January 5, 2017

I-495 commercial real estate bounces back in 4th quarter

Transwestern/RBJ
Transwestern/RBJ
The I-495 business corridor rebounded after a negative third quarter and closed 2016 with positive absorption.

Commercial real estate along the I-495 business corridor rebounded after a negative third quarter and closed 2016 with positive absorption, in a year where Class A asking rates remained steady.

According to the Transwestern Boston Office Market report, the I-495 corridor saw 115,000 square feet of positive absorption in the fourth quarter. As a result, the vacancy rate fell 0.7-percentage points to 21.7 percent. At $21.43 per square foot, Class A asking rates for the area stayed relatively consistent in 2016.

Over the past four quarters, Class A properties along I-495 have absorbed 178,000 square feet, and Class B properties have experienced 381,000 square feet of negative absorption.

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