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2024 STATE OF DOWNTOWN MADISON

A special thank you to the following people and organizations for their contributions and assistance with the compilation of the 2024 State of the Downtown report:

• AlphaGraphics Madison (Elizabeth Bickers Gargano, Erik Kjelland and Ivy Fung)

• Broadwing Advisors, LLC (Craig Stanley, Emily Mehl and Deana Porter)

• CBRE (Gretchen Richards)

• City of Madison Assessor’s Office (Michelle Drea, David Faust and Megan Lukens)

• City of Madison Economic Development Division Office of Business Resources (Meghan Blake-Horst)

• City of Madison Parking Utility (Stefanie Cox)

• City of Madison Planning Division (Colin Punt and Kevin Firchow)

• City of Madison Police Department (Jamie Doyle and Daniel Haueter)

• City of Madison Treasurer’s Office (Craig Franklin)

• Clean Lakes Alliance (Paul Dearlove and Karin Swanson)

• Dane County Regional Airport (Kim Jones, Tomasz Pajor and Michael Riechers)

• Destination Madison (Ellie Westman Chin, Maureen Martin, Rob Gard and Ana Cordova)

• Madison BCycle (Helen Bradley)

• Madison Metropolitan School District (Eric Lequesne and Brianne Monahan)

• Madison Public Schools Foundation (Melinda Heinritz and Mary Bartzen)

• Madison Region Economic Partnership (Jana Moore)

• Madison’s Central Business Improvement District (Matt Tramel and Tim Jenquin)

• Metro Transit (Mick Rusch)

• REALTORS® Association of South Central Wisconsin/South Central MLS (Patty Stuard)

• The Beacon - Catholic Charities Diocese of Madison (Carly Sobye and Fannicia Hawkins)

• University of Wisconsin-Madison, Division of Extension, Community Development Institute (Matt Kures)

Plus all other people, businesses, and data sources who contributed time and information to this report!

INTRODUCTION

Downtown Madison Inc. (DMI) is proud to present its 14th annual State of Downtown Madison, a report that provides objective and accurate information on downtown Madison. Fourteen years of data has given us a wealth of information to better understand the current state of downtown and help plan for future projects, growth, challenges, and opportunities to maintain a healthy and vital downtown Madison. We encourage residents, businesses, community organizations, and city officials to join DMI in using the information in this report to help make downtown Madison an economically strong, inclusive, equitable, and vibrant place to live, work, and visit

BOUNDARIES & MAP

The central downtown is defined in this report as the area bounded by Lake Mendota, Lake Monona, Blair Street, and Park Street. The majority of data compiled in this report focuses on the central downtown area. On a broader scale, downtown Madison is often viewed as the Madison isthmus from Camp Randall Stadium on the west to the Yahara River on the east. This broader definition is reflected in various metrics throughout the report, but the primary focus is the central downtown. The geographic boundaries of Madison’s Central Business Improvement District (BID) and 53703 zip code are also used in the report.

Lake Monona

Lake Mendota

Legend

DEVELOPMENT & INVESTMENT

Downtown Madison Tax Base

In 2024, the tax base in downtown Madison was $4.24 billion, an increase of $2.36 billion since 2011*

Estate Taxes Generated (in millions)

$3.0

Source: City of Madison Assessors Office (*compiled by DMI). Residential defined as Single-Family, Condominium, 2-unit and 3-7 unit properties only. All other properties including large apartment buildings defined as commercial. Central Downtown area only. Figures represent new and rehab construction projects. Current assessed values used for new construction values and do not include new construction after properties are assessed for the year.

