The typical asking rate per listing is in the $30's per square foot per year. The Downtown Madison submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $11 per sqft per year. That's a 25% decline in rent.
In the last 90 days, 15 listings have been made available, which means leases most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,200 sqft. Most properties in this market are close to 3 floors. Most buildings in this market 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 residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.