The office market in Greater Boston improved in the third quarter as vacancy decreased and pricing stabilized, according to a recent report.

Boston-based commercial real estate advisory firm Richards Barry Joyce & Partners found vacancy decreased 0.1 percent to 15.9 percent with 401,000 square feet of positive absorption, according to the report. Pricing has also stabilized, with asking lease rates for Greater Boston edging up slightly (to $35.98).

"The Greater Boston commercial office market is balancing somewhere along the boundary of stabilizing and strengthening," said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners. "It’s particularly good to see two consecutive quarters of better numbers. Like the general economy, there are very good signs of growth and improvement but it’s not yet across the board."

A recent Jones Lang LaSalle report also found that office occupancy in the Greater Boston market is on the rise.

Report: Greater Boston Office Market Strengthens During Q3

by Banker & Tradesman time to read: 1 min
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