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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...

A proposed redesign of Regent Street near Camp Randall Stadium is heading to Madison’s City Council for potential approval, but not without controversy or testing of new roadway design guidelines.

City planners aim to turn one of Madison’s cultural hubs and major east-west connecting routes into a more pedestrian-friendly “community main street.”

Plans for the overhaul, prompted by deteriorating pavement and failing underground infrastructure like storm sewers, include widening existing sidewalks from 6 feet to 9 feet and adding more trees along the street. Those goals have drawn widespread support at public meetings since January, with a November city survey showing “safety for all users” and “pedestrian amenities” as residents’ top two priorities.

The rest of the planning process has proved trickier, as Regent Street is roughly two feet narrower than many comparable routes. Residents pushed back on several versions of the plan over the availability of on-street parking and loading zones, as well as the lack of on-street bike lanes, resulting in more than 40 written comments and multiple hours-long discussions at city committees...

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RSK: Not without its problems and some give and take on all sides. But it will be an improvement to what is there now.

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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.

In 2015, North America saw 29 significant office-to-residential conversions complete. In 2017, the count was 34. As recently as 2022, the annual figure was 20. Two years from now, based on the best available tracking, roughly 92 conversion projects are scheduled to finish at once. That is more deliveries in a single year than the entire 2015 through 2017 cycle combined, and it represents one of the most concentrated waves of adaptive reuse construction in the modern history of American downtowns.

Counting active conversion projects at a national level remains an imprecise exercise. Buildings move between owners, scopes change, target dates slip, and many cities have no central reporting requirement that would catch the activity. Propmodo’s dataset, cross-referenced against the New York City Comptroller’s July 2025 fiscal analysis and regional sources, remains the most accurate compilation available, but it is best read as a directional snapshot of the major-project pipeline rather than a final accounting. The headline figures in this piece, including the 92-project count for 2027, reflect developer-stated targets at the time of dataset compilation, not contracted completion dates...

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RSK: As imagined, most conversions are on the East Coast but surprisingly, Milwaukee makes the list with 3.

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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.”

Repricing may help markets recover 

Commercial real estate has spent the last three years in a strange kind of limbo. Properties lost value, refinancing markets froze, office demand weakened, and yet relatively few buildings actually traded hands. Instead of forcing losses, lenders extended loan maturities and hoped that lower interest rates or a rebound in office demand would eventually solve the problem. The industry called it “extend and pretend,” and for a while it worked well enough to avoid a broader panic. But now that strategy is beginning to break down, and that may not be entirely bad news for the market.

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RSK: They days of extend (the loan) and pretend (things will recover) are coming to an end....and that may be a good thing.

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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.

Towns of Two Creeks, Mishicot, Two Rivers band together to give time for locals to develop data center rules

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RSK: This isn't all of the towns, villages and municipalities in NE Wisconsin where data centers are trying to sneak in under the radar.

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TOKYO - FUJIFILM Corporation (President and CEO, Representative Director: Teiichi Goto) today announces the investment of USD 200 million in two subsidiaries to significantly expand global cell therapy contract development and manufacturing (CDMO) capabilities. The investment will enable Fujifilm to support the expanding cell therapy market which is anticipated to grow by more than 30% per year up from USD 3.3 billion in FY20221. 

The $200 million investment in cell therapy manufacturing capabilities is earmarked for both the new headquarters of FUJIFILM Cellular Dynamics, Inc., a leading global developer and manufacturer of human induced pluripotent stem cells (iPSC) and iPSC-derived cells, and the California site of FUJIFILM Diosynth Biotechnologies, a world-leading CDMO in biologics and advanced therapies.

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RSK: I know it is an older announcement but they have broke ground on Excelsior for the new 175,000 sf headquarters here in Madison.

    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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The US’s office market has been on life support for the last few years, and the recent withdrawal of two major European property banks from the sector is just the latest symptom. But have they headed for the door too soon? I’d argue that they have, and that the market is on the cusp of recovery. Shifts in working culture will power an office renaissance in 2026.

Remote work was a necessity during the pandemic, but it’s no secret that many corporations now want to bring their teams back into the office. This trend has been picking up speed over the last year or so, with the number of Fortune 500 companies with full-time office requirements doubling in 2025 alone...

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RSK: Author is bullish on office sector recovery for many reasons.

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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.

Company director of construction says 'current economic conditions' contributed to a pause in planned construction

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RSK: The economy should turn around later this year and this giant warehouse/distribution center will get built.

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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

MADISON, Wis. — For more than a half-century, Madison has been considered one of the most desirable places to live in the United States. Since 2020, Dane County has added nearly 30,000 residents.

The engine driving much of that growth is in the heart of Madison.

