Office Vacancy Increases Slightly Around I-495
The Class A office vacancy rate around Interstate 495 increased to 20.7 percent during the third quarter from 20.3 percent in the second quarter, according to a market report from Boston commercial real estate firm Richards Barry Joyce & Partners.
RBJ said 143,000 more square feet were vacated than were leased during the quarter and Class A rents fell by $0.22 to $20.46-per-square-foot compared to the third quarter of 2008.
The I-495 West submarket offers a 27 percent lease rate discount from rates in the Route 128 West submarket. But the I-495 market as a whole needs 3.7 million square feet of office space to be leased in order to reach 10 percent vacancy.
The I-495 North submarket was second only to the Route 128 North market in sublease availability with slightly more than 150,000 square feet available. It was followed by the I-495 South submarket, which recorded slightly less than 150,000 square feet of office space available for sublease.
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