Sources: City of Madison Assessors Office for 2011 data and 2024 downtown Madison data (*compiled by DMI) and Treasurers Office for 2024 City of

Source: City of Madison Assessors Office (*compiled by DMI) 1,329 new residential units

in downtown Madison in 2023 Residential units approved for construction in downtown Madison in the past five years (20192023) which is 25% of the total residential units approved by Plan Commission citywide

Sources: City of Madison Planning Division and City of Madison Assessors Office (*compiled by DMI)

Source: City of Madison Planning Division

Citywide Real Estate Taxes Generated from Downtown Madison

Sources: City of Madison Assessors Office for 2011-2015 data and 2016-current downtown Madison data (*compiled by DMI), and Treasurers Office for 2016-current City of Madison data

Development in Downtown Madison 2019-2023

RESIDENTS

Central Downtown Madison Neighborhoods/Associations:

Bassett, First Settlement, James Madison Park, Mansion Hill, Miffland (all part of Capitol Neighborhoods, Inc.), and Campus Area Neighborhood Association

Greater Downtown Madison Area Neighborhoods/Associations: Bay Creek, Bayview Foundation, Inc., Brittingham Apartments Resident’s, Campus Area, Greenbush, Marquette, Monona Bay, Tenney-Lapham, and Vilas

Sources: City of Madison Department of Planning, Community & Economic Development, Planning Division website and Capitol Neighborhoods, Inc. website

Accessibility

Population with a disability in the City of Madison and Dane County is both 8.6%

Source: U.S. Census Bureau, 2018-2022 American Community Survey 5-Year Estimates* (for downtown Madison, the margin of error exceeds the limit to use in the report)

Age in Downtown Madison

Population

Source: U.S. Census Bureau, 2000 Census; ESRI estimates, 2024*

Race and Ethnicity

Source: U.S. Census Bureau, 2000, ESRI Estimates: 2024*

Source: U.S. Census Bureau, 2000, 2010, 2020 Census, ESRI Estimates: 2024*

Gender

Occupied Housing Units with 30% or more of Monthly Housing Costs as a Percentage of Household Income in the Past 12 Months

Source: ESRI estimates, 2024*

Average Household Size

Source: U.S. Census Bureau, 2018-2022 American Community Survey 5-Year Estimates* (Households spending over 30% of their income on housing are considered cost-burdened)

Occupied Housing Units With vs. Without Related Children of Householder Under 18 Years

Source: U.S. Census Bureau, 2018-2022 American Community Survey 5-Year Estimates*

Per Capita Income

Source: ESRI estimates, 2024* Occupied Housing Units Vehicles Available

Source: U.S. Census Bureau, 2009-2013, 2018-2022 American Community Survey 5-Year Estimates*

Source: U.S. Census Bureau, 2018-2022 American

Survey 5-Year Estimates*

*ESRI data are estimates only that may not include local changes or factors such as the increase of population due to recent development projects. These estimates and Census figures are also not direct comparisons due to differences in the sources and data collection methodologies. Comparisons are for estimates only. U.S. Census Bureau, American Community Survey 5-Year Estimates figures are subject to a margin of error based on a 90 percent confidence interval. Per capita income figures are based on periods that contain overlapping years. Period differences in the figures may not be statistically significant. Figures are adjusted for inflation in 2022 dollars. Income for downtown includes student population. Downtown Madison defined as 53703 zip code for household spending on housing, related children of householder under 18 years, and available vehicles data.

Downtown Madison Apartment Units

In 2024, there were 11,992 apartment units in downtown Madison, an increase of 61.6% from 2011.

Source: City of Madison Assessors Office (*2024 compiled by DMI). Central Downtown area only.

Types of Units in Downtown Madison

Source: City of Madison Assessors Office (*compiled by DMI). Central Downtown area only.

Median Value of Owner-Occupied Housing Units

Source: CBRE, ESRI 2021-2024

Rental Vacancy Rates in Downtown Madison

Source: REALTORS® Association of South Central Wisconsin/South Central Wisconsin MLS. Downtown Madison defined as the greater downtown area, not including the Bay Creek neighborhood.

