Report: Suburban Office Vacancy Inches Down
The vacancy rate for office space along Interstate 495 decreased by 0.1 percent to 20.6 percent during the third quarter, according to a report from Richards Barry Joyce & Partners.
RBJ, a Boston-based commercial real estate firm, said the decrease came hand-in-hand with a $0.77 dip in asking rents. Class A space along I-495 now rents for an average of $19.69-per-square-foot.
In the northern reaches of I-495, Class A rents are at $18.36-per-square-foot, which is less than Class B property in many other markets. Class B rents in the I-495 North market are at $16.44-per-square-foot, their lowest level in a decade.
During the last three quarters, 112,000 more square feet of office space was vacated than was leased along I-495. Along Route 128, commercial space saw "negative absorption" of 823,000 square feet over the same period.
WBJ Web Partners
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