Worcester Bucks Q3 Vacancy Trend
Worcester's office real estate market managed 3,500 square feet of positive absorption in the third quarter, which isn't much, but it's better than all of the suburbs around Interstate 495, according to Boston commercial real estate firm Colliers Meredith & Grew.
In Worcester, 3,493 more square feet of office space was leased than went vacant during the quarter, keeping the city's office vacancy rate at a low 10.6 percent, a slight decrease from the 10.8 percent Colliers reported for the second quarter.
The suburbs around the western reaches of I-495 saw 161,982 more square feet of office space go vacant than become occupied during the same period. The I-495 North area recorded negative absorption of 50,323 square feet and the I-495 south submarket's negative absorption total was 21,158 square feet. The vacancy rates for those markets were between 22.2 percent and 24.2 percent.
Worcester's office market is only about a third the size of the I-495 south market, the smallest of the I-495 markets. And while the I-495 market had a tough third quarter, each boasts solid year-to-date positive absorption totals.
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