Average Rental Rate Comparisons

Credit: Focal Flame Photography

QUALITY OF LIFE & SAFETY

Places of Worship in Greater Downtown Madison

Members/people served in 2023/2024: 10,520

Average weekly service attendance in 2023/2024: 4,446

Meals/people served at onsite food pantries/meal programs in 2023/2024*: 50,784

Sources: Bethel Lutheran Church, Blackhawk Church-Downtown, Calvary Lutheran Chapel, Diocese of Madison (Holy Redeemer Catholic Church, St. Patrick Catholic Church, and St. Paul's Catholic Student Center), Faith Community Bible Church, First United Methodist Church, Grace Episcopal Church, Harvest Church of Madison, New Culture Church, Pres House, St. John’s Lutheran Church, and Wisconsin Lutheran Chapel. Some weekly service attendance includes in person and online. Additional places of worship may be located in downtown that are not included in these numbers. *Includes onsite food pantries/meal programs at Bethel Lutheran Church (meals in 2023), First United Methodist Church (meals in 2023), and Grace Episcopal Church (individuals in 2023).

The Beacon homeless day resource center is operated by Catholic Charities Diocese of Madison as a public-private partnership providing community solutions to help men, women, and children who are experiencing homelessness in Dane County, Wisconsin.

Source: The Beacon - Catholic Charities Diocese of Madison. Numbers are from June-May.

In 2023, the overall livability index score for Zip Code 53703 was 71 out of 100 as compared to the average zip code score of 47. The AARP Livability Index™ platform promotes livability for everyone, regardless of factors such as income, ability level, and background, in all neighborhoods across the country.

Source: The AARP Livability Index™, livabilityindex.aarp.org

Source: City of Madison Police Department (*offenses include: battery simple assault, burglary, theft from building, theft from vehicle, all other larceny, damage/vandalism of property, drug/narcotic violation, disorderly conduct, liquor law violation, and trespass of real property)

Child Care in Greater Downtown Madison

In 2024, the daytime capacity at child care providers in greater downtown Madison was 607

Source: Wisconsin Department of Children & Families, YoungStar Program website. *Downtown providers include: Child Development Lab, Creative Learning Preschool and Child Care Center, Cultured Kids Vilas, Meriter Children’s Center, Nina Okwali, SSM Health Child Care Center, St. James, Tenney Nursery and Parent Center, University Ave Discovery Center Inc., and Woodland Montessori Toddler House. Additional child care providers may be located in downtown Madison that are not included in these numbers.

Parks and Beaches in Downtown Madison

Parks in central downtown Madison: (Brittingham Park, James Madison Park, Lakefront Porch Park, Law Park, Peace (Elizabeth Link) Park, Period Gardens, and Proudfit Park)

Parks in greater downtown Madison

Playgrounds in central downtown Madison (1 accessible playground at Brittingham Park)

Playgrounds in greater downtown Madison

Beaches in greater downtown Madison (B.B. Clarke Beach, Bernie's Beach, Brittingham Beach, James Madison Beach, Tenney Beach, and Vilas Beach)*

Source: City of Madison Parks Division website

Lakes in Downtown Madison

Sources: R. Lathrop (UW Center for Limnology) and Clean Lakes Alliance's annual State of the Lakes (*Covid-19 prevented UW’s Long-Term Ecological Research (LTER) program’s ability to collect info for Lake Monona in 2020). Data is July-Aug medians.

OFFICE MARKET

Downtown Madison Office Market

Overall vacancy rate for office space in downtown Madison: 12.3% , down 4.4% from 2023

Downtown Madison Office Market by the Numbers:

Downtown Madison is comprised of 46.9% Class A, 38% Class B, and 15.1% Class C office space

Source: Broadwing Advisors, LLC, REDI/Catylist, JLL and Hubbell Commercial, Q2 2023 and 2024. Downtown Madison defined as Madison, WI, CBD (Capitol Square+).

Office Space by Class in Downtown Madison

Total

Inventory: 4,329,408 sq. ft. Vacancy Rate: 12.3%

Class A

Inventory: 2,031,765 sq. ft.

