MetroWest office vacancy steady; rents rising
CBRE/New England
313 Speen Street in Natick sold for $8.6 million in February.
According to a new report from Boston-based Transwestern RBJ shows that the office vacancy rate for MetroWest held steady at 21 percent for the first quarter as Class A properties continue to outpace Class B properties occupancy.
The vacancy rates are holding despite asking rents for Class A properties rising modestly at $21.20 per square foot, slightly higher than that for mid-year 2013.
Transwerstern RBJ reported that the vacancy gap between Class A and Class B is widening throughout the Interstate 495 area. Currently, Class A properties stand at a combined 14.7 percent vacancy rate while Class B properties come in at 25.3 percent. Last year, those numbers stood at 17.7 percent and 21.6 percent, respectively.
The 495 west submarket saw its absorption for the quarter fall 22,000 and its overall growth down 3.6 percent, RBJ said.
Other developments for the quarter in MetroWest included National Development divesting and leaving 282,000 square feet in Westborough, Pickwick Associates acquiring an office building in Natick for $8.6 million and Ferris Development acquiring 284,000 square feet in Westborough for $21.6 million.
WBJ Web Partners
Most Recent
Most Recent
0 Comments