Even as Madison, Wis., suffers arctic-like temperatures, there is a warm ray of hope for the commercial real-estate industry.
The city’s academic sector is seeing a building boomlet while developers in other parts of the country slam the brakes on new office buildings, stores and shopping centers.
About $600 million of new building projects are under construction on the University of Wisconsin-Madison campus and more than $450 million of additional projects are in the planning stage, said Alan Fish, associate vice chancellor of facilities planning and management at the university.
A student-services center will officially open to students this week in a larger mixed-use development called University Square. The 1.1-million-square-foot project developed by Executive Management Inc., of Madison, also includes a rooftop garden, rental housing and about 125,000 square feet of retail space that is about 55% leased. The project, on the edge of the campus, is on land previously occupied by a one-story retail property, Mr. Fish said. Also under construction is the $150 million Wisconsin Institutes for Discovery, an interdisciplinary research complex scheduled to open in 2010.