LOWELL, MA-The long-suffering Route 495 North submarket, which has for years been faced with one of the highest vacancy rates in the region, is leading Greater Boston in absorption. It is growing faster than any submarket in the area, according to research from Richards Barry Joyce & Partners.

“The 495 North market is in some ways experiencing the most dramatic recovery in all of Boston,” says Brendan Carroll, a researcher with the firm. “Over the last six quarters, the submarket’s 8% occupancy growth rate outperforms all submarkets for all property types.”

Although the vacancy rate in the submarket remains the highest in all of Greater Boston at 28.7%, the Route 495 class A office submarket has experienced 701,000 sf of positive absorption during the past five quarters, Carroll says. That has driven vacancy rates for class A office properties down from 39.3% just five quarters ago and caused rents to shoot up by 8% in the fourth quarter, he notes. Overall vacancy rates for class A office space in Greater Boston currently stands at 16.1%.

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