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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...

Madison Ald. Mike Verveer is looking forward to the redevelopment of three state-owned buildings in his aldermanic district downtown, but the opportunity to bring Amtrak passenger rail service ranks as high to him as an excellent opportunity to address the city’s housing needs.

The historic State Office Building at 1 W. Wilson Building is set to become the site of a new Amtrak station that serves an extension of Amtrak’s Hiawatha rail line — one that connects Madison by rail to Milwaukee and eventually to Eau Claire and the Twin Cities...   ...Full Story Here

RSK: An interesting concept and it may work...if state and local funds are available. All Aboard!!!

Ken Notes: I am afraid this is a what might of been, not what will be story... I hope I am wrong...

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The Madison Office Lifestyle Portfolio consists of 13 Class A, amenity-rich office properties ranging in size from approximately 25,000 square feet to over 300,000 square feet and is home to more than 130 tenants. The portfolio is located on the west side of Madison and Middleton, with the majority of properties situated in the Far West submarket.

Investor appetite for commercial properties remains solid so far, despite recent geopolitical instability. 

In March, the commercial property marketplace experienced the strongest annual gain in prices since 2022, increasing 2.1% from March 2025, according to MSCI's RCA CPPI U.S. report. The index rose 1.1% quarter-over-quarter.

Investors have an appetite for specific assets, according to the MSCI index. 

Suburban office prices saw the largest rise from the year prior, jumping 5.1%, while central business district assets only saw a 1.4% gain. However, both assets had their largest annual gain since the second quarter of 2022. Prices for industrial assets also rose 2.3% over the last year.    ...Full Story Here

RSK: Prices will stabilize as the Iran Conflict will keep a lid on increases. After that is resolved, prices will no doubt start their gain. Buy now if at all possible.

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“At Investors Associated, we make it easy for brokers to match clients with well?managed, high?quality spaces. Our team prioritizes clear communication, quick turnaround times, and a seamless leasing experience. Partner with us to provide your clients with properties backed by dependable service and long?term value.”

May. 6, 2026 -- Commercial mortgage delinquency rates climbed to 4.02 percent in the first quarter of 2026, up from 3.86 percent in the fourth quarter of 2025, according to the Mortgage Bankers Association’s commercial real estate finance loan performance survey. Short-term delinquencies increased across most property types, with multifamily, office, and health care showing the largest jumps. Industrial was the only property type that avoided an increase in early-stage defaults. The survey covered $2.93 trillion in loans, representing 59 percent of the $5 trillion in total commercial and multifamily mortgage debt outstanding.

The shift toward early-stage delinquency marks a change from 2025, when long-term delinquencies drove the trend. MBA attributes the difference to a strong refinance and modification market in 2025 that helped troubled loans avoid deeper distress. CMBS loans showed the highest delinquency rates at 5.21 percent, up from 4.97 percent in the prior quarter. Government-sponsored enterprise loans saw delinquencies jump to 0.97 percent from 0.63 percent, while FHA multifamily and health care loans rose to 0.96 percent from 0.65 percent...   ...Full Story Here

RSK: Interesting that multi-family is up there with office delinquencies. Industrial seems to be weathering the storm.

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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.

The office is not what it used to be, and facilities managers are increasingly in the middle of that transformation. After years of compressed leases, space reductions, and the slow burn of return-to-office negotiations, the physical workplace is coming back into focus, not as the default container of work, but as a deliberate instrument of it. That shift is changing what facilities teams are responsible for, what they need to measure, and how quickly they are expected to adapt.

The most recent market report from OfficeSpace Software offers a data-grounded view of where things stand. The company analyzed behavioral and operational data from 954 organizations representing 3.9 million in-office employees, 116 million square feet, and 27,000 spaces across 2025. The dataset included more than 20 million desk bookings, 12.8 million room bookings, over 6 million seat assignment records, and approximately 267,000 inspections and work orders. The survey is one of the more comprehensive looks at how the built world workplace is actually functioning in the post-mandate era, as opposed to how companies say it is...

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RSK: A overload of information here. Grab a cup of coffee and read this one.

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U.S. industrial vacancy is projected to rise into early 2027, according to a revised forecast from CoStar Group. The national vacancy rate remains in the mid-7% range entering the second quarter of 2026 and is expected to edge higher into 2027 before beginning a gradual descent.

CoStar said Thursday the forecasted vacancy rate is slightly higher than previous expectations. Demand in 2027, while projected to remain higher than 2026, is estimated to come in lower than the prior forecast...

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RSK: Demand should remain high but the over-built supply will keep a moderate vacancy rate except for niche markets....such as Greater Madison.

May 14, 2026
3:30 PM
MESO

Please join us in May for a CBG Meeting,
Networking & Happy Hour hosted at MESO

MESO is located at 749 University Row, Suite 320, Madison, WI 53705

??  Please register by Tuesday May 6^th

The meeting schedule is:

3:30 Registration4 PM Presentation:  
MESO & Janesville Economic Development
4:45 Networking

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When a building's last tenant walks out, it usually spells trouble. For a growing class of investors, it's an opportunity.

Office conversions continue to pick up pace as a cadre of buyers bet they can breathe new life into well-located assets. Each cubicle-turned-apartment is less empty space for an office sector that has spent years digging out from the work-from-home era, and core commercial real estate markets are increasingly relying on conversions to eat away at office vacancies. 

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RSK: Office conversions to residential is one reason the sector is improving.

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Since 1971, St. John Properties has designed, developed, and managed spaces that fit every type of business. Our team anticipates and serves the needs of over 2,700 clients, including small, mid-sized, and large companies, nationwide.

Bills that would have required centers to report on water, electricity and fuel use failed

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RSK: Again States trying to regulate data centers use of power and water but many of the legislation never receive enough votes from both sides of the aisle to get passed. You have to reach across the aisle people and do what's right.

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U.S. apartment concession use increased slightly in March.

Nationwide, average concession usage among stabilized units ticked up 0.2 points to 16.9% in March 2026, according to data from RealPage Market Analytics.  This concession activity marked a 5.1 point increase year-over-year and holds at the highest average level of monthly concession activity since mid-2014.

The average discount was unchanged on a monthly basis but roughly two points higher year-over-year, averaging 10.8% in March 2026. Across stabilized U.S. apartment stock, that concession level equates to nearly six weeks free on a 12?month lease. Concessions have generally trended upward since reaching a decade low of 5.5% in mid-2016 and remain at their highest level since the post–Great Financial Crisis period (2010)...

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RSK: And the Midwest had the least concessions.

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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

Developers are converting historic buildings into boutique hotels and resorts, preserving original architecture while adding modern hospitality amenities. Properties reopening under this model include The Flat Iron Hotel in Asheville, North Carolina, a 1926 structure that once housed WWNC Radio, and TWA Hotel at New York’s JFK Airport, built within Eero Saarinen’s 1962 terminal. Hotel Emma in San Antonio occupies the former Pearl Brewery brewhouse, while Saint John’s Resort in Ohio operates within a 200-acre former Catholic seminary.

Adaptive reuse allows developers to add lodging capacity in dense urban cores without new construction. Buildings account for roughly 42 percent of global carbon emissions, making preservation-based hotel projects an alternative to ground-up development. Office-to-residential conversions already represent about 38 percent of approximately 147,000 adaptive reuse housing units in the United States, and hotel operators are applying similar approaches to meet demand while retaining historic structures...

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RSK: Another niche market? Good adaptive use to save some money if the demand is there.

Ken Notes: Hotel Ruby Marie, Mansion Hill Inn, and Copper Leaf in Appleton are all great!

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

enters are getting a bit of relief as landlords offer more concessions — like free rent or waived fees — to fill units in a cooling market.

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RSK: Greater Madison is just starting to feel this trend as well.

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Members of the Federal Open Market Committee on Wednesday opted to leave its benchmark interest rate unchanged for the third consecutive meeting. 

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RSK: I think we all expected the interest rates to hold and yes, the outlook for CRE is a bit murky....but deals are being done period.

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Park Towne is a family run Madison-based real estate company serving southern Wisconsin for over 50 years. Led by second generation brothers Mike, Jim and Joe Ring, Park Towne has a portfolio of for-lease commercial properties and offers development, management and brokerage services.

The tide seems to be starting to shift for a real estate asset class that has been burdened by oversupply over the past few years. 

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RSK: As the spec building slowed down the demand has kept somewhat steady after the over build. Vacancy rates are low and in Madison, which does not have a lot of industrial, the rate is nearly half the national 7% rate.

The Future is Now: Today's Buyer Strategies
Back to Search
Thursday, May 28, 2026 (9:00 AM - 10:15 AM) (CDT)

Description

This 9:00AM session is the first of three available on May 28, 2026. It provides a roadmap for REALTORS® to master the modern buyer relationship. Key areas of focus include:

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Proptech investment has never been evenly distributed. The platforms, tools, and technologies that have reshaped how real estate is managed over the past decade have largely followed the money, concentrating in the market segments where margins are highest and the business case for premium software is easiest to make. Luxury multifamily got the smart access systems, the AI leasing agents, and the resident experience apps. Class A office got the advanced building management systems and the occupancy analytics platforms. Affordable housing, where margins are thinner, compliance requirements are heavier, and the political and regulatory environment is more complex, has generally been left to make do with whatever technology trickled down from more lucrative segments of the market. The argument was circular and self-reinforcing: affordable housing can’t support the ROI that justifies technology investment, so technology vendors don’t prioritize it, so the tools never get built to serve it, so the ROI case never gets made.

AI is beginning to break that cycle, and the operators who are furthest along in figuring out why are the ones with the scale to experiment, the mission to drive them, and the discipline to hold technology to a high bar before deploying it broadly. Fairstead is one of those operators...   ...Full Story Here

RSK:Ai has reached the multifamily sector with a positive result.

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Tenant requirements for office skyrocketed in the first quarter, another sign the sector might be turning a corner.

The amount of space tenants are seeking is at its highest level since the pandemic, according to VTS’ Office Demand Index released Tuesday. Demand is up 13% year-over-year and 18% quarter-over-quarter. 

The index tracks total square footage of tenant requirements reflected in active touring activity across seven gateway markets.

Technology, legal and finance tenants continue to drive improvement. The artificial intelligence boom is propping up tech demand, which ballooned 109% year-over-year. Quarterly, it grew 29%. 

Legal and finance tenants were clamoring for office space in the first quarter with fervor as well. Demand within both sectors went up 41% and 54%, respectively...   ...Full Story Here

RSK: Office is slowly coming back but with a new look and meaning of work space.

	The Gialamas Company, Inc.	RFA Asset Management Madison, WI	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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