Vacancy and Lease Rates

The Madison area offers plenty of available space to accommodate any type of business that is starting, expanding or relocating. There is currently 14.8 million square feet of rentable office space (3.5 million square feet in downtown Madison; 11.3 million square feet in suburbs) and nearly 42 million square feet of industrial space, of which 2.75 million square feet is vacant. The Madison Economic Development staff can assist you in finding a high-quality, competitively priced space to meet your needs.

Available office space

Currently, 2,040,000 square feet (13.8% vacancy rate) of office space is vacant in the Madison region. This includes large blocks of space that are perfect for accommodating businesses that are expanding or relocating.

Available office space is split up into three categories:

Office Space (Dane County)
Class A
Class B
Class C
Available (vacant) Square Footage
444,116
1,534,228
172,259
Vacancy Rate
7.3%
8.1%
6.5%
Mean Asking Price
Central Campus/Downtown
$22.00/sf
$17.40/sf
n/a
Suburbs
$18.40–$20.75/sf
$17.00–$17.75/sf
n/a

Source: CoStar Group, Inc., Xceligent, Inc.

21 office building sales totaled $27.9 million in 2012.

  • 0 - Class A
  • 9 - Class B ($84/square foot)
  • 12 - Class C ($77/square foot)

Available industrial space

Currently, 42 million square feet (6.6% vacancy rate) of industrial space is available in the Madison region.

Industrial building sales totaled $28.7 million in 2012.

  • 17 - Research & Development/Flex ($32 per square foot)
  • 13 - General Industrial ($57 per square foot)
  • 4 - Warehousing/Distribution ($13 per square foot)

Overall average rents of $5.65 per square foot/NNN

Source: Oakbrook Corp., 06/05/2013

For more information on available office and industrial space, please contact us.