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Vacancy Rates Continue to Rise

BOSTON-Overall vacancy rates in the area continue to climb despite persistent rumors that the recession is nearing its end. An industry expert tells GlobeSt.com that the market is probably at its bottom and could see a recovery by the end of the year.

By Naomi Grossman | Updated on March 27, 2002

BOSTON-While rumor has it that the recession is nearing its end, the commercial real estate market has apparently not been informed as vacancy rates in this city and surrounding suburbs continue to rise.

According to figures compiled by Cushman & Wakefield, the grand total for the overall vacancy rate for this area is 18.5% for the first quarter of this year, up from 17.3% for the fourth quarter of last year. Thomas L. Collins, senior managing director at the firm tells GlobeSt.com that 665,000-sf of space was added to the supply with 125,000 sf added in Cambridge and 540,000 sf added in the suburbs. “In a soft market, that will increase vacancy,” notes Collins.

Not surprisingly, the only area that saw its vacancy rates decrease slightly was the city which went from 12.1% in the fourth quarter of last year to 11.9% in the first quarter of this year. The vacancy rate in the suburbs went from 20.6% to 23% in that same time period and Cambridge went from 17.4% to 18.5%.

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