Madison’s office market has been healthy throughout the current expansion thanks to a focus on purpose-driven construction and strong growth in office-using jobs. In the wake of coronavirus, this scenario may change in the coming months. Employers are beginning to adjust to the telework environment that has suddenly become a new reality for many office workers around the world. The extent of those impacts on demand for office space, rent and concessions, and investment remains to be seen, but the landscape is changing. As of 20Q1, vacancies remained compressed near 4.5% in early 2020, as demand returned and surpassed the few deliveries to complete over the past four quarters.