May 1, 2007
Office market strengthens led by Natick, Framingham
By Matthew L. Brown
Natick and Framingham led a charge in I-495/Mass Pike office market asking rents during the first quarter, according to a market report from Boston-based commercial broker Jones Lang LaSalle.
Framingham and Natick have a combined 5.2 million square feet of office space. During the first quarter, vacancy rates there stood at 7.9 percent.
Asking rents for Class A office space in those towns was between $24-and $26-per-square-foot.
According to the report, the market's highest rent appreciation was in Framingham and Natick as a result of lower vacancy rates and confidence in the market fueled by higher sales transactions.
In the nine-town, 12.3-million-square-foot I-495/Mass Pike office market as a whole, vacancy stood at 14 percent for the first quarter, its lowest level in five years.
The report called Marlboro and Westboro "the heart of the office market on this outer beltway."
Vacancy at nearly 20 percent and rents that top out in the low $20 range offer prospective tenants attractive leasing opportunities, the report said.
The report said tenants looking to escape spiking rents along Route 128 are likely to look toward Marlboro and Westboro in the near future.
Framingham and Natick have a combined 5.2 million square feet of office space. During the first quarter, vacancy rates there stood at 7.9 percent.
Asking rents for Class A office space in those towns was between $24-and $26-per-square-foot.
According to the report, the market's highest rent appreciation was in Framingham and Natick as a result of lower vacancy rates and confidence in the market fueled by higher sales transactions.
In the nine-town, 12.3-million-square-foot I-495/Mass Pike office market as a whole, vacancy stood at 14 percent for the first quarter, its lowest level in five years.
The report called Marlboro and Westboro "the heart of the office market on this outer beltway."
Vacancy at nearly 20 percent and rents that top out in the low $20 range offer prospective tenants attractive leasing opportunities, the report said.
The report said tenants looking to escape spiking rents along Route 128 are likely to look toward Marlboro and Westboro in the near future.
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