Office Vacancy Rates Push 26% Along I-495
Office and research and development space along Interstate 495 showed some of the highest vacancy rates in Greater Boston in the first quarter.
According to first quarter statistics from Boston-based commercial real estate firm Colliers Meredith & Grew, office and R&D space around the northern areas of I-495 ended the quarter with a vacancy rate of 22.2 percent.
At I-495's southern end, the vacancy rate for the quarter was 24.5 percent. Its western reaches saw office and R&D vacancy of 25.7 percent.
The I-495 North region saw 148,000 more square feet occupied than vacated during the quarter while the south and west regions saw vacancy increase by 17,481 square feet and 48,600 square feet, respectively.
Worcester's vacancy rate was 11.5 percent for the quarter.
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