I-495 Office Vacancy Increases
Office vacancy increased 0.2 percent to 21.4 percent around Interstate 495 during the second quarter, according to Richards Barry Joyce & Partners, a Boston-based commercial real estate firm.
According to RBJ, Class A asking lease rates along I-495 decreased by $0.04 to $21.87 during the same period.
Although vacancy increased, mostly because of construction, more tenants moved into space than left space during the quarter. RBJ said absorption was positive for the seventh consecutive quarter on the I-495 corridor.
However, Framingham posted negative absorption numbers, meaning more office space became vacant than was leased, and RBJ said that is the result of the town's "lack of tenant choices combined with high relative pricing."
Class A and Class B lease pricing dipped slightly in the boroughs during the quarter, RBJ said.
WBJ Web Partners
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