Industrial Vacancy Rates

—Definition
Industrial buildings are the buildings used or are suitable for industrial purposes, such as production, manufacturing, assembly, warehousing, research, light storage and distribution. Industrial Vacancy Rate is defined as the total vacant (unoccupied) industrial space available in the defined market by the total industrial real estate in the defined market.
 
—Why it matters
The vacancy rate for industrial real estate is a good indicator of the health of the local, state, or national economy. A low or declining vacancy rate is positive for the economy because it conveys that business activity is picking up. On the other hand, a high vacancy rate suggests the economy is weak and demand for manufactured goods and other products are down. Alternatively too low of a vacancy rate can be a barrier to companies seeking to expand or enter a market. Without available space, a company may be force to look at alternative locations outside of the area.
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—Performance
Industrial vacancy rates continue to drop in Racine County. From fourth quarter of 2013 to last quarter of 2015 the industrial vacancy rates dropped from 5.02% to 4.90%. This is significantly lower than in the SE Wisconsin region, which has also seen a drop in vacancy rates from 6.13% from fourth quarter of 2013 to 4.50% during the last quarter of 2015. Drops in the rate indicate positive economic growth and a more limited supply of available building space for company relocations and expansions in the market. 
 
—Benchmark
This indicator contains peer counties as benchmark to place Racine's performance in context.
 
—Data Source
Xcelligent