October 12, 2017

MetroWest office market leads Boston-area growth

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The Marlborough Technology Park sold for $46 million in September.

The MetroWest office market grew by 397,000 square feet of leased space in the third quarter, surpassing all other areas in the Greater Boston market, according to Transwestern Consulting Group.

The area that Boston-based Transwestern defines as 495 West grew by 3.9 percent, which was surpassed only by the Charlestown neighborhood in Boston far largest percentage growth. The square feet added in 495 West surpassed even neighborhoods like Kendall Square in Cambridge or Boston's Seaport District.

Over the last 12 months, 495 West has added 523,000 square feet of occupied office space, Transwestern said.

With growth in July, August and September, 495 West's vacancy rate fell 2 percentage points to 18 percent. The vacancy rate across all of Greater Boston is 12 percent.

The 495 West area continues to have far cheaper leasing costs than the rest of the metropolitan area. The area's per-square-foot cost of $22.40 is half of the area's average of $44.96. Class A office space in Kendall Square goes for more than $80 per square foot.

Among the largest new leases in MetroWest was rEVO Biologics signing a deal for 39,000 square feet at 200 Crossing Blvd. in Framingham, according to Transwestern.

In September, the 57-acre, seven-building Marlborough Technology Park was sold for $46 million. Concord-based Normandy Real Estate Partners sold the site to Woburn-based KS Partners.

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