Office Vacancy Creeping Up As Lease Rates Fall
The Interstate 495 corridor was the only Greater Boston market to see vacancy rates for commercial office space decline in the fourth quarter, according to Boston-based commercial real estate broker Richards Barry Joyce & Partners.
In its Office Status Winter 2009 report, the firm said the office market hadn't begun showing the effects of the economic meltdown in the third quarter, but reached a turning point in the fourth.
RBJ said the overall market saw vacancy rates increase as asking lease rates decreased. Along I-495, vacancy decreased by 1 percent to 19.4 percent. But in all other markets, Boston, Cambridge and Route 128, vacancy increased.
"Now the numbers are reflecting what we've already understood," said Brendan Carroll, RBJ's vice president of research.
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