If using Outlook conditionals to make a button (using http://www.buttons.cm) will the click on the link be recorded in the Tracking?

I only ask because a recent redesign of a newsletter dropped from 14 to 4% unique click through without a drastic change in number of sends. And based on what the email is I suspect a lot of the people on the list use older versions of Outlook. I suppose it could be the new design is bad, but, it's more clean, has larger buttons (rather than just linked text), and is now responsive. I feel like all these things should lend to more clicks.

for example when using this code:

    <div><!--[if mso]>
        <v:rect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="http://www.example.com" style="height:40px;v-text-anchor:middle;width:200px;" strokecolor="#1e3650" fillcolor="#556270">
        <center style="color:#ffffff;font-family:sans-serif;font-size:13px;font-weight:bold;">Show me the button!</center>
    <![endif]--><a href="http://www.example.com" style="background-color:#556270;border:1px solid #1e3650;color:#ffffff;display:inline-block;font-family:sans-serif;font-size:13px;font-weight:bold;line-height:40px;text-align:center;text-decoration:none;width:200px;-webkit-text-size-adjust:none;mso-hide:all;">Show me the button!</a></div>

I would do a test email, but I don't have easy access to a version of Outlook where I am able.

EDIT: Found out through proper testing that ET does not record Outlook conditional button clicks.