Mass. Office Space Market May Be Stabilizing
BOSTON — There’s been a lot of attention lately on the residential housing market in Massachusetts. But now there are signs the office space market is starting to stabilize, too.
Up until now, businesses looking for an office to rent have enjoyed a tenants’ market. Tamie Thompson, managing director at the commercial real-estate brokerage Jones Lang Lasalle, said landlords have been so scared of having empty office space, they’ve been slashing rent and even buying furniture for companies to move in and sign a long-term lease.
“Landlords were so desperate to get tenants to occupy the space,” Thompson said, “they’re not making any money for four, five, six years!”
Such dramatic concessions may be coming to an end. Thompson said rents in some desirable parts of downtown Boston are starting to creep back up. Thompson said, overall, office rents will keep dropping in Greater Boston this year, but that the crash is leveling off.