Q4 2019 Madison Market Report

Madison’s office market has been healthy throughout the current expansion thanks to a focus on purpose-driven construction and strong growth in office-using jobs. Vacancies remained compressed below 5% in early 2020, despite the appearance of negative net demand from early 2019-20 for the first time since the beginning of the current expansion. 

Deliveries were minimal across much of the past four quarters, the change follows the most additions on record when roughly 1.4 million SF completed in 2018. More than 630,000 SF was under construction in 20Q1, with all but one project due to complete by midyear. Sales volume had its second-best year in 2019 as more than $190 million changed hands.