October 4, 2007
I-495 office market gains strength
By Matthew L. Brown
According to commercial real estate broker Richards Barry Joyce & Partners of Boston, Class A space in the I-495 West market is 13.7 percent vacant, lower than the 14.0 percent vacancy in the Route 128 West market, which is 40 percent pricier.
RBJ released its Greater Boston office market third quarter report, which notes that the office market experienced 867,000 square feet of absorption in the quarter, lowering vacancy 0.5 percent to 13.8 percent.
During the same time, Class A asking rates surged $2.38 to $40.96 per-square-foot.
Three consecutive quarters of positive absorption in Westborough have yielded 333,000 square feet of new occupancy, according to RBJ.
According to the firm, the I-495 West submarket boasts the newest inventory of available Class A space in the metro area, with the average available square footage constructed at 1,993; the Greater Boston average is 1,986.
Also, pricing has increased 10 percent along I-495 in just two quarters but remains affordable relative to increasing rents in downtown Boston.
RBJ released its Greater Boston office market third quarter report, which notes that the office market experienced 867,000 square feet of absorption in the quarter, lowering vacancy 0.5 percent to 13.8 percent.
During the same time, Class A asking rates surged $2.38 to $40.96 per-square-foot.
Three consecutive quarters of positive absorption in Westborough have yielded 333,000 square feet of new occupancy, according to RBJ.
According to the firm, the I-495 West submarket boasts the newest inventory of available Class A space in the metro area, with the average available square footage constructed at 1,993; the Greater Boston average is 1,986.
Also, pricing has increased 10 percent along I-495 in just two quarters but remains affordable relative to increasing rents in downtown Boston.
WBJ Web Partners
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