January 8, 2008
Demand Surges For I-495 Offices
By Matthew L. Brown
Vacancy rates in the greater Boston office market edged down slightly during the fourth quarter of 2007 with the market along I-495 seeing "a notable surge" in demand.
According to Boston commercial real estate broker Richards Barry Joyce & Partners , tenants in the northern part of the I-495 office market have absorbed 1.5 million square feet of Class A space during the last three years. Vacancy in that market has fallen from 38.4 percent to 16.7 percent in two years.
According to RBJ's officeSTATus Greater Boston Winter 2008 report, vacancy rates for office space across Greater Boston declined by 0.2 percent to 13.6 percent. It was the eighth consecutive quarter of falling vacancy, and during that time, more than 8.3 million square feet of space was taken off the market.
Class A office space was 10.3 percent vacant across the market during the quarter. Three years ago, Class A space was nearly 20 percent vacant, according to RBJ.
According to Boston commercial real estate broker Richards Barry Joyce & Partners , tenants in the northern part of the I-495 office market have absorbed 1.5 million square feet of Class A space during the last three years. Vacancy in that market has fallen from 38.4 percent to 16.7 percent in two years.
According to RBJ's officeSTATus Greater Boston Winter 2008 report, vacancy rates for office space across Greater Boston declined by 0.2 percent to 13.6 percent. It was the eighth consecutive quarter of falling vacancy, and during that time, more than 8.3 million square feet of space was taken off the market.
Class A office space was 10.3 percent vacant across the market during the quarter. Three years ago, Class A space was nearly 20 percent vacant, according to RBJ.
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