On average, listings lease 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 fell $11 per sqft per year. That's a 25% decline in rent.
In the last 90 days, 18 listings have been listed, which means spaces might be leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet available, 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 buildings in this area are close to 3 floors. 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 folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.