Vacancies Rise In 2010
Vacancy rates for office and R&D space rose along most of the I-495 Corridor and in Worcester in 2010.
Boston-based commercial real estate tracker Colliers Meredith & Grew's "market snapshot" for the last quarter of 2010 showed the vacancy rate for the 495 North area rose from 24.1 to 24.5 percent. For 495 West, the rate rose from 29.5 to 31.1 percent, and for Worcester it went from 12.0 to 13.4 percent.
The 495 South area was the exception, with vacancies falling significantly, from 28.1 to 23.4 percent.
The 495 North and 495 West areas have by far the greatest total supply of space, 24.9 million and 17.3 million square feet, respectively. Total space in the 495 South area stands at 4.2 million square feet, and there is 2 million square feet of space in Worcester.
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