The office market in Madison, Wisconsin, is a mixed bag, the latest report from Colliers reveals. On one hand, vacancies saw some relief in the fourth quarter, dropping by 23 basis points to 8.93 percent compared with the previous three months.
"Class A space drove the decrease in vacancy in Q4, decreasing by 72 basis points marketwide," Colliers noted in an analysis.
Particularly, vacancies were low among Class A spaces in the Southeast and Southwest, where rates were barely above 0 percent, according to a chart posted by the CRE firm. By submarkets in general, the Southwest came in at the lowest overall, with just a 2.99 vacancy. The highest, meanwhile occurred in the West, which averaged rates of 15.92 percent. However, the category spiked by 154 basis points in 2024 compared with the previous year.
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