July 20, 2007
I-495 flex market takes a hit
By Matthew L. Brown
The real estate market for flex space had its fifth strong quarter out of the last seven during the second quarter, according to a new Richards Barry Joyce & Partners market status report.
But the strong overall absorption and vacancy rates were dragged down by the I-495 corridor.
The market for flex space, which is so named for its variety of possible commercial uses, totaled 15,368,000 square feet along the I-495 corridor during the second quarter.
During that time, the market's vacancy rate was 16.6 percent, according to RBJ. The I-495 South region showed the lowest flex space vacancy with 11.6 percent, and the I-495 West region showed the highest vacancy with 20.1 percent, according to RBJ.
The I-495 North region was 16.2 percent vacant during the quarter, RBJ said.
Overall, the I-495 corridor showed negative absorption of 89,000 square feet during the quarter. But the flex market was propped up by the Route 128 corridor, which leased 283,000 square feet over the same period.
But the strong overall absorption and vacancy rates were dragged down by the I-495 corridor.
The market for flex space, which is so named for its variety of possible commercial uses, totaled 15,368,000 square feet along the I-495 corridor during the second quarter.
During that time, the market's vacancy rate was 16.6 percent, according to RBJ. The I-495 South region showed the lowest flex space vacancy with 11.6 percent, and the I-495 West region showed the highest vacancy with 20.1 percent, according to RBJ.
The I-495 North region was 16.2 percent vacant during the quarter, RBJ said.
Overall, the I-495 corridor showed negative absorption of 89,000 square feet during the quarter. But the flex market was propped up by the Route 128 corridor, which leased 283,000 square feet over the same period.
WBJ Web Partners
Most Recent
Most Recent
0 Comments