Office buildings throughout Green Bay, a city in the county of Brown County, Wisconsin have numerous “For Lease” sign on their front as vacancy rates for the office market continues to rise. According to Grubb & Ellis, a commercial real estate broker, vacancy rates for office buildings continues to rise in Green Bay area since 2008, while hitting a low 15.7 percent during the third quarter of 2010.
But, according to a nationwide company’s local office’s real estate adviser Mark Denis, vacancy rates in Green Bay area held up well compared to other parts of the United States because most office buildings in the area are owner- occupied.
The slow-moving economy has been keeping business from occupying vacant office buildings that closed during the global recession. Near the end of 2008, vacancy rates for office buildings were almost 12 percent and is been on the rise consequently, though less severely in 2010 where the figures lingered around 15.5 percent.
According to the director of economic development in Green Bay city, Derek Lord, a strong manufacturing support has been keeping the area afloat, compared to other parts of Wisconsin and the whole U.S, which have violent swings in vacancy rates and unemployment.
Local municipalities and property owners also often share the weight of upgrading existing commercial buildings, which include exterior upgrades and other repairs to become more attractive to prospective tenants.
Denis anticipates that 2011 could be an excellent year and with the possibility of some immense moves in the commercial real estate, which could have positive effects for Northeastern Wisconsin’s vacancy rates.