I-495 Vacancy Rate Falls Slightly
The vacancy rate for the Interstate 495 corridor dropped slightly to 20.5 percent in the second quarter of 2010 as 158,000 square feet of office space was positively absorbed into the market, according to Boston commercial real estate tracker Richards Barry Joyce & Partners LLC.
Rents also decreased in the I-495 region slightly in the quarter, landing at $19.12 per square foot.
Region wide, the Greater Boston commercial real estate market had 39,000 square feet of positive absorption, according to RBJ, after having 204,000 square feet of negative absorption in the first quarter. Vacancy rates across the entire region rose 0.2 percent to 16 percent, according to the report. The Cambridge real estate market was the only one with a vacancy rate lower than 10 percent.
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