Despite a drop in leasing velocity in 2014, the office vacancy rate for the Boston region fell below its pre-recession levels last year, according to a report released by brokerage firm Savills Studley.
The region’s office vacancy rate fell 0.4 percentage points from 9.5% at the end of 2013 to 9.1% at the end of 2014. The Class A vacancy rate in the region declined more sharply for the same time period, falling from 9.9% to 8.8%. The Route 495 corridor saw its vacancy rate slide 1.3 percentage points to 16.2%, while the Route 128 corridor saw its vacancy rate fall to 9.8%, the first time since 2001 that its rate fell below 10%, the Savills Studley report states.
The overall average asking rent for the region ended 2014 at $27.70 per-square-foot, up by 0.9% year-on-year. In the Class A sector, the rate averaged $35.71-per-square-foot at year’s end, up by 1.4% year-on-year...Boston Office Vacancies Fall Below Pre-Recession Levels
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National Office Sector Report (Q4 2014)