It usually takes a while the office market to catch up with the economy.

Witness the OK stats we were seeing out of the Boston office market last fall, even as the bottom fell out of the stock market and the banking industry appeared on the verge of collapse.

But Boston’s office market has certainly caught up with the times – and then some.

Check out some of these sobering stats from Jones Lang LaSalle’s second quarter market report.

•    Companies and institutions across the Boston area dumped 757,078 square feet of space – one of the sharpest declines on record.

•    The vast majority of that empty space – 516,889 – hit the market in downtown Boston.

•    Rents for premium tower space have plunged from $70 a square foot to $50 a square foot.

•    Suburban office vacancy now tops 22 percent.

This entry was posted on Thursday, July 2nd, 2009 at 8:59 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.