This lease marks an expansion for Experion Systems, which offers 'trusted advisor' technology that is used by frontline branch and call center personnel at retail financial institutions. Lease rates for this deal were not available but the average asking rent for this area is at approximately $19 per sf.
The deal is good news in a market that continues to see its vacancy rates creep upwards. According to Spaulding & Slye's statistics for the first quarter of the year, overall vacancy rates for the Route 495/West market were at 30.5%, up from 23.2% the same period the year before. The area had a negative absorption of 24,299 sf for the year, and with another 72,000 sf under construction for the area, that statistic is unlikely to improve anytime soon.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.