Market Insights

What Will Drive The Recovery of Commercial Real Estate Markets in 2021? 2020 has been an unprecedented year, with COVID-19 impacting nearly every industry across the country, including commercial real estate. Shutdowns due to the coronavirus pandemic caused a large portion of employees to work from home for much of the year. As the economy stalled, many businesses and property owners found themselves negotiating with both tenants and lenders on rent relief and loan modifications. While the pandemic accelerated trends that were already taking place in retail, it upended the strong momentum in the office and hospitality sectors, as well as urban markets. These trends will likely continue in 2021 and reshape what buyers, owners, tenants, and residents may ultimately want to occupy.

The submarine sandwich soon will return to a former sandwich shop along the Humes Road restaurant strip on Janesville’s northeast side. Commercial real estate broker Barry Badertscher confirmed Wednesday that a Jersey Mike’s Subs franchise will fill a space at 2228 Humes Road that recently housed Milio’s Sandwiches.

Janesville, WI (March 22, 2021) – Adam Shultz of Coldwell Banker Commercial McGuire Mears & Associates has been named as one of Coldwell Banker Commercial’s 3 Under 30 for 2020. Shultz was recognized as a young commercial real estate professional who is making strides in the industry by understanding the importance of building strong customer and community relationships.

Gates Auto needed to find a new facility where they could open one of the largest indoor car showrooms in the Midwest. Given that Wisconsin is a cold weather state for roughly half the year, the ability to bring the car buying process almost completely indoors is a game-changer, both protecting the vehicles and shielding the customers from frigid Wisconsin winters.

Rock Energy Systems, LLC a manufacturer of waste oil heaters founded and headquartered in Janesville, Wisconsin, purchased a competitor located in Nashville. With that acquisition came a new challenge—should they manage the new company as a satellite operation or should they consolidate both companies inside their current manufacturing and warehouse facility in Janesville? After an evaluation of existing floor space, Rock Energy opted for consolidation but realized that they would need more square footage and engaged Coldwell Banker Commercial McGuire Mears & Associates for assistance.

Coldwell Banker Commercial McGuire Mears & Associates is pleased to have represented ownership in the sale of the 305,000 square foot industrial manufacturing building in Janesville, Wisconsin. Hufcor Inc, founded in 1900, designs and manufactures operable partitions worldwide. The Hufcor business was sold to a private equity firm in 2017, but then-current owner, the Borden Family Trust, retained the real estate.

The Rock County Development Alliance has released its Rock Ready Index for the second quarter. Notable highlights from the economic development dashboard include:

Increasing e-commerce and food distribution demand was stressing manufacturer Pratt Industries’ production capabilities. Pratt, the fifth largest corrugated packaging company in the United States, had outgrown its satellite distribution facility and needed to expand into at least 100,000 square feet. Finding that space close enough to the production facility was difficult; at the time, the vacancy rate for the Janesville/Beloit market was less than 5%. In addition, Pratt still had more than 12 months remaining on its warehouse lease.

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Well, of course not—but for some tenants, it may seem so! In their recent article “Tenant’s Acceptance of Leased Premises: May The Tenant Always Beware”, authors Jim Hochman and David Lieberman point out five issues that tenants should consider before accepting a space. As they note, most landlords include in their leases a clause that absolves them of responsibility once the tenant takes possession.