Anticipating continued decrease in household size and more people aging in place.
Peter Niles (MKE County Dep. of Administrative Services)- Shared MKE county is busy with new construction. Seeing influx of ARPA funding is driving many current projects. Noted the Coggs Building is under redevelopment and is looking for ways to dispose of the existing building.
Michael Brush (Plunkett Raysich Architects)- Shared there is not a lot of movement in the corporate sector, mostly wait and see. Seeing a seven-year project on W Bluemound, still looking to close after several deals having fallen through. Noted 12,000 sq ft. design center project in Madison was put on hold indefinitely due to interest rates.
Sam Gauger (Colliers)- Shared transaction volume is decreasing with rates still going up. Noted returns are impressively low and errors in timing the market led to much distress in debt to service coverage ratio. Seeing largest national client in 300 million cash shortfall.
Rick Nierzwicki (Tri-North Builders)- Shared lack of contractors is leading to changes in deal making. Seeing contractors being risk averse, seeking more profitable work, and bids on projects as low as one bid. Noted hotel and lodging is concerned over the lack of corporate travel.
E.J. Herr (F St. Development Group)- Shared project growth throughout WI. Noted hotel and office conversion projects present challenging opportunities, with lenders being risk averse.
Jesse DePinto (Frontdesk Inc.)- Shared different options for booking based on demand. Seeing a rise in owners looking for property management solutions as well, providing optimal control over short and long term bookings. Noted Frontdesk Inc. is a creative solution for stressed developers and owners.
Speaker Presentation:
Nicole Ryf (Kenosha Area Business Alliance )-
Seeing significant growth across markets
Resource as free consultant
Focus on corporate attraction, business retention, and expansion services
Gap financing available
High impact fund available
Provider of development and market insights
Seeing a rise in area growth
AAA bond rating
Shared many case studies of current business
Rail service site under development
Smaller space available in Salem Business Park
Revitalizing uptown, impacted by civil unrest
Life Balance Initiative
Recent Comments