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Friday
Sep092005

Rail good office space!

Office vacancy is lower near transit stops, according the the Wall Street Journal and real estate analysts.

This from the CNU September update:

On the heels of a Wall Street Journal story reporting that office vacancies within a ten-minute walk of transit in the Boston region are lower than properties farther from transit, there's now an on-line report by a top real estate analysis firm to confirm these findings.
The numbers from Richards Barry Joyce and Partners offer a striking contrast: vacancy rates for rail-accessible suburban properties average around 15 percent, while those properties without rail access average 22.1 percent.


"
Data has shown that, tenants value the option of offering their employees alternatives to freeway commutes, which could include lengthy amounts of time stuck in traffic,
when their employees could be at work or enjoying personal time," says the report. "Landlords will have opportunities to capitalize on this development phenomenon as the MBTA looks to raise capital and fully realize the development potential near its transit hubs."
Read the full report at
http://www.rbjrealestate.com/PDF/Q2%202005%20Office%20Report.pdf

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