April 7, 2010
Office Vacancy At 21% Along I-495
By Matthew L. Brown
Office vacancy increased to 21 percent along Interstate 495 during the first quarter as tenants vacated 139,000 square feet there, according to Richards Barry Joyce & Partners, a Boston-based commercial real estate firm.
Lease rates along I-495 through the boroughs and points north are the lowest they've been in more than a decade. Rates in Framingham have held steady, dipping only about 5 percent over the last two years.
Class A office space along I-495 is 18 percent more expensive than Class B space. Along Route 128, Class A space is 37 percent more expensive.
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