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MARKET UPDATE • Q1 2026
Ozaukee County Industrial
Rockwell’s $62.5M acquisition headlines a quarter of steady fundamentals and tightening multi-tenant vacancy
5.8%
Vacancy
â–² 200 bps YoY (from 2.0%)
$6.81
Avg Rent NNN
â–¼ 5.8% YoY (from $7.23)
14.5M
SF Inventory
224 buildings
635K
SF Sold Q1
2nd highest in region
Ozaukee vs. Southeast Wisconsin
VACANCY RATE — ALL PROPERTIES
Walworth1.3%
Sheboygan1.7%
Waukesha2.5%
Washington4.1%
OZAUKEE5.8%
Milwaukee7.0%
Racine8.9%
Kenosha10.0%
AVG ASKING RENT NNN ($/SF)
Waukesha$8.30
OZAUKEE$6.81
Racine$6.96
Washington$6.60
Kenosha$6.38
Milwaukee$5.94
Sheboygan$7.95
Walworth$6.04
Vacancy by Property Type
Flex / R&D
2.7%
Vacancy Rate
Avg Rate: $8.73/SF NNN
Manufacturing
5.6%
Vacancy Rate
Avg Rate: $5.50/SF NNN
Whse. Distribution
8.1%
Vacancy Rate
Avg Rate: $5.50/SF NNN
Whse. Office
5.8%
Vacancy Rate
Avg Rate: $7.50/SF NNN
Notable Recent Sales
— Three Ozaukee County industrial transactions, Q1 2026
| Property | City | SF | Sale Price | $ / SF | Closed |
|---|---|---|---|---|---|
| 6400 W Enterprise Dr | Mequon | 538,092 | $62,500,000 | $116.15 | Jan ’26 |
| 3830 County Hwy H | Port Washington | 23,267 | $2,000,000 | $85.96 | Jan ’26 |
| 420 9th Ave | Grafton | 36,800 | $1,473,780 | $40.05 | Feb ’26 |
Q1 2026 Ozaukee Sales Snapshot: Three industrial transactions closed totaling 598,159 SF and approximately $65.97M in combined consideration. The quarter was headlined by Rockwell Automation’s $62.5M acquisition of its own Mequon manufacturing campus — one of the largest industrial transactions in Southeast Wisconsin in recent memory. The deals in Port Washington and Grafton reflect continued end-user demand for owner-occupied product in the county.
PARADIGM Listing Spotlight
— Available for Lease in Cedarburg
★ PARADIGM LISTING SPOTLIGHT
AVAILABLE FOR LEASE
N19W6717 Commerce Court, Cedarburg, WI
An end cap unit in the Cedarburg Business Park featuring one drive-in door and ample parking. Quick access to Hwy 60 and I-43 provides easy regional connectivity across Ozaukee County and greater Southeast Wisconsin. Ideal for light manufacturing, distribution, or service operations supported by Cedarburg’s strong, stable local economy.
AVAILABLE SF
3,430
LOADING
1 Drive-In
SUBMARKET
Ozaukee
5-Quarter Trend — Ozaukee County
— Vacancy trending up from historic lows; rents moderating
VACANCY RATE — ALL PROPERTIES
AVG ASKING RENT NNN ($/SF)
What We’re Watching
— Capital events and demand drivers for Q2
Rockwell Automation’s $62.5M Buy-Back
Rockwell Automation has acquired the property that houses its Mequon plant for $62.5M — buying out a long-term lease from RA Mequon Fee Owner, LLC. At $116/SF for a 538,092 SF manufacturing campus, this is one of the largest industrial transactions in Southeast Wisconsin history and removes a major single-tenant asset from the investable market.
Data Center Demand Ripple: Gurtz Electric
Gurtz Electric — an Illinois-based electrical contractor — has purchased a 23,200 SF building on a 4-acre site at 3830 County Road H in Port Washington to support its work on the $15 billion data center project under construction nearby. Already operating in Racine County, the firm is adding a second Wisconsin location to position itself for long-term regional growth. This deal may signal broader demand from trades and suppliers tied to the data center build-out seeking a foothold in Ozaukee County.
No New Construction Underway
Ozaukee is the only Southeastern Wisconsin county reporting zero square footage under construction in Q1 2026 — a notable contrast to Washington County’s 605,140 SF pipeline just to the west. With no new supply arriving, any uptick in user demand should tighten vacancy relatively quickly. Owner-users and investors should watch for opportunity in the existing base.