Flex Space Vacancies Rise
Vacancies in flex space in the Greater Boston market, including the I-495 area, rose 2 percent over the first quarter of the year.
According to a report by Richards Barry Joyce & Partners LLC, vacancies across the region rose to 18.1 percent, higher than the market has seen in the past two years. Along I-495, flex space was 16.7 percent vacant. The vacancy rate hit 23.5 percent in the 495 West region, but was just 7.5 percent along 495 South.
The asking rate for the market as a whole was $8.73 per square foot, with the I-495 area coming in at $8.09.
Meanwhile, for warehouse space, the vacancy rate was 16.5 percent for the entire area and 18.1 percent along I-495. For manufacturing properties, the general vacancy rate was 15.9 percent, and the I-495 area stood at 17.2 percent.
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