Office Space News
4.1 Million SF of Boston Office Space Sits Empty
Published July 2nd, 2010 by Jennifer LeClaire
Empty office space. That’s the story in Boston these days. More than 750,000 square feet of office space has come online in Boston in the first six months of 2010. That helped push the office vacancy rate above 20 percent along the route 128 and I-495 belts, according to Cushman & Wakefield.
The overall vacancy rate for Greater Boston is only 11.8 percent. That’s significantly better than Dallas and Baltimore, which I wrote about earlier in the week. Still, there’s about 4. 1 million square feet of empty office space in Beantown, and no signs that it will get absorbed in the near-term.
Noteworthy is the fact that while Boston proper’s office market is suffering, some suburbs are seeing some improvement in their office markets. Class A office space in Boston’s burbs is typically below $30 a square foot compared to more than $43 per square foot in Boston and Cambridge, Cushman & Wakefield reports. Class B and Class C office space in Greater Boston continues to suffer as tenants look for good deals in a flight to quality.
Boston is home to some interested executive office suites providers. Regus and HQ Global Workplaces are a given. But don’t forget about Carr Workplaces, Meeting House Offices and TechSpace.
Meeting House Offices is located at 121 Mt. Vernon Street in Boston. You get a modern office environment wrapped in an exterior that dons classic colonial architecture. The building that hosts Meeting House Offices was built in 1807. Meeting House Offices offers 38 fully-furnished and equipped office spaces centrally located between the business districts of downtown Boston, Back Bay and Kendall Square.
This is one of the coolest serviced office facilities I’ve ever seen. Maybe it’s because I’m a sucker for the blend of modern and classic styles. The spiral staircase in the 3,000-square foot common area is stunning. The arched windows overlooking the street are a nice touch. You won’t give up any modern amenities here, and you are within walking distance to plenty of restaurants—or anything else you need.
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Elizabeth Sanchez July 2nd, 2010 at 5:01 am
Looks like Boston Proper is feeling the pain too. I think it’s going to be a while before the traditional market for office space recovers. Building owners should welcome executive suites facilities into their property because they consume large chunks of space and keep people flowing in and out of the building, showing signs of life. Executive suites operators can get good deals on leases now. The question is what happens when the market recovers and those leases expire?
Bill Brookshire July 2nd, 2010 at 11:51 am
Things are tough all over. Boston is no exception. I saw mention of how some suburbs are doing better. This seems to be a common theme in the office space market reports you did this week. Although suburbia office space doesn’t guarantee occupancy, it seems the low lease rates for Class A office space in those areas is attractive. Who needs to be downtown, necessarily, when you can get a 30 percent or more discount by going a few miles out of the city?