The vacancy rate increased substantially in Q2 2018, climbing 130 bps to 7.4%, but is still 70 bps lower than one year ago.
Average asking lease rates decreased $0.08 per-sq.-ft. MG from Q1 2018 to Q2 2018, but increased $0.87 over a rolling 12-month period.
New office projects are continuing to shape the Madison office market, with 270,000 sq. ft. of new office added in Q2 2018, and another 473,600 sq. ft. of space due to hit the market by the end of 2019.
Madison continues to build on its reputation of being an attractive destination for tech companies and entrepreneurs, with StartingBlock Madison leasing 50,000 sq. ft. at The Spark.