Growth In I-495 Leases
Office space along the Interstate 495 corridor saw some growth in occupancy rates in the first quarter of the year, though not as much as in other parts of Greater Boston, according to a report by Richards Barry Joyce & Partners.
The area saw an increase in occupancy of 0.7 percent, resulting in a 20-percent vacancy rate. For the entire Greater Boston area, the growth rate was 2 percent and the vacancy rate ended up at 15.3 percent.
The report noted that asking rents in the I-495 area have been falling, and it noted a particularly strong renters' market in Marlborough, where space is available at $17.72 per square foot. It also pointed to a strong market in the Acton/Boxborough/Littleton area, where the vacancy has fallen to 18.2 percent from 23.3 percent over the past four quarters.
Among the significant leases during the quarter were Boston Heart Diagnostics in Framingham, PAID in Westborough and Revolabs in Sudbury. On the other side of the ledger, Genzyme pulled out of 93,000 square feet in Framingham and Arris left 55,000 square feet in Westborough.
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