Office And Research Space Remains Available
The vacancy rate for office space in suburban Boston increased from 18.2 percent at the end of 2008 to 21.1 percent in the final quarter of 2009, according to Boston-based commercial real estate broker Colliers Meredith & Grew.
The fourth quarter of 2009 represented the sixth consecutive quarter of contraction in the leasing market, Colliers reported.
The vacancy rate along the Interstate 495 corridor in 2009 stood at 26.5 percent, compared to the regional average of 21.1 percent in suburban Boston. The inner suburbs had 11 percent vacancy while the Route 128 belt had 19 percent vacancy.
Available space for office and research and development increased across the greater suburban region by about 3.8 million square feet in 2009.
The I-495 corridor did see two large lease executions including 3Com Corp. occupying 350 Campus Drive in Marlborough and IDC leasing Speen Street space in Framingham.
Collier predicts that office vacancy will hover around 20 percent through 2012.
WBJ Web Partners
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