Greater Boston office vacancy rate hits 15 percent

The third-quarter vacancy rate for the Greater Boston office market is 15.0 percent, up 0.5 percent from the second quarter, said Richards Barry Joyce & Partners in its officeSTATus report.

The vacancy rate was 13.1 percent in the third quarter of 2008, the Boston-based commercial real estate firm said.

During the third quarter of this year, landlords decreased asking lease rates by $2.17, or 5.7 percent, to $35.78 per square foot, the report said.

Still, things could soon improve.

Light "can be seen at the end of the tunnel," the report said. "Most employment, productivity, spending, and stock market indicators substantiate optimism concerning future improving business conditions." (Globe Staff)