Central Mass. Office Vacancy Rates Fall
Office vacancy rates in Central Massachusetts fell over the last year, following a trend throughout the eastern half of the state and indicating business growth, according to data from global real estate broker Colliers International.
The Worcester market’s vacancy rate fell to 19.7 percent during the third quarter from 20.4 percent in the same quarter in 2012. During the third quarter, more than 6,500 square feet of office and research/development space became occupied over the previous quarter.
In the MetroWest area, the vacancy rate fell from 27.5 percent to 26.8 percent over the same span, with about 3,300 more square feet of space becoming occupied over the previous quarter. That was the largest vacancy rate among eight suburban Boston areas – communities outside Boston and Cambridge – measured by Colliers.
The vacancy rate for suburban Boston totaled 19.7 percent, Colliers said. The rate for Boston itself was 12.1 percent; for Cambridge, 9 percent.
Colliers said the occupation of more space – called “absorption” – in the suburban markets has been positive for each of the past four quarters “and there are more suburban companies expanding and relocating” than there were 12 to 18 months ago.
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