Vacancy Rate: 9.8%

Class B

Inventory: 1,644,012 sq. ft.

Vacancy Rate: 10.4%

Class C

Inventory: 653,631 sq. ft.

Vacancy Rate: 25%

Source: Broadwing Advisors, LLC, REDI/Catylist, JLL and Hubbell Commercial, Q2 2024. Downtown Madison defined as Madison, WI, CBD (Capitol Square+).

Office Space Vacancy Rates in Downtown Madison

Source: Broadwing Advisors, LLC, Xceligent, Q3 2010-2011, Q2 2012-2017, Broadwing Advisors, LLC, REDI/Catylist, Q2 2018-2020, Broadwing Advisors, LLC, REDI/Catylist, and JLL, Q2 2021, and Broadwing Advisors, LLC, REDI/Catylist, JLL and Hubbell Commercial, Q2 2022-2024. Downtown Madison defined as Madison, WI, CBD (Capitol Square+).

Office Space Vacancy Rate Central Business District Comparisons in 2024

Sources: Broadwing Advisors, LLC, REDI/Catylist, JLL and Hubbell Commercial for Madison, WI, Minneapolis, MN, and Raleigh, NC, Commercial Association of REALTORS® Wisconsin (CARW) for Milwaukee, WI, JLL for Austin, TX, Cincinnati, OH, Des Moines, IA, and Indianapolis, IN, Colliers for Portland, OR, and The Colorado Group for Boulder, CO. Numbers are for Q2 2024. Central Business Districts for each city. Downtown Madison defined as Madison, WI, CBD (Capitol Square+).

EMPLOYMENT

Downtown Madison Employment

In 2024, 18% of employees citywide were located in downtown Madison.

Source: CBRE, ESRI 2024

Number of Employees

Number of Businesses

Downtown Madison: 2020: 50,627

2024: 51,203

City of Madison: 2020: 236,099 2024: 282,892

Dane County: 2020: 410,694 2024: 447,010

Source: CBRE, ESRI 2020 and 2024

Downtown Madison: 2020: 1,992 2024: 2,055

City of Madison: 2020: 11,565 2024: 12,617

Dane County: 2020: 22,240 2024: 23,591

In 2024, 13,241 people were employed by the 10 largest private-sector industry businesses in downtown Madison compared to 30,918 by the University of Wisconsin-Madison, State of Wisconsin, Dane County and City of Madison combined.

Sources: Madison Regional Economic Partnership (MadREP), Lightcast Q3 2024 Data Set, August 2024 (Data for individual businesses is provided by DatabaseUSA.com, which maintains a database of more than 14 million U.S. business entities. Note that in aggregate it will not be consistent with Lightcast labor market data due to differences in definitions, methodology, coverage, and industry/ geographic classification. Due to a lack of source data at the ZIP code level, Lightcast's ZIP-level estimates can be less accurate when looking at a small number of ZIP codes. This is especially likely to occur in rural areas. Downtown Madison defined as 53703, 53706, 53707 and 53715 zip codes. Size measured by the combined number of full-time and part-time employees. Not all employees work onsite. Data only includes employers with over 100 employees which impacted the State of Wisconsin, Dane County and City of Madison employee counts used in this report.) and University of Wisconsin-Madison, wisc.edu/about/facts/, 2024.

Credit: Focal Flame Photography

Source: CBRE, ESRI 2024

Credit: Focal Flame Photography

EDUCATION

University of Wisconsin-Madison

Madison Metropolitan School District (MMSD)

District Enrollment

25,247 students (all grades)

Development Partner

Key philanthropic and resource development partner to MMSD: Madison Public Schools Foundation

Research expenditure

Schools and Colleges

Source: University of Wisconsin-Madison, wisc.edu/about/facts/, 2024

Madison Public Schools Foundation-based

Adopt-a-School partners: 65

Source: Madison Public Schools Foundation, September 2024 (district enrollment may be different from starting enrollment for 2024-25 based on 3rd Friday count and the 2024-25 budget is preliminary)

Downtown Madison All-District

Source: Madison Metropolitan School District and madison.k12.wi.us*

*Downtown schools include: Lapham (4K-2), Marquette (3-5), Franklin (4K-2), and Randall (3-5). Figures exclude 4K and PK programs for 2010-2011 and 2015-2016 and include 4K and PK on-site and off-site programs for 2020-2021 and 2023-2024.

