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The demand for office space in Boston has driven vacancy rates lower than all but six major US cities. In Q3, Boston recorded an 11.9% office vacancy rate, down 90 bps from the same quarter last year, reports the Boston Business Journal, citing data from Reis Inc.
Boston's tied with Portland, OR, as the fifth-lowest in the US, behind New York (9.2%), Washington, DC (9.3%), San Francisco (10%) and Seattle (10.8%). The national vacancy rate held flat at 16% in Q3, after a trend of decline for the past eight consecutive quarters. The Boston market's average effective rent was $34.43, up 3% year-over-year, the report said. [BBJ]
