I-495 West office vacancy rate hits 20%
Transwestern/RBJ
The office vacancy rate for I-495 West hit 20 percent in the second quarter of the year.
The office vacancy rate for the MetroWest ‘boroughs -- Northborough, Southborough, Westborough, Marlborough -- and surrounding towns hit 20 percent in the second quarter, as Greater Boston overall reported a lower vacancy rate of 12.3 percent.
The I-495 West added 133,000 square feet of office space in a quarter where the overall market -- which includes Boston, Cambridge, and the Route 128 corridor -- lost 102,000 square feet, driven by losses in all three of those markets. I-495 overall added a collective 396,000 square feet in the second quarter, its largest so-called absorption since 2008.
Though the quarter was negative overall, it was only the second negative quarter in four years, according to Transwestern Consulting Group, which tracks commercial real estate in Greater Boston.
WBJ Web Partners
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