December 23, 2010
2010 A Tough Year For Downtown Worcester Real Estate
By Christina Davis
Occupancy rates in downtown Worcester continued their slide in 2010, according to a report from the Worcester Regional Research Bureau.
The occupancy rate hit 81.2 percent as of September 2010. That's down from 81.8 percent in 2009 and 88.4 percent in 2008.
Office space inventory in the central business district totaled 4.1 million square feet in 2010, down 10.6 percent from 2006.
The Research Bureau attributed the decline to the possible conversion of some buildings from office space to residential units as well as the increased presence of the Massachusetts College of Pharmacy and Health Sciences.
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