Greater Boston Flex Space Continues To Sputter
The Greater Boston flex commercial real estate market experienced its third consecutive quarter of negative absorption as of Sept. 30, according to a recent report from the Boston-based commercial real estate firm Richards Barry Joyce & Partners.
The region experienced 219,000 square feet of negative absorption in the third quarter, which brought the vacancy rate up 0.7 percent to 19.2 percent overall.
The three consecutive quarters of negative absorption is a first since 2005. Over those three quarters, 817,000 square feet has been vacated, which is the highest three-quarter total since 2003.
The firm reported that the Route 128 South and Interstate 495 South regions have seen the most positive growth over the past year, accounting for 87,000 square feet of positive absorption.
The company also said that pharmaceutical company Sepracor, which vacated 102,000 square feet in Marlborough, accounted for the largest single vacancy in Central Massachusetts.
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