495 Office Market Gets Moving
The Interstate 495 area posted positive absorption of 531,000 square feet of office and R&D space in the first quarter of 2011, making it one of the fastest-filling areas in Greater Boston, according to Colliers International.
However, the vacancy rate in the area stood at 25.4 percent, higher than in Boston, Cambridge or the inner suburbs. The 495 corridor has a total supply of more than 47 million square feet of space.
In contrast, Worcester lost more business occupants than it gained over the quarter, for a negative absorption of 59,000 square feet, but maintained a vacancy rate of just 16 percent. The city is also a much smaller market, with a total supply of just 2 million square feet.
Two of the biggest deals of the quarter in Central Massachusetts were two 38,000-square-foot leases: VCE/Acadia at 350 Campus Dr. in Marlborough and Travelers Insurance at 1 Research Dr. in Westborough.
In general, Colliers said its suburban market, which includes Route 495 and Worcester, had more positive absorption in Q1 2011 than in all of 2010, and it was also the fourth consecutive quarter of positive absorption for the market.
WBJ Web Partners
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