Office market still bleeding away
Massachusetts may be adding jobs, but the battered office market is not out of the woods yet.
Just take a look at what is happening out on the I-495 office and innovation belt.
The amount of vacant office space has hit 32 percent along the 495 West corridor – the highest since the start of the Great Recession, CresaPartners reports. It’s a key stretch of economic territory that ranges from Framingham to Hudson.
Rents are down as well – to $21.75 and $14.50 for Class A and Class B office buildings respectively.