RETAIL & RESTAURANTS

Madison’s Central Business Improvement District (BID)

Madison’s Central BID is at the heart of downtown’s retail/restaurant area and encompasses the greater State Street, Capitol Square, and King Street areas (see map on page 3).

Visits to the BID

Source: Madison’s Central BID, Placer Labs, Inc. (www.placer.ai)

Source: Madison’s Central BID Customers helped by Madison’s Central BID’s Downtown Information Ambassador Program in 2023: 26,398, an increase of 14% from 2022

BID Visits Metrics in 2023

Average Dwell Time: 88 min Visit Frequency: 4.96 Visitors: 1.7M

Visits Year over Year: +11.1%

Source: Madison’s Central BID, Placer Labs, Inc. (www.placer.ai)

BID Business Ownership Mix

Source: Madison’s Central BID, 2024 (Ownership mix figures do not include non-profits. Locally owned includes Wisconsin ownership, locally owned franchises.)

BID Business Type Mix

Sources: Madison’s Central BID and Gibbs Report 1998 (BID boundaries expanded in 2018 impacting the number of businesses and spaces available. Available spaces do not include properties slated for development. Numbers as of 8/29/2024.) *greater State Street area only

BID Business Space Vacancy Rates

Street Vending in Downtown Madison Mall Concourse

Food Cart Vending Licenses (Mall Food

License) Issued: 33

Sidewalk Cafés and Roadway Café Total Applications: 67 (81.7% of applications submitted city-wide)

Source: Madison’s Central BID (Two developments totaling 7 vacancies currently available for lease came online in 2024. Available spaces do not include properties slated for development. Numbers as of 8/29/2024.)

Source: City of Madison Economic Development Division Office of Business Resources (statistics are current as of 9/17/2024. Sidewalk Cafés and Roadway Café Applications are active licenses and in process or at fees due in the downtown area. The Downtown Madison Mall Concourse is roughly the same boundaries as Madison’s Central BID.)

TOURISM & ATTRACTIONS

Downtown Madison Visitors

In 2023, there were 2,742,351 visitors to downtown Madison, an increase of 19.3% from 2022, and 24,481,569 annual visits, an increase of 2.7% year over year.

Source: Placer Labs, Inc. (www.placer.ai) For more trends, information, and data on visits to downtown Madison, check out DMI’s Downtown Madison Data Dashboard: www.downtownmadison.org/downtown-madison-data-dashboard.

Visitor Spending in Downtown Madison (in millions)

Number of Hotel Rooms/ Accommodations in 2024

Source:

Source: Destination Madison. Downtown Madison defined as State Street/Campus, Capitol/Downtown, and Near East. Numbers include hotel/motel/resort, bed & breakfast, and extended stay rooms.

Credit: Focal Flame Photography

Downtown Madison Tourism by the Numbers:

$32.2

Million in visitor associated state and local tax revenue in downtown Madison in 2023, an increase of 13.8% from 2022

Million in visitor spending in downtown Madison in 2023, an increase of 12.9% from 2022

Jobs directly supporting visitors in downtown Madison in 2023, an increase of 6.2% from 2022

Conferences and conventions at Monona Terrace Community & Convention Center in 2023, the same number as 2022

Average attendance (down from 712 in 2022)

Million in economic impact (up from $27.8 million in 2022)

Hotel room nights generated (down from 30,414 in 2022)

Sources: Destination Madison, Tourism Economics (Downtown Madison defined as 53703 zip code), and Monona Terrace Community & Convention Center Annual Report 2023