“You can’t discuss housing in Madison without first understanding the impact of the university,” said Paul Soglin, who served as Madison mayor for nearly a quarter-century.

Soglin came to the University of Wisconsin-Madison in the fall of 1962. He said the university has been a defining force in the city’s housing market since World War II.

“That has since World War II really been the largest factor in determining outcomes for housing in our community,” Soglin said.

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RSK: In order to have enough housing with student population and young professionals growing in numbers and demand, the City and UW have to work together more than they are now or it will be a haphazard mess.

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

Early 2025 was a positive time for retailers looking to expand their footprints, but things have since reverted back to a landlord’s market.

Notable bankruptcy filings of late 2024 and early 2025 included Party City, Joann, Big Lots, Forever 21 and others, and provided a much-needed 12.5 million square feet of retail space to the commercial market at the beginning of last year, according to CoStar’s data at the time.

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RSK: Retail is tight right now. The lack of new construction mainly due to high material costs, is adding to the problem.

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Midwest Real Estate Data LLC, the multiple listing service operator for Chicago and its suburbs, blocked Zillow from accessing data on 43,000 properties Wednesday. MRED said Zillow violated licensing terms by excluding nine homes that Compass marketed privately before adding them to the MLS. Zillow began removing Chicago listings from its platform after the suspension took effect. The action came one week after Zillow filed a federal lawsuit accusing MRED and Compass of collusion to restrict buyer access...   ...Full Story Here

RSK: We will be following this. Right now, CRE data bases do not have this problem....but that could change.

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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.

A far east side lot with a history of unfulfilled projects could finally see some construction work after the Madison City Council approved a developer’s request to build a senior living facility.

The 2.5-acre property at 4817 Halley Way, just off North Star Drive and east of Interstate 39/90, is set to become a five-story, 97-unit development called “Capitol View at Oak Park.” Among other features, it would include outdoor pickleball courts, a rooftop terrace, a pub and underground parking stalls in the Grandview Commons area.

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RSK: Hopefully this time the project will be developed. But with material costs rising one never knows.

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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There is a particular irony in the current state of the multifamily industry. The same technological forces that have made property management faster, more scalable, and more data-driven have also handed bad actors a significantly more powerful set of tools. Generative AI can now produce convincing fake pay stubs, bank statements, and identity documents in minutes. The good news is that technology is also the most promising tool available for combatting these new threats. Understanding how requires a clear-eyed look at how bad actors are operating, how operators are responding, and what the gap between those two things still looks like.

Organizations of all portfolio sizes are encountering fraud at least once every few months, a frequency that reflects just how normalized the problem has become. In MRI Software’s 2026 Multifamily Real Estate Pulse Check survey, which gathered responses from more than 700 multifamily professionals, credit history fraud and fake AI-generated documents were reported as the two most common fraud types. “As AI has advanced, the ability of bad actors has gone with it,” said Carla Hinson, VP of Solution and Innovation at MRI Software. “Over half of the respondents had encountered fraud. That is significant.” What is particularly striking is where that fraud is concentrating...   ...Full Story Here

RSK: A heads up if you are managing property....fraud is out there.

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RSK: Many people booked early so they have good air fares and hotel rooms. I just do not see many foreign travelers coming to the US for the games.

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The United States Army and Air Force are moving to lease out underused base land, so far in Texas, Utah and Alaska, to private developers to build and run data centers expected to support artificial intelligence and military applications.

The effort follows an executive order President Donald Trump issued last summer directing the Defense, Interior and Energy departments to identify federal sites, streamline environmental reviews and competitively lease out land for projects with 100 megawatts or more of capacity. That's roughly the power equivalent needed to run at least 100,000 households.

The policy effectively positions federal land as a new supply channel for large-scale data center development, aiming to bypass land constraints and entitlement friction that slow projects in established hubs. The initiative could open up thousands of acres of government land, though the proposed deal structures introduce underwriting and operational issues that differ from traditional commercial real estate transactions...

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RSK: Almost sounds like a win-win......but you can bet the NIMBY's and environmentalists will try to make a case against it.

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The largest hotel companies have benefited from healthy U.S. demand so far this year, but the impact of the conflict in the Middle East looms large over their future expectations. 

Hotel owners and operators broadly raised full-year outlooks on better-than-expected first-quarter performance, but the Iran conflict is carving a deepening hole in Middle East revenues and threatening to ground international travelers coming to the U.S.

Some operators are watching cautiously as a new set of risks enter the fold: disrupted air routes, surging jet fuel costs and diminished global travel momentum...

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RSK: Things are a little tougher overseas especially in the Middle East and surrounding countries. The Iran war, prices of gas and jet fuel are taking a toll.

	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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