Madison’s office market was on solid ground heading into the pandemic thanks to few speculative under construction projects, tight vacancies, and an already affordable rental market. Vacancy compression has been strong over the past decade as absorption continually outpaced new supply, but the market has experienced vacancy softening over the past few quarters due to several smaller move-outs and some minor new speculative supply additions. However, this impact has been relatively mild and the current average market vacancy rate of 5.9% remains well below the national average of 12.4%.