GREATER BOSTON-Local vacancy rates are getting closer to the national average, according to preliminary figures released by Torto Wheaton research, and that is largely due to a mini building-boom in the area, according to an analyst with the firm.

Preliminary numbers indicate that third quarter vacancy rates for 54 metropolitan statistical areas across the country are at 12.3%, up from 10.8% in the second quarter and 9.5% in the first quarter. For the MSA of Boston, third quarter vacancy rates are 12.1%, which is a little better than the national average but this area’s jump from the second quarter–which saw vacancy rates of 8.7%–was much higher. “Boston was performing better than the overall picture,” Xochitl Leon, an analyst in the strategic consulting group at Torto Wheaton Research, tells GlobeSt.com. “Now it is closer to the overall picture.”

Leon attributes this area’s jump in vacancy rates to the construction going on in the suburban markets. “There is a mini-building boom of sorts in the MetroWest market,” she points out. “It’s not as overbuilt as the last recession but there is still a lot of construction compared with the last five years.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.