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 and absorption continues to outpace new supply in the market, even in the midst of the pandemic. The current market vacancy rate of 4.3% remains well below the national average of 10.9%. New supply is limited and few projects have broken ground this year. Fortunately, the few deliveries that have occurred so far this year have typically been build to suit, such as the new 138,000 SF corporate headquarters for Exact Sciences. Because of this, future supply side shocks are unlikely in the market and vacancies are projected to continue dropping in the long term.