— This week’s episode of “WisBusiness: the Podcast” is with Chris Richards, managing director of Colliers Wisconsin’s Madison office.
Richards offers insights on commercial real estate in Wisconsin, noting the industrial market is “as hot as it’s been, probably ever.” That includes warehouses and manufacturing facilities.
“We’re seeing a ton of traction here in the state of Wisconsin,” he said. “Speaking of Madison in particular, which is where we’re headquartered, our vacancy rate is under 2 percent. Which is incredible and about as low as we’ve had it in the 20 years I’ve been in the business.”
In other areas of the state such as La Crosse, Milwaukee, Eau Claire and the Fox Valley, speculative industrial facilities are being built to meet that demand, he said. Meanwhile, retailers in certain areas are paying “sky-high” rents for desirable locations, he added.
“Where things start to get a little bit difficult … is the office sector,” he said. “The work-from-home situation that the pandemic kind of created has created uncertainty. And whenever you have uncertainty, things slow up a bit.”
He predicts Wisconsin will see even more office space downsizing as this trend continues into the near future. He expects this will be most pronounced in areas where large investment companies have acquired buildings for this use.
“Almost every sector of business is either shrinking or renewing for a short period of time in place because of the uncertainty that’s out there,” he said. “So the dynamics and volume and velocity of activity in these marketplaces is not what it was three, four years ago pre-pandemic.”
Listen to the podcast here: https://www.wisbusiness.com/2023/wisbusiness-the-podcast-with-chris-richards-colliers-wisconsin/
See the full list of WisBusiness.com podcasts: https://www.wisbusiness.com/category/podcast/
— In the latest episode of “Talking Trade,” Great Lakes St. Lawrence Seaway Development Corporation Administrator Adam Tindall-Schlicht underlines the importance of Great Lakes shipping for the Midwest economy.
He also highlights room for growth in the region, noting the amount of vessel traffic through these waterways could be doubled with “no operational impact” on U.S. and Canadian ports there.
“Now, we want to do that in an economically and environmentally resilient way,” he said. “We view ourselves as stewards of the Great Lakes, and stewards of this freshwater asset.”
Tindall-Schlicht also discusses the need for expansion, automation and infrastructure investment at U.S. ports on the Great Lakes, referencing the “generational opportunity” presented by the federal Bipartisan Infrastructure Bill and Inflation Reduction Act.
“We’re in a time of cargo diversification on the Great Lakes,” he said. “We’re seeing new container services coming online that forwarders are looking at, that supply chain logisticians are looking at.”
Watch the latest episode here: https://www.wisbusiness.com/2023/talking-trade-with-adam-tindall-schlicht-st-lawrence-seaway-development-corporation/
“Talking Trade” is now available in audio form on Apple Podcasts and Google Podcasts. Subscribe and find more episodes here: https://www.wisbusiness.com/category/talking-trade/
— Five new startup companies have joined the Black Founder Accelerator program in Milwaukee.
This program was launched in 2021 by startup accelerator gener8tor and Northwestern Mutual as part of the financial services company’s Sustained Action for Racial Equality Task Force. Through investment funding, mentorship services and other resources, the program aims to help close the racial wealth gap by supporting Black entrepreneurs.
Members of the latest cohort, announced yesterday, are eligible for a $100,000 investment as well as coaching from executive mentors at Northwestern Mutual and other benefits.
Abim Kolawole, chief audit executive at Northwestern Mutual, says the program has worked with more than 24 startups around the country.
“We remain committed to helping more Black entrepreneurs reach their potential and pioneer a pathway for future innovators to thrive in technology and business,” Kolawole said in the release.
Selected startups include:
*Home Lending Pal, led by founder and CEO Bryan Young. This Florida-based company offers an artificial intelligence-backed platform for lenders to help them connect with borrowers seeking home loans.
*Reveles, led by founder and chief executive R’Kes Starling. The Texas business aims to boost drug development by expanding access and awareness for clinical research, with a focus on minority communities.
*Scout, which is led by CEO and co-founder Michael Haddix. With headquarters in New York, this investment platform aims to improve accessibility for users, providing access to digital financial advisors and other resources.
*Core Ai of North Carolina, led by CEO Ed Ross. The company has a “conversational analysis platform” to help business leaders better understand employee development.
*WeSolv of Chicago, led by founder and CEO Stella Ashaolu. This startup helps with sourcing more diverse professional candidates and aims to reduce hiring bias.
This is the first of two cohorts joining the accelerator program this year, with the second being announced late this summer.
See more on the latest cohort here: https://www.prnewswire.com/news-releases/new-tech-startups-join-northwestern-mutual-black-founder-accelerator-program-301815407.html
<br><b><i>Top headlines from the Health Care Report…</b></i>
— Applications are now open for a grant program that funds efforts to improve veteran mental health in Wisconsin.
And the Legislature’s Joint Finance Committee has voted to invest $7 million in state money to help produce more psychiatrists.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
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#TOP STORIES#
# Wisconsin researchers are looking at ways solar and agriculture could coexist on the same land
# Gov Evers: State Building Commission approves nearly $125.7 million in Wisconsin projects
# Ingeteam will manufacture EV charging stations in Milwaukee, add jobs
#TOPICS#
# AGRIBUSINESS
– Democracy in action: Dairy Farmers of Wisconsin board elections
http://wisconsinagconnection.com/story-state.php?Id=467&yr=2023
# BANKING
– Associated Bank stock dips in wake of First Republic collapse
# CONSTRUCTION
– Century Fence Company starts pavement marking replacement in northwest Wisconsin
– Waukesha pipeline contractor flooded with regulatory issues and problems
# EDUCATION
– Wisconsin Agriculture Youth Council: Fostering the future of farming
http://wisconsinagconnection.com/story-state.php?Id=465&yr=2023
– Madison teachers plan to work only contracted hours next week
– New Beloit College president welcomed by community https://www.gazettextra.com/news/local/new-beloit-college-president-welcomed-by-community/article_9f1bad03-f375-58ba-8b21-a963e0284776.html
# FOOD AND BEVERAGE
– Sprecher Brewing to reopen soon at Bayshore
# HEALTH CARE
– Wisconsin bill would create state hospital price transparency requirement
# LABOR
– Wisconsin workers: Safely below the national average for fatalities
http://wisconsinagconnection.com/story-state.php?Id=466&yr=2023
# LEGAL
– GOP prosecutor urges judge to toss Wisconsin abortion suit
– Arguments begin in lawsuit seeking to overturn 1849 abortion ban
# MEDIA
– Fox Valley native Alex Propson is making reality TV waves on Bravo’s ‘Below Deck Sailing Yacht’
# NONPROFIT
– Johnson Controls makes three-year, $1.6 million pledge to UPAF
# POLITICS
– Evers promises to veto GOP local aid increase plan
# REAL ESTATE
– Seven years and 15 financing sources later, $38.8 million MLK Drive library redevelopment begins
– City Council OKs east-side affordable-housing complex after west-side one failed
# RETAIL
– Is Harley-Davidson ‘on the skids’ with its Repo Men?
– Madison Public Market to break ground this fall, open in 2025
# SPORTS
– Bucks fire head coach Mike Budenholzer
# TOURISM
– Cruise season kicks off in Milwaukee with return of Viking Octantis
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
