The following is a response post from William Mears, Broker — Coldwell Banker Commercial McGuire Mears & Associates 

According to the Rock County Index's economic development dashboard, the Janesville-Beloit MSA saw new records and opportunities in Q1 2023. Some highlights:

  • Unemployment rate remained historically low at 3% despite a decline in regional job postings for the third consecutive quarter.
  • Residential pricing reached new heights due to limited inventories, with average home sale prices increasing by 7.5% compared to the previous year.
  • As reflected in Q1 sales and use tax collections, consumer spending remained strong, reaching the third-highest quarterly figure since 2007 with a 14.6% increase year-on-year.

Notable commercial real estate transactions in Q1 by category

Industrial: New construction, NorthStar's 170,000 square foot expansion

Absorption: 4 projects totaling 187,413 square feet


Office:  Leasing and sales activity remains slow, but vacancy levels did not increase this quarter. 

Midlands Office Centre, five tenants, 17,878 SF returns to 100% occupied.


Retail: Remains steady with minimal vacancy, with a couple of notable transactions in this sector.

187,413 square foot Pine Tree Plaza sold for $19,275,000

Kayser Ford acquired Clapper Automotive

17,400 square foot strip center on the city's south side sold at an 8.5% CAP rate 


Land: Four (4) large transactions in the Janesville/Beloit area totaled 180.73 acres, with an average selling price of $18,899 per acre. One (1) site zoned multi-family sold to neighboring landowners for $91,373 per acre.


These items and others are highlighted in this week's release of the Q1 2023 Rock Ready Index.