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CHELMSFORD, MA-More than 350,000 sf of space has gone on the market here on Route 495 North recently, but while the flex space is seeing some activity, the pure office space has engendered little interest.

Sycamore Networks recently put 45,000 sf of space up here at 10 Elizabeth Way, while Catalogue Ventures left 50,000 sf at 12 Elizabeth. According to Brian McKenzie, a partner at Richards Barry Joyce & Partners, Sycamore downsized and consolidated its operations while Catalogue relocated its office.

Axsys left 10,000 sf at 27 Industrial Ave. when it relocated its office. These three properties, all single-story flex buildings owned by Altid Enterprises, “are seeing some decent level of activity now,” McKenzie tells GlobeSt.com. “We see some pending deals down the road.” McKenzie is representing Altid along with John Wilson, also a partner at the firm.

McKenzie and Wilson are also representing Tellabs, which is looking to sublease One and Two Quorum Way here, two buildings with 130,000 feet each. But the pure office-space nature of these buildings makes their current prospects less hopeful.

“In this market, the vacancy rates are still under 5% for flex space, but the office market is much higher,” notes McKenzie, who adds that the Route 495 North market comprises only 500,000 sf. “In terms of tenant interest, we’re seeing more interest in flex space than in pure office space,” he concludes.

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