2023 Office Space Rent & Sales
- $23.50 2023 Avg. Asking Rent
- -0.21% Y-o-Y Avg. Asking Rent Change
- 17.62% 2023 Office Vacancy Rate
Madison office price per square foot in 2023 was $23.50 on average. This marked a -0.21% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.62% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Madison Class A & A+ Office Space$26.55
- Madison Class B Office Space$22.12
- Madison Class C Office Space$12.00
- Wisconsin Class A & A+ Office Space$26.13
- Wisconsin Class B Office Space$20.38
- Wisconsin Class C Office Space$22.14
Madison, WI Office Asking Rents by Class
Average office rent in Madison rested at $23.50 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Madison averaged $26.55 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.12 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $12.00 per square foot, on average. Comparably, statewide Wisconsin average office rents by class in 2023 were: $26.13 per square foot for class A office space; $20.38 per square foot for class B office space; $22.14 per square foot for class C office space.
2023 Office Vacancy Rates in Madison
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| East | $24.00 | 31.51% |
| South | $23.75 | 16.30% |
| Downtown | $23.66 | 18.95% |
| Far West | $23.23 | 21.30% |
| West | $23.19 | 3.97% |
Office Spaces for Rent in Wisconsin
Coworking Spaces in Wisconsin
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2023 Office Construction in Madison, WI
- Madison, WI Total SF completed in 2023 307,000
- Madison, WI Total SF under construction in 2024 622,000
During 2023, 307,000 square feet of new office space were delivered across the market. At the close of 2023, the Madison office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 307,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 622,000 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 908 East Main Street | 908 East Main Street, 53703 | 92,000 | 2022 |
| Old Sauk Trails Park - Sauk Trails Plaza II | 1255 Fourier Drive, 53717 | 160,000 | 2018 |
| The Spark | 821 East Washington Avenue, 53703 | 158,000 | 2018 |
| 2600 W Beltline Hwy | 2600 W Beltline Hwy, 53713 | 100,000 | 2016 |
| 22 Transport CT | 22 Transport CT, 53704 | 52,800 | 2015 |
| Madison East Business Center - 4618 South Biltmore Lane | 4618 South Biltmore Lane, 53718 | 39,290 | 2015 |
| Madison East Business Center - 4618 South Biltmore Lane | Madison East Business Center - 4618 South Biltmore Lane, 53718 | 39,290 | 2015 |
| 4702 Verona Rd, Southwest Madison Submarket | 4702 Verona Rd, 53711 | 5,306 | 2015 |
| University Crossing | 749 University Row, 53705 | 69,594 | 2012 |
| 1242 Fourier Drive | 1242 Fourier Drive, 53717 | 28,800 | 2012 |
Worth noting among recent office completions on the Madison market is 908 East Main Street, which is currently the largest new office development in the city, at 92,000 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Madison commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.