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.. The market experienced vacancy softening in the back half of 2020 due to some smaller move-outs, but the impact was relatively mild and the current average market vacancy rate of 5.4% remains well below the national average of 12.1%.