Visits to Destinations in Greater Downtown Madison* (in millions)

Sources: Alliant Energy Center, Big Top Events Breese Stevens Field, Henry Vilas Zoo, Madison Children’s Museum (fiscal year July 1–June 30), Madison Museum of Contemporary Art, Madison Public Library, Monona Terrace Community & Convention Center Annual Report, Overture Center for the Arts (season July-June), UW Athletic Department (all facilities, July 1–June 30), Wisconsin Department of Administration (Wisconsin State Capitol tours), Wisconsin Historical Museum (closed for most of 2023 for new Wisconsin History Center project), Wisconsin Institutes for Discovery, Wisconsin Union (fiscal year July 1-June 30), and Wisconsin Veterans Museum. *Additional destinations may be located in downtown Madison that are not included in these numbers.

Downtown Madison Events

Many signature events are held in downtown Madison including the Dane County Farmers’ Market, Concerts on the Square, Madison Night Market, Art Fair On the Square, Maxwell Street Days, Taste of Madison, and more, as well as many sporting events such as Wisconsin Athletics, Forward Madison FC, and Ironman Wisconsin.

MOBILITY

Downtown Madison Pedestrians

In 2023, State Street and King Street pedestrian counters had a total count of 19,730,794

Source: City of Madison Traffic Engineering Eco Counters

Downtown Madison Mobility in 2023 by the Numbers

Air

• Dane County Regional Airport passengers: 2,110,001, an increase of 12.1% from 2022

Automobile

• City of Madison parking spaces in downtown: 3,338 off-street (75 ADA spaces) and 1,103 on-street metered (27 designated ADA spaces)

Bus (Metro Transit)

• Fixed route ridership: 9,403,885 an increase of 13.5% from 2022

• Paratransit ridership: 110,735, an increase of 19.9% from 2022

• Routes serving downtown: 17 including UW circulators

Bicycle

• Bicycle counts on Southwest Path at Monroe St.: 326,674, an increase of 9.3% from 2022

• Bicycle counts on Capital City Trail at North Shore Dr.: 436,775, a decrease of 0.9% from 2022

Bike Share (Madison BCycle)

• Stations: 98, an increase of 30 from 2022

• Trips: 522,347, an increase of 69% from 2022

• Miles biked: 1.4 million, an increase of 50.7% from 2022

Sources: Metro Transit, Madison BCycle, Dane County Regional Airport, City of Madison Traffic Engineering Eco Counters, and City of Madison Parking Utility (Off-street parking spaces include State Street Capitol, Wilson Street, Overture Center, State Street Campus, and Capitol Square North Garages; Buckeye, Blair, and Wilson Lots. On-street metered spaces exclude periphery spaces (Schenk’s Corner and Monroe St.) and spaces out-of-service long-term.)

Means of Transportation to Work

Source: U.S. Census Bureau, 2007-2011 and 2018-2022 American Community Survey 5-Year Estimates; figures are subject to a margin of error based on a 90 percent confidence interval. Downtown Madison defined as 53703 zip code.

Occupancy Rates for Garages and Lots in Downtown Madison

Source: City of Madison Parking Utility (occupancy rates measured from 10am-2pm). *The Wilson Street Garage opened in late June 2020, replacing the Government East Garage. Occupancy is Government East Garage for 2019 and Wilson Street Garage for 2022 . G=garage, L=lot.

Credit: Focal Flame Photography

2024 State of the Downtown Sponsors

Presenting Sponsor:

Major Sponsors:

Supporting Sponsors:

Associate Sponsors:

MISSION STATEMENT: Make Downtown Madison an economically strong, inclusive, equitable, and vibrant place to live, work, and visit.

DMI strives to be an inclusive organization committed to respect and generosity of spirit. We believe that diversity strengthens downtown Madison and our entire community and encourage our members to engage with, learn from, and develop an understanding of

We expect behavior that exhibits respect for all people and supports these values at DMI gatherings.