Suburban Real Estate Had A Tough Q1
The suburban Boston commercial real estate market ended the first quarter with a 21.8 percent vacancy rate, up from 21.1 percent at the end of 2009.
Since the second quarter of 2008, the amount of occupied space in the suburban market has shrunk by almost 4.2 million square feet, according to a report from Colliers Meredith & Grew, a Boston-based commercial real estate firm.
There is 27 million square feet of space available in the suburbs. The western reaches of Interstate 495 saw the greatest amount of square feet vacated during the quarter.
Colliers said that while the labor market is stabilizing and job growth has been predicted, metropolitan Boston isn't likely to regain the jobs lost during the recession until at least the middle of 2012.
Since mid-2008, office rental rates in the suburbs have declined by 20 percent or more.
WBJ Web Partners
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