October 4, 2010
I-495 Office Vacancy Improves In Q3
By Matthew L. Brown
Office vacancy along Interstate 495 ended the third quarter at 20.4 percent, a slight improvement over the 20.5 percent recorded in the previous quarter, according to a Richards Barry Joyce & Partners market report.
The Boston-based commercial real estate broker said the I-495 market is the only market in Greater Boston to see more space leased than vacated during the quarter.
Class A rents ended the quarter at $19.16-per-square-foot. Class A rents in Framingham are 46 percent greater than rents in the boroughs.
Boston's third quarter vacancy rate was 15.9 percent with Class A rents of $35.98-per-square-foot.
Cambridge finished the quarter with a vacancy rate of 10 percent and rents of $38.81-per-square-foot.
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