Boston experiences CRE vacancy declines

Commercial conditions in Boston are ameliorating.

The commercial real estate market in Boston had some notable improvements during the first quarter, as commercial property managers saw some vacancy declines and rent jumps.

Overall rents rose 0.4 percent during the first quarter compared to the previous three-month period, according to a report from Jones Lang LaSalle. This was also 2 percent improved from the same quarter in 2012. The Financial district had a rental growth rate of 0.4 percent, while the South Station area had an improvement of 1.6 percent.

Vacancies rose nearly 30 basis points in the greater Boston metro area, the Boston Herald reported, citing the report from JLL. This was due to new deliveries in the market. The overall rate fell to 9.6 percent for the downtown section.

"Consumers appear to be weathering the impacts of a rise in taxes well and firms continue to thoughtfully consider strategic real estate decisions that marry growth with space-saving strategies," said JLL, according to the news source.

The national market may see vacancy rates make notable declines this year, as the figure should fall to 15.6 percent during the first quarter next year from the first three months of this year, when it was 16 percent, a report from the National Association of Realtors explained.

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