Report: Local office vacancy rates are up slightly

By Chris Reidy, Globe Staff

Vacancy rates for Greater Boston’s commercial real estate office market rose for the third straight quarter, though the rate of increase slowed dramatically, according to a quarterly report on the market issued by Richards Barry Joyce & Partners, a Boston real estate firm.

"The vacancy rate edged up slightly to 14.5 percent in Q2 2009, from 14.4 percent in Q1 2009," the firm said in a press release. "During that time, asking lease rates for Class A office space decreased $0.80 to $37.95 per square foot."

"During Q2, the market witnessed a significant deceleration in the rate of deterioration, as evidenced by the much lower figure in negative absorption,” Brendan Carroll, the firm's vice president of research, said in a statement. “This certainly doesn’t signify a turnaround in the economy nor is it a sign that we have necessarily hit bottom. But it is notable during this time of negative economic news.”