Commercial Real Estate and Mortgage In Wisconsin
Article Summary: This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of Wisconsin.
Wisconsin is located along the Great Lakes region in the United
States. Known for its cheese and its beer, this state is a leader in manufacturing,
agriculture and tourism. The state of Wisconsin has a population of 5,556,506
spread out across over 54,310 square miles. There are approximately 100 people
living in each of those square miles. The population has been slowly but steadily
rising over the past two decades. Between 1990 and 2000 the population rose
9.6%, and since 2000 the population has risen another 3.6%. The per capita income
of the residents of Wisconsin is $33,278.
What does this mean for those who are interested in commercial real
estate in Wisconsin?
The agricultural commercial real estate in Wisconsin is highly
productive. Forty-five percent of the state's land is dedicated to farmland,
and the state is the number one cheese producer in the country. It also tops
the nation in corn, cranberries, and ginseng, and it is one of the major producers
of oats, potatoes, carrots, and maple syrup. Commercial real estate is available
for purchase for agricultural pursuits in Wisconsin.
Despite its profitability and success, agriculture is not the top industry
in Wisconsin. That title goes to the manufacturing industry.
The state is a leading region in food processing, processing much of the food
that is grown locally. It also is a top machinery manufacturer and is number
one in the country in the production of paper products. Even though Wisconsin's
chief industry is manufacturing, it is in decline in this state, as it is across
the country. Many industrial pads are being to put other uses, primarily mixed
use retail and housing uses. This is especially the case in Milwaukee, which
is trying to revitalize its urban core. There is high demand for housing in
downtown Milwaukee, so condo development is booming.
The city of Madison has had steady economic growth since the early 1990's.
Forbes magazine consistently names it one of the "Best Places for Business
and Careers" each year. Commercial real estate continues to be affordable
in this economically strong city.
Wisconsin's housing market has been hit very hard by the market slowdown.
In Milwaukee, foreclosures are higher than normal but its unclear why. Unlike
other states with high foreclosure rates, Wisconsin didn't experience
a speculative boom or a drop in job creation. Even though experts haven't
figured out the causes of Wisconsin's housing woes, they predict a rocky
market for at least another 12 months.
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