Office Vacancy On The Rise Along I-495
Vacancy among Class A office space along Interstate 495 increased by 0.3 percent to 20.3 percent during the second quarter, according to a market report from Boston-based commercial real estate firm Richards, Barry, Joyce & Partners.
Rents have been on the decline for six quarters and during the second quarter, Class A rents around I-495 fell $0.34 to $20.68 per-square-foot.
For five of the last six quarters, more Class A office space has become vacant in Westborough than has been leased, increasing the town's vacancy rate from 17.3 percent to 21.8 percent.
However, in nearby Framingham, Class A rents are only 2 cents off the past year's high. The town commands a 20 percent premium over surrounding I-495 towns but a 20 percent discount from rents in the Route 128 market.
The amount of sublease space available has increased along I-495 by 14 percent over the last two quarters. In Marlborough, sublease availability has increased from 95,000 square feet to 184,000 square feet in that time.
WBJ Web Partners
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