Report: MetroWest office vacancy highest in Greater Boston
Consolidations by some major employers in MetroWest caused the region’s office vacancy rates to climb in the fourth quarter of 2013, according to data from global real estate broker Colliers International.
More than 115,000 square feet of office space in MetroWest became empty over the quarter, causing the region’s vacancy rate to climb from 26.8 to 27.6 percent. That’s the highest vacancy rate in any part of Greater Boston by nearly 3 percent.
TJX’s relocation of employees from Flanders Road in Westborough to a new campus in Marlborough resulted in 129,000 square feet of vacant space, the report said
And Natick saw its net absorption fall by 114,000 square feet as MathWorks closed on its purchase of the 500,000-square-foot One Boston Scientific Place, but is only occupying half of the building. Boston Scientific is leaving for Marlborough. Vacancy climbed despite MathWorks’ expandsion at its Apple Hill campus in Natick by 166,000 square feet.
Colliers said the region has struggled as tenants have remained attracted to newer, more modern, amenity-rich spaces.
However, the region’s office demand should be boosted by large office users looking for space in MetroWest over the next 12 to 24 months. That includes Hologic – which is seeking 400,000 square feet in the region – and GE Healthcare – which sought 250,000 square feet in MetroWest.
Worcester fared better over the past quarter, with the vacancy rate falling from 19.7 to 19.2 percent as more than 9,000 square feet of space became occupied.   Â
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