Madison Office Market Update. Q2 2026

Madison’s office market moved against the national trend during the second quarter. While many major U.S. office markets improved, Madison’s vacancy continued to increase.
Overall vacancy increased to 16.3%, leasing activity slowed to 114,800 square feet across 48 transactions, and the market recorded 36,500 square feet of negative net absorption during the quarter.

While many large cities are beginning to benefit from improving office utilization and slowing new construction, Madison continues to work through a combination of downsizing, tenant consolidations, and elevated suburban vacancy.

The Big Picture

• Overall vacancy increased to 16.3%
• Net absorption totaled (36,500 SF) during Q2
• Year-to-date absorption reached (56,300 SF)
• Downtown Class A vacancy remained relatively healthy at 10.6%
• Combined suburban Class A vacancy increased to 22.1%...

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RSK: In case you missed it, here is Oakbrooks quarterly office report...

Ken Notes: Full report at the link...