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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...

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RSK: Nice to know we are in the top 10.

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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.

Two affordable housing projects could bring 529 new apartments to Madison's west side, both in District 19 and both requesting city financing backed by Tax Increment District funds.

The proposals are listed as file numbers 93149 and 93150 in the Common Council new business summaries from the May 19 meeting. Together, they seek a combined $4.9 million in TID-supported General Obligation borrowing across two separate TIDs.

What's being proposed and where

The larger development would be built at 6518 and 6526 Grand Teton Drive. It seeks $2.9 million in TID 56-backed borrowing to construct approximately 302 affordable apartments and 148 parking stalls...

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RSK: The Odana Road project is where Supreme Health & Fitness is located.

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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.”

Premier Golf sells golf carts, utility vehicles and street-legal vehicles to golf courses, municipalities, resorts, job sites and consumers... 

Premier Golf & Utility Vehicle

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RSK: Another home grown company expands in the Deforest business park.

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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.

When Julian Walters was playing professional basketball in Europe, he thought he had the next decade of his life planned out. Then the COVID-19 pandemic hit, and his career abruptly came to a halt.

“You have this idea in your head of how your life is going to go,” he said. “I wasn’t quite ready to not play basketball yet.”

He returned to Madison, where he was born and raised, using his time in isolation to explore another long-term interest: real estate. Now, Walters is preparing to open his first major development, Park Lofts, a 44-unit affordable housing project at 1150 S. Park St...

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RSK: Bravo!

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Few states have a more urgent relationship with building permits than Florida. The combination of rapid population growth, aging housing stock, an acute affordability crisis, and a coastline that faces a nearly annual reckoning with hurricanes makes the permitting process not just an administrative function but a critical piece of infrastructure in its own right. When permits move slowly, housing doesn’t get built fast enough to keep pace with demand. When disaster strikes, a slow permitting process means families wait months longer to come home. The state added more than 400,000 new residents in 2023 alone, and its building departments are being asked to process more applications, more complex applications, and more post-disaster applications than at any point in recent memory. The system was not built for this volume, and the gap between what is being asked of it and what it can deliver is becoming harder to ignore.

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RSK: A good example of how ai can work in the field of real estate and permitting. From 30 days to 2 hours is quite the jump.

    June 3, 2026
    7:30 AM

    Vogel Bros. Building Co.

    Breakfast meeting at Vogel Bros. Building
Please join us for our breakfast meeting on June 3rd.
Hosted at Vogel Bros. Building Co., 5460 Fen Oak Dr, Madison, WI 53718.

The meeting schedule is:
    7:30 AM Breakfast, Registration, Networking
    8:15 – 9 AM Presentation (Vogel and Smart Growth)
Please register by Tuesday May 26

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2026 started out strong. Capital was coming back, transaction volume was improving, and the market seemed to be finding a floor. But now, the bond market is moving, 30-year yields have reached levels not seen since before the Global Financial Crisis, and billions of dollars in CRE loans are headed toward maturity. Sales fell 33% year-over-year in April as the Iran conflict worked through the economy.

Today, the industry is saying there’s “more to fix in ‘26.” 

Does this mean real estate is no longer in recovery, or is there still hope on the horizon? To answer this question, Bisnow Editor-in-Chief Mark F. Bonner spoke with Jim Costello, chief economist of real estate research at MSCI.

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RSK: Is the CRE recovery over? Hardly in my mind. "More to fix in 26"

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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.

The number of underutilized office buildings being converted into apartment units continues to steadily rise, largely due to the acceptance that the post-COVID hybrid work format is here to stay. At the start of 2026, the national office-to-apartment conversion pipeline reached 90,300 units, up 28 percent year over year and nearly four times larger than in 2022, according to RentCafe, a sister company of Yardi Matrix. 

Office conversions now account for almost half (47 percent) of all planned adaptive reuse projects nationwide (roughly 90,300 apartments out of 193,900 planned projects). 

Behind New York City and Washington, D.C., Chicago ranks third on the list for the largest office-to-apartment conversions pipeline, according to RentCafe. Cleveland and Cincinnati round out the top 10. Five other Midwest markets — Detroit, Minneapolis, Kansas City, Milwaukee and St. Louis — are included in the top 20.

These cities are deploying combinations of tax-increment financing (TIF), local tax abatements, Housing Trust Fund dollars and historic tax credits to support office conversions in their downtown districts, says Al Fiesel, commercial business unit leader at Chicago-based LJC Design & Engineering. 

“The specific tools differ by market, but the underlying premise recognizes that public participation is the mechanism that makes these projects viable.” ...

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RSK: Chicago is one of the top cities for office conversions. Milwaukee is in the top 20.

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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

More than half of planned US data centre projects are being built in states at high risk of severe convective storms, according to new analysis by MS Amlin

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RSK: Let's face it....wherever you build your data center there will be some sort of climactic weather event possible.

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

Demonstrators urged primary investor Kevin O’Leary to end the proposed development and criticized lawmakers for fast-tracking the project

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RSK: I saw an interview with Kevin early this week and he answered all the questions the demonstrators had and he was spot on.

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Brad Zizmor and Dag Folger, co-founders of New York-based architecture firm A+I, were meeting in January 2025 and working out their succession plan. Three decades after founding the company, it was time to hand over the reins to the next generation.

The pair were in the process of transferring their ownership stake to a trio of successors when they received an email that would change the trajectory of the handover. 

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RSK: More and more mergers and acquisitions going on in the industry and not just architects. One major reason is the Boomer generation. The youngest Boomers turn 62 this year and M&A is a much better alternative than closing up shop if they are an owner/partner.

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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.

Developer Asher Luzzatto acquired four office buildings totaling more than 7% of downtown Denver’s core office space for roughly $8 million, a fraction of their prior valuations. He paid $5.25 million for the two-tower Energy Center complex, 97% below its 2013 purchase price, and $3.2 million for two other towers that Blackstone valued at $100 million in 2015. He plans to convert half the Energy Center and two other properties into roughly 1,100 apartments, alongside retail amenities including a bookstore, art gallery, children’s museum and daycare center. Downtown Denver’s office vacancy reached 39%, the highest among the top 50 U.S. cities, according to CBRE.

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RSK:What makes this conversion of office to apartments and condo living is the rock bottom price on the office buildings.

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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SL Green Realty Corp. and Mori Building Co. will construct a 46-story office tower at 346 Madison Avenue, between 44th and 45th streets near Grand Central Terminal. The building will contain 850,000 square feet of rentable space and include terraces, a wellness center with a padel court, an auditorium, and a tenant lounge. SL Green paid $160 million last year for two adjoining buildings on the site that will be demolished. The REIT sold a 49% stake in the project to Mori at a gross valuation of $175 million.

Mori Building previously acquired stakes in SL Green’s One Vanderbilt in two separate transactions over the past two years, each valuing the tower at $4.7 billion. One Vanderbilt, which opened during the pandemic, commands some of the highest office rents in New York and is fully leased. SL Green’s One Madison, which opened in 2023 in the Nomad neighborhood, is also fully leased to finance and technology tenants...

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RSK: The fight to new quality office space is in high demand. A good sign for the office sector.

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Two years ago, Merrick Porchéddu shifted her consulting business away from the public sector to focus on where artists are getting paid: corporate workplaces.

In efforts to bring back tenants following the pandemic, office landlords are investing tens of millions of dollars in office renovations. Slapping a generic print in a craft store frame and hanging it on a conference room wall is no longer enough — the space has to be exciting. For some, it has to be exclusive. 

Budgets for commissions commonly range from $200K on the low end and into the millions, according to Porchéddu, the founding partner of Artist Uprising. 

“Sometimes what we pay artists blows my mind,” Porchéddu said.

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RSK: I say, whatever it takes, within reason to make tenants happy, do it.

	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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