Compared with other metrics, such as new construction and tourism activity, office occupancy levels have taken longer to recover since the start of the pandemic. But the vacancy rate Downtown is down to 12.3%, the lowest since 2021 and well below the national average for major metropolitan areas.
Office space vacancies in Downtown Madison are trending downward for the first time since the start of the pandemic.
The vacancy rate in the area bounded by lakes Mendota and Monona, Blair Street and South Park Street was 12.3% as of the second quarter of 2024, down from a 10-year high of 16.7% in 2023, according to a new report by Downtown Madison Inc.
Compared with other metrics for gauging the health of Downtown, such as new construction of housing and hotels and spending by tourists, office occupancy levels have taken longer to recover from the economic slowdown that began in 2020.
This year’s vacancy rate is the lowest Downtown has seen since 2021. Across all of Madison, the vacancy rate is 14.4%, an increase of about 1.5% from 2023 after an uptick in vacancies in outlying parts of the city....
The vacancy rate in the area bounded by lakes Mendota and Monona, Blair Street and South Park Street was 12.3% as of the second quarter of 2024, down from a 10-year high of 16.7% in 2023, according to a new report by Downtown Madison Inc.
Compared with other metrics for gauging the health of Downtown, such as new construction of housing and hotels and spending by tourists, office occupancy levels have taken longer to recover from the economic slowdown that began in 2020.
This year’s vacancy rate is the lowest Downtown has seen since 2021. Across all of Madison, the vacancy rate is 14.4%, an increase of about 1.5% from 2023 after an uptick in vacancies in outlying parts of the city....
RSK: The good news is it is not all government related......just wish more employees would go out for lunch to help out the restaurateurs.
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- - Volume: 24 - WEEK: 49 Date: 12/3/2024 9:15:47 PM -