Madison’s commercial real estate vacancies climbing
MADISON (WKOW) — Office space available for lease in Madison is as ubiquitous as a Wisconsin Badger.
Craig Stanley, a commercial real estate adviser with Broadwing said, “We’ve seen a four and a half percent growth in vacancy on the office market.”
Prepandemic, experts say Madison’s office space vacancy rate hovered at a healthy 8 percent and currently the city’s vacancy rate is slightly past 12 percent. Stanley says that’s concerning.
Stanley said, “Anything below 12% is considered very, very healthy and the reason why office vacancy rates are increasing is due to employers providing employees with a hybrid work environment. More employees are working from home, companies are downsizing or giving back if a lease expires, they’re giving back their space because their teams are at home.”
Meaning many employees now want flexibility in the number of days they…