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CARW / Moody’s Release 2025 Q2 Commercial Numbers for Madison

July 22, 2025 by Tracy Johnson

FOR IMMEDIATE RELEASE
Contact: Tracy Johnson, President & CEO, CARW | 414-698-7474 | tracy@carw.com
Chris Allen, Director of Analytics, REDIComps | 952-456-1669 | chris@redicre.com

MADISON, July 2025 – The Commercial Association of REALTORS® Wisconsin (CARW) 2025 second quarter numbers show a market and economic overview of the industrial, office and retail report. The market reports are produced in collaboration with CARW members, Moody’s, and REDIComps Research. Click HERE for the highlights for the report.

“The Madison commercial real estate market continues to reflect steady momentum and thoughtful development activity,” said Tracy Johnson, CEO of the Commercial Association of REALTORS® Wisconsin (CARW). “This report underscores the strength of the region’s economy and the expertise of the professionals shaping its built environment. Madison remains a vital part of Wisconsin’s commercial real estate landscape.”

COMMENTS:
OFFICE:
Madison’s office market is showing early signs of recovery, with strong interest in high-quality space around Capitol Square and in the Northwest/Middleton submarket. While overall leasing activity remains below prior levels, the return of larger users and declining remote work trends point to renewed momentum in the second half of 2025. — Jim Cavanaugh, Cushman & Wakefield | BOERKE

INDUSTRIAL:
“The Madison Industrial market continues to perform well however the pace of activity, especially amongst users larger than 30,000 SF, has slowed from the all-time highs seen the last few years. Not unlike many other markets, the uncertainty brought on by tariffs appears to have slowed decision making but if concerns lessen, the market will likely have a stronger 2nd half of the year.” — Chris Richards, Colliers Wisconsin

RETAIL:
“Retail continues to anchor Madison’s CRE landscape with a 6.3% vacancy rate despite some big-box exits such as JoAnn Fabrics. People desire “experiences.” Demand for prime mixed-use and restaurant space stays strong in the downtown core with consecutive developments. Industrial remains a standout with vacancy under 4% while office is stabilizing at 15.7%. Tenants desire modern, amenity-rich spaces. Ultimately, retail’s resilience and ability to reflect local market confidence put it front and center for long-term value in Madison.” – Heather Ewing, Abstract CRE

###

About CARW: CARW is the VOICE for commercial real estate brokerage and related professionals in Wisconsin. Founded in 1993, CARW is dedicated to the success of our members by providing public policy advocacy, invaluable educational opportunities, networking experiences and data exchange. CARW supports more than 950 commercial real estate professionals in 500 companies throughout Wisconsin and the region. CARW also oversees the statewide data exchange that tracks commercial lease and sale information. Members represent more than 36.5 M sf of commercial real estate available for sale and nearly 63 M sf available for lease.

About Moody’s Commercial Real Estate: Moody’s Commercial Real Estate platform provides trusted data, analytics, and forecasting tools to help investors, lenders, brokers, and developers make smarter real estate decisions. Covering millions of U.S. properties, the platform combines property-level insights with market trends, loan data, and economic forecasts. With tools for underwriting, lead generation, and portfolio management, Moody’s CRE empowers users with the intelligence needed to navigate an increasingly complex real estate landscape.

About REDI: Founded in 1994, REDI is the original fully researched CIE/CMLS exchange. REDI provides tailored commercial real estate products for the commercial real estate industry, including a complete market property universe continuously updated with the latest availabilities and sales transactions. REDI/Catylist provides fully researched market data and Commercial Data Exchange Services to more than 50 markets nationwide. Click HERE for more information.

 

Filed Under: News, Data Trends

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