The typical asking rate per listing is in the $20's per square foot per year. The Downtown Madison submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 16% decline in rent.
In the last 90 days, 19 listings have been listed, which means new availabilities most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 5% of the available leases in the Downtown Madison are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 1,350 sqft. Most buildings in this area are around 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 market. 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.