Architectural Glazing Systems will relocate this summer from 145 Bodwell St. and expand its operations to, what it deems a more "efficient space" in its new location. Property owner, B.E. Peterson RT, refitted the space for Architectural Glazing Systems, allowing them to expand within the new building. The company, which will be a long-term tenant for all but about 5,000 sf of the available space in the building, specializes in premium custom aluminum storefronts, windows and doors.
The deal is good news for the suburban market, which continues to experience record high vacancy rates. According to Meredith & Grew's first quarter market statistics, the suburban market has an overall vacancy rate of 25.5%. At year-end 2002, these numbers were statistically the same but this overall vacancy rate continues to outpace the previous record-high rates set in 1991 when overall suburban vacancy was 21.1%.
Meredith & Grew's report points out that the suburban market would typically have between seven to 14 projects under construction at any one time. Currently, the market has only three properties under construction totaling 1.2 million sf of space. New construction has come to a halt given the marketplace's increasing vacancy and continuing pressure on rents.
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