Boston Office Market Grows
The Greater Boston office landscape continued to improve, though not rapidly, in the last quarter of 2010, according to real estate services firm Jones Lang LaSalle.
In a quarterly report, the firm said space was leased faster than it came onto the market around the region, including in the MetroWest area. That's partly because large tenants are eager to sign leases while rates are low and landlords are willing to make concessions.
The firm predicted that the market would continue to tighten in 2011 as the state's economy improves.
Among significant leases cited in the MetroWest area were a 37,081-square-foot lease by the geo-engineering firm GeoComp Corp. in Acton, a 28,562-square-foot lease by the marketing firm Merkle in Marlborough, and lease renewals in Westborough by the University of Phoenix and Mirick, O'Connell, DeMallie & Lougee LLC. The University of Phoenix downsized its lease to 15,199 square feet while the law firm expanded to 14,776 square feet.
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