{"id":1004018882,"date":"2010-04-07T10:42:47","date_gmt":"2010-04-07T18:42:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004018882"},"modified":"2022-12-08T15:53:39","modified_gmt":"2022-12-08T23:53:39","slug":"higher-vacancy-lower-rents-in-greater-boston-office-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/higher-vacancy-lower-rents-in-greater-boston-office-market\/","title":{"rendered":"Higher Vacancy, Lower Rents in Greater Boston Office Market"},"content":{"rendered":"<p>April 7, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004018884\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/ReneS1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004018884\" data-attachment-id=\"1004018884\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/higher-vacancy-lower-rents-in-greater-boston-office-market\/renes-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/ReneS1.jpg\" data-orig-size=\"500,333\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"ReneS\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user ReneS&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/ReneS1.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/ReneS1.jpg\" alt=\"\" title=\"ReneS\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004018884\" \/><\/a><p id=\"caption-attachment-1004018884\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user ReneS<\/p><\/div>\n<p>Optimism mixed with some glum news for the Greater Boston office market made itself apparent in Richards Barry Joyce &amp; Partners\u2019 OfficeSTATus report for Spring 2010. <\/p>\n<p>The commercial real estate firm found that vacancy was up and rents down in the first quarter, with the market experiencing 204,000 square feet of negative absorption and a 0.3 percent vacancy increase to 15.8 percent. Asking lease rates were down 11 percent amongst Class A office space in Boston\u2019s Central Business District, falling to $47.31 per square foot over the last twelve months. The Suburbs also saw a decrease in rates, with an 8 percent tumble to $23.56 per square foot over the same time period. <\/p>\n<p>However, there is some bright news: rents have stabilized in the city\u2019s Financial District, East Cambridge, and Route 128 West, which are all considered bellwether districts. <\/p>\n<p>\u201cDespite material near-term challenges, business managers remain increasingly optimistic about general business conditions in Greater Boston as well as the region\u2019s hiring climate,\u201d the report asserts. \u201cWith vacancy already at reasonable levels and speculative construction approaching record low levels, the region is well-positioned to experience landlord\/tenant balance when positive demand returns.\u201d<\/p>\n<p>Employment must stabilize in order for economic recovery to continue, though. Unemployment in Boston\u2019s Metropolitan Statistical Area has increased by 1.3 percentage points over the last quarter, according to the report. This is in opposition to national employment, which fell 0.4 percentage points over the same time period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Optimism mixed with some glum news for the Greater Boston office market made itself apparent in Richards Barry Joyce &amp; Partners\u2019 OfficeSTATus report for Spring 2010. <\/p>\n","protected":false},"author":936,"featured_media":1004018884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,10,21747],"tags":[],"class_list":["post-1004018882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Higher Vacancy, Lower Rents in Greater Boston Office Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/higher-vacancy-lower-rents-in-greater-boston-office-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Higher Vacancy, Lower Rents in Greater Boston Office Market\" \/>\n<meta property=\"og:description\" content=\"Optimism mixed with some glum news for the Greater Boston office market made itself apparent in Richards Barry Joyce &amp; Partners\u2019 OfficeSTATus report for Spring 2010.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/higher-vacancy-lower-rents-in-greater-boston-office-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-04-07T18:42:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:53:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/ReneS1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/higher-vacancy-lower-rents-in-greater-boston-office-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/higher-vacancy-lower-rents-in-greater-boston-office-market\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Higher Vacancy, Lower Rents in Greater Boston Office Market\",\"datePublished\":\"2010-04-07T18:42:47+00:00\",\"dateModified\":\"2022-12-08T23:53:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/higher-vacancy-lower-rents-in-greater-boston-office-market\\\/\"},\"wordCount\":261,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/higher-vacancy-lower-rents-in-greater-boston-office-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/04\\\/ReneS1.jpg\",\"articleSection\":[\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/higher-vacancy-lower-rents-in-greater-boston-office-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/higher-vacancy-lower-rents-in-greater-boston-office-market\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/higher-vacancy-lower-rents-in-greater-boston-office-market\\\/\",\"name\":\"Higher Vacancy, Lower Rents in Greater Boston Office Market - 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