Average MetroWest Office Rental Rates Drop
Average asking rents in the MetroWest area dropped slightly across various commercial real estate sectors including class A and B office buildings and research and development space, according to Boston-based CresaPartners LLC.
Average asking rents for class A and class B space dropped from $22 to $21.75 and from $15 to $14.50 respectively, according to the tenant tracking firm. R&D space dropped from $8 to $7.50 from the first to second quarter of the year.
Instead of moving, Cresa said many tenants are taking advantage of discounted rates or beneficial arrangements provided by landlords to encourage them to stay.
The firm estimates that 32 percent of the area's class A and B office space is available, while an estimated 23 percent of R&D space is available in MetroWest.
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