Local commercial office market is holding steady
Two new reports offered some reassuring news about the Greater Boston commercial real estate market for research space and office towers.
Despite a faltering national economy, leasing fundamentals held steady in the Greater Boston office market, Boston real estate firm Colliers Meredith & Grew said in a first-quarter report.
The vacancy rate remained flat since year-end 2007, at 14.3 percent, and down from 16.3 percent at the end of the first quarter a year ago, the report said.
In a Real Estate Market Intelligence Monthly report, William P. Barrack, managing director of Jones Lang LaSalle's brokerage group, wrote: "Boston has less exposure to the subprime lending industry than other metro areas and should be able to weather the storm due to healthy employment growth in technology, consulting, and legal services. The other bright spot for Boston is the lack of new supply in the office market, which will keep vacancy rates in check."
Jones Lang LaSalle is a Chicago-based real estate money management and services firm with a big presence in Greater Boston.
(By Chris Reidy, Globe staff)
