Office Occupancy Up In Downtown Worcester
Over the past year, the occupancy rate for downtown Worcester office space rose, but the total amount of office space declined, according to a new report by the Worcester Regional Research Bureau.
As of August 2008, the occupancy rate for the area was 88.4 percent, up from 87.3 percent in 2007. However, total office space declined from 5 million square feet to 4.8 million. Both class A and class C space saw reductions, while more class B space was added.
Researcher Laura M. Swanson said total office space varies from year to year as buildings are reclassified as retail or commercial, or building owners get more accurate estimates of their total space.
The Worcester numbers compare to an 86.8 percent occupancy rate for the U.S. as a whole, and a 91.2 rate for the Boston market.
The report found that lease rates for class A and class B space remained steady from last year at $12 to $27 and $6 to $30 per square foot, respectively. Class C prices declined slightly from a range of $8 to $15 to one of $8 to $14.
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