Office Vacancy In Boroughs Area Hits 30%
Vacancy in Class A and Class B office space in the western reaches of Interstate 495 hit 30 percent in the fourth quarter as the market continued to soften, according to a report from CresaPartners, a Boston-based commercial real estate firm.
The fourth quarter vacancy rate represents an increase of 1 percent from the previous quarter. Asking rents in the market have been flat for three quarters at $22 per square foot for Class A space and $15 per square foot for Class B space.
In Framingham, Hopkinton, Hudson, Marlborough, Natick, Northborough, Southborough, Wayland and Westborough, there was a total of 4.1 million square feet of space available. The total inventory of Class A and B office space in the region is 13.3 million square feet.
Cresa, which specializes in tenant representation, said the market favors corporate users, but warned that "landlords can be stretched just so far before they reach their breaking points."
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