Madison Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $21.06 2024 Avg. Asking Rent
  • 17.95% 2024 Office Vacancy Rate
  • $23.6M2024 Total Office Sales
  • $164.32Avg. Sale Price/SF

Madison office price per square foot in 2024 was $21.06 on average. The local office market recorded an average vacancy rate of 17.95% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $23.6M. Madison office space commanded an average sale price per square foot of $164.32.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Madison Class A & A+ Office Space$22.53
  • Madison Class B Office Space$20.08
  • Madison Class C Office Space$15.30
  • Wisconsin Class A & A+ Office Space$22.30
  • Wisconsin Class B Office Space$19.73
  • Wisconsin Class C Office Space$13.73

Madison, WI Office Asking Rents by Class

Average office rent in Madison rested at $21.06 per square foot in 2024. 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 $22.53 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.08 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.30 per square foot, on average. Comparably, statewide Wisconsin average office rents by class in 2024 were: $22.30 per square foot for class A office space; $19.73 per square foot for class B office space; $13.73 per square foot for class C office space.

2024 Office Vacancy Rates in Madison

Submarket Asking Rents Vacancy Rates
Downtown $22.68 20.91%
South $20.92 10.22%
West $19.39 4.75%
East $17.72 21.58%
Far West $15.56 21.02%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Madison market was 17.95% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Madison was 4.75% in the West submarket, while the highest office vacancy in the market was 21.58%, recorded in East.

Office Spaces for Rent in Wisconsin

Madison Office Sale Price per SF

  • $164.322024 Avg. Price per SF
  • $23.6M2024 Office Sales Volume
  • 32024 Number of Transactions

Madison, WI Sale Price per SF Trend

  • Madison Avg. Sale Price per SF in 2024$164.32
  • Wisconsin Avg. Sale Price per SF in 2024$120.67
The sale price for office space in Madison averaged $164.32 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Wisconsin average office sale price during the same time period was $120.67 per square foot.

2024 Office Sales Volume

  • Madison, WI Total Office Sales Volume in 2024 $23.6M
  • Madison, WI Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Madison office market in 2024, adding up to a yearly sales volume of $23.6M. Notably, the largest transaction on the market saw 3500 University Avenue change hands for $14,250,000 on 6/27/2024.
Data provided by Commercial Edge

Coworking Spaces in Wisconsin

2024 Office Construction in Madison, WI

  • Madison, WI Total SF completed in 2024 475,000

During 2024, 475,000 square feet of new office space were delivered across the market. At the close of 2024, the Madison office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 475,000 square feet of office space.

Largest Office Properties Recently Completed in Madison
Office building Address SF Completed
The Offices at Madison Yards 4703 Madison Yards Way, 53705 175,000 2023
908 East Main Street 908 East Main Street, 53703 92,000 2022
The Emerson 1121 S Park St, 53715 61,815 2020
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
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
The Constellation 10 North Livingston Street, 53703 32,500 2013
Old Sauk Trails Park - 1242 Fourier Drive 1242 Fourier Drive, 53717 26,000 2012
The American Center Business Park - 5201 East Terrace Drive 5201 East Terrace Drive, 53718 44,709 2009

Worth noting among recent office completions on the Madison market is The Offices at Madison Yards, which is currently the largest new office development in the city, at 175,000 square feet.

Data provided by Commercial Edge

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.