October 17, 2018

Worcester vacancy rate hits year low

Photo/Grant Welker
Worcester Plaza, the city's tallest office building. Worcester's office and lab vacancy rate