July 15, 2011
Manufacturing Asking Rents Up Along 495 Corridor
Average asking rents for manufacturing space along the Interstate 495 corridor were up 7.7 percent in the second quarter compared to the same time a year prior, according to a report from Richards Barry Joyce & Partners LLC.
Recent absorption of manufacturing space coupled with lower vacancy rates in the western region of 495 meant higher asking rents for that region compared to the southern region of 495.
The southern region had a 35.4 percent vacancy rate while the western and northern regions had vacancy rates of 13.6 percent and 17.3 percent, respectively. As a result, the southern region's asking rents averaged $5.49 per square foot, while the western and northern regions averaged $6.53 and $5.99, respectively.
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