Over 100K sq. ft. in Framingham & Natick office space being vacated for sublease
Photo | Grant Welker
Ameresco headquarters in Framingham
The office market in Framingham and Natick is poised to have more than 100,000 square feet of office space available for sublease as some notable tenants give up capacity during the coronavirus pandemic, according to a regional property report released Tuesday.
At least five office tenants between the two communities are subleasing space, according to R.W. Holmes Realty Co. of Wayland, which described those actions as an unwelcome sign for the local office market after Framingham and Natick fared better earlier during the pandemic.
In Framingham, the video game technology company Beamable, which has filed for bankruptcy, is giving up nearly 32,000 square feet of space, the energy efficiency and green energy firm Ameresco, the wellness technology company Virgin Pulse and the engineering consultant EPM are each offering roughly 20,000 square feet. In Natick, the software company Centage is subleasing 17,000 square feet.
Combined, those consolidations put roughly 108,000 square feet of office space back on the market at a time when the office vacancy rate between the two communities has jumped. R.W. Holmes pegged the vacancy rate at 12.7%, up from 12.0% a year ago, while the Boston real estate firm Newmark Knight Frank reported it last week at 17.9%. The pandemic has disrupted the office market more broadly, including a third-quarter vacancy rate of nearly 31% in MetroWest communities farther west, and a vacancy rate of 13.6% across the Boston metro area, according to Newmark Knight Frank.
The local market also has another huge chunk of space up for availability, R.W. Holmes said: roughly 160,000 square feet for sale at 100 Staples Drive in Framingham.
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