Suburban Office Vacancy Outpaces Boston, Cambridge
Boston's suburbs finished the third quarter with a commercial vacancy rate of 20.7 percent, a rate greater than those of Boston or Cambridge, according to Colliers Meredith & Grew.
The Boston-based commercial real estate firm said in a quarterly "market snapshot" that the suburbs are typically slower to recover than Boston or Cambridge. Year-to-date, 2.4 million more square feet has become vacant than has been leased in the suburbs, Colliers said. That total accounts for most of the so-called "negative absorption" in all of Greater Boston.
Boston's office vacancy rate for the quarter was 13 percent, unchanged from the previous quarter, but much greater than the 9.3 percent rate it posted a year ago.
Cambridge posted a 15.9 percent vacancy rate as the completion of a portion of a new biotech building at 650 East Kendall St. added 311,000 square feet of un-leased space to the market.
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