On average, listings lease in the $30's per square foot per year. The Downtown Madison submarket is experiencing a a boost in rates. In the last 3 months, the median rate rose $8 per sqft per year. That's a 30% rise in rent.
In the last 90 days, 19 listings have been made available, which means office spaces are probably going fast. You'll want to be prepared to make an offer immediately. About 5% of the available leases in the Downtown Madison are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are approximately 3 stories. Most buildings in this region were built in 1958 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Downtown Madison occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.