Commercial Real Estate Market in Madison, WI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
374 active listings and 5,600 off-market properties in Madison, WI. Commercial property asks $337/SF to buy and $16.00/SF/Yr to lease. Office vacancy runs 7.6%, the loosest of the segments tracked here.
Market Trends
Madison, WI spans 113.7 square miles in Dane County, Wisconsin. Figures below refresh monthly; last updated 31 October 2026.
Office
Office space in Madison, WI has a median asking sale price of $144/SF. Vacancy runs 7.6% in 2025, down from 10.9% in 2023.
Retail
Retail space in Madison, WI has a median asking sale price of $197/SF. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial space in Madison, WI has a median asking sale price of $105/SF (based on 5 listings). Vacancy runs 2.1% in 2025, up from 1.5% in 2022.
Multifamily
Multifamily space in Madison, WI has a median asking sale price of $704/SF. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 36.2%
- Civic 14.6%
- Industrial 11%
- Agricultural 11%
- Planned_development 9.8%
- Open space 8.6%
- Mixed use 6.2%
- Special 2.4%
- Commercial 0.3%
Largest Zones share of zoned land by district
The Conservancy District is established to recognize and protect the natural functions of certain natural and non intensive recreational areas including large City and County parks, and the University of Wisconsin Arboretum and stormwater management areas
Market overview
Demographics & Economy
Madison, WI has 308,529 residents in 147,589 households. Density runs 2,713 people per square mile. Median household income here is $75,882 and median gross rent $1,345 a month.
Tools
Lease vs Buy Breakeven
At $16.00/SF/Yr lease vs $337/SF buy → buying wins if held > 12.2 years.
At a 4.7% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Frequently Asked Questions
What is the median price per square foot for commercial property in Madison?
How much does it cost to lease commercial space in Madison?
What is the office vacancy rate in Madison?
Which property type has the lowest vacancy in Madison?
Is it cheaper to lease or buy commercial space in Madison?
Where does Realmo's Madison market data come from?
Methodology & data sources
- Asking prices and medians
- There are 193 active for-sale and 181 active for-lease listings in Madison, WI. The medians are based on 65 of the for-sale and 33 of the for-lease listings, those that state a price or rent per square foot. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 53,635 zoned acres across 41 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 October 2026 — not today — is the honest last update.
- Known limitations
- retail vacancy is reported at Midwest region level and multifamily vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 October 2026 · How Realmo checks market page data · Report a data issue
