Greater Boston Sees Office Rents Leveling Off in 2010, Says 24th Annual Global Market Report

BOSTON – While the Massachusetts economy is still in a downturn, the rate of deterioration has slowed considerably. The state’s education, health services, professional services, as well as information sectors have remained relatively stable despite strong recessionary pressures from the financial services sector.

Asking rates for office space continued to fall in 2009, but are leveling off. With vacancy rates climbing to 9.5% in the Central Business District and 16.5% in the suburbs, there is no shortage of supply, allowing tenants with solid financials to take advantage of tenant-favorable conditions. Significant transactions include Verizon’s 200,000 SF lease at 185