The building is a single story, free-standing facility totaling 15,759 sf and is situated on 2.07 acres of land with direct frontage on Route 9. After an extensive renovation to the building and its interior, the property will become the new Shrewsbury location for Boston Tile Company.
According to CRESA Partners most recent forecast, the Route 495/Central market is likely to see increased vacancies and lower rents over the next year. The office space vacancy and availability rate in the Route 495 Central/Route 2 region is currently at 20%, a decrease of 8% from last quarter. But the report notes that the actual vacancy rate, however, may be more than 10% higher counting what it calls "shadow space," or unoccupied office space that is not on the market. Average asking rents are now $12 to $16 per sf for office space--down from $14 to $17 per sf at the end of 2002.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
