Madison Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Madison is $22.11 per square foot, 5.00% higher compared to the previous year.
  • The average sale price for office space in Madison is $177.70 per square foot, marking an increase of 8.14% compared to 2024.
  • The market’s vacancy rate stands at 16.93%, lower than the state average of Wisconsin, which is 23.10%.
  • Renting Class A/A+ office space here costs $23.50 per square foot, while Class B averages $20.19 and Class C stands at $15.28.
  • 111,326 square feet is currently under construction.

2025 Office Space Rent & Sales

  • $22.11 2025 Avg. Asking Rent
  • 5.00% Y-o-Y Avg. Asking Rent Change
  • 16.93% 2025 Office Vacancy Rate
  • $97.5M2025 Total Office Sales
  • $177.70Avg. Sale Price/SF

What is the average asking rent price for office space in Madison?

Average asking rents for office space here stand at $22.11 per square foot. The local office market recorded an average vacancy rate of 16.93% in 2025, unchanged from 16.93% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $97.5M across 8 sales. These transactions commanded an average sale price per square foot of $177.70.

Madison, WI Office Asking Rents by Class

What is the average office rent per square foot by property class in Madison?

  • Avg. Asking Rent Class A & A+$23.50
  • Avg. Asking Rent Class B$20.19
  • Avg. Asking Rent Class C$15.28

The average asking rent for Class A and A+ office space stood at $23.50 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Madison averaged $20.19 per square foot, while the average for Class C space was $15.28 per square foot.

What is the average office rent per square foot by property class in WI?

  • Avg. Asking Rent Class A & A+$23.76
  • Avg. Asking Rent Class B$19.54
  • Avg. Asking Rent Class C$15.28

For comparison, the average rent for Class A and A+ office space in Wisconsin was $23.76 per square foot. The state-wide average for Class B space was $19.54 per square foot, and Class C office spaces averaged $15.28 per square foot.

Madison, WI Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Madison was West at 9.91%. Meanwhile, the highest office vacancy rate in the market was 23.96%, recorded in Far West.
Submarket Asking Rents Vacancy Rates
Downtown $24.14 20.73%
South $23.80 14.66%
Far West $22.63 23.96%
West $22.44 9.91%
East $15.55 14.15%
Data provided by Yardi Research

Explore Top Office Markets in Wisconsin

2025 Office Sales Volume

  • $177.702025 Avg. Price per SF
  • 8.14%Y-o-Y Avg. PpSF Change
  • $97.5M2025 Office Sales Volume
  • 82025 Number of Transactions

What is the average sale price per square foot for office space in Madison?

Average sale prices for office space in this market recorded a +8.14% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $177.70 per square foot. For comparison, the statewide Wisconsin average during the same time period stood at $122.92 per square foot, while the national average was $182.48 per square foot.

Madison, WI Sale Price per SF Trend

  • Madison Avg. Sale Price per SF in 2025$177.70
  • Wisconsin Avg. Sale Price per SF in 2025$122.92

What was the total office sales volume in Madison in 2025?

The local office market recorded 8 deals in 2025, adding up to a yearly sales volume of $97.5M.

  • Madison, WI Total Office Sales Volume in 2025 $97.5M
  • Madison, WI Total Number of Office Sales Closed in 2025 8
Data provided by Yardi Research

2025 Office Construction in Madison, WI

  • Madison, WI Total SF completed in 2025 60,000
  • Madison, WI Total SF under construction in 2026 111,326

How much office space was built in Madison in 2025?

60,000 square feet of new office space was delivered across the market in the previous year. New construction included 1 properties, with an average new property size of 60,000 square feet.

Looking forward, development activity in 2026 is estimated to add 111,326 square feet of office space to the market in total.

What are the largest recent office completions in Madison?

The largest recent office completion here is Weston Place at 270,000 square feet, completed in 2005. The next largest completions are Old Sauk Trails Park - Sauk Trails Plaza II and 1241 John Q. Hammons Drive.

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
4702 Verona Rd, Southwest Madison Submarket 4702 Verona Rd, 53711 5,306 2015
The Constellation 10 North Livingston Street, 53703 32,500 2013
The American Center Business Park - 5201 East Terrace Drive 5201 East Terrace Drive, 53718 44,709 2009
Novation Campus - Summit Credit Union Building 2424 Rimrock Road, 53713 42,660 2008
Broadway Station 1532 West Broadway, 53713 37,932 2008
708 Heartland Trail 708 Heartland Trail, 53717 49,149 2006
Weston Place 625 North Segoe Road, 53705 270,000 2005
1241 John Q. Hammons Drive 1241 John Q. Hammons Drive, 53717 105,073 2005
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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 Yardi Research Data can guarantee that the information provided is complete.