Milwaukee December 2023 Key Take Aways!
Jim Dash (Carlson Dash)- Shared construction spending has been climbing nationally. Seeing continued labor shortages across trades, plus building material price fluctuations have been threatening business and cause for contractor negotiations.
Mike Bahr (Plunkett Raysich Architects)- Shared PSMJ quarterly report regarding prior quarter activity change. Concerned that slow marketing for architects is indicative of slowing construction. However, this is contrary to current work logs and private money deals. The firm has a growing backlog, in excess of 12 months.
Gard Pecor (Costar Group)- Shared the city of Madison has growing appeals to office property assessments. Seeing the construction market’s continued difficulty in financing and dwindling affordable development. Acknowledges Tifs and city bonds alternate risk but anticipating Tifs to drop significantly.
Jason Valerius (MSA Professional Services)- Shared despite hiring challenges, MSA is still managing to retain new-hire influx. Seeing levy limit adjustments posing problems for municipalities and planners. Noted private equity is out there but on a time frame.
Luke Geiger (MSA Professional Services)- Shared many manufacturers are moving stateside due to pressures to meet legislative requirements. Seeing many companies setting up some manufacturing in the US, even regarding Canadian businesses.
Jerry Krings (Carlson Dash)- Shared front-end transactions are down. Despite residential being down, is still seeing bidding wars. Noted lending work is increasing but lease work is down.
Steven Vitale (Valbridge)- Shared pricing changes on net lease deals. Noted cap rates have risen in the last 6 months with interest rates finally peaking. Seeing assessment value ratios up for reevaluation.
Aaron Davis (Plunkett Raysich Architects)- Shared business is still good in education and commercial development. Seeing good outlook on referendums. Noted lending will be down next year.
Rick Nierzwicki (Tri-North Builders)- Shared developers on smaller projects struggling to meet numbers and municipalities going back on Tif deals. Anticipates waiting period on how projects move forward. Noted workforce housing is an ongoing process.
Nick Hepner (JLL MKE)- Shared mixed ownership groups as a use opportunity to get office spaces filled. Seeing 2023 deals that should be completed, being pushed to 2024. Noted pricing is a continuous issue in drawing out deals.
Kyle Rieden (Landmark Credit Union)- Shared lending is still ongoing for LCU. Noted conservative lending has helped prolong their ability to continue extending lending offers. Seeing the refinance market has dried up and rates have started to plateau after consistent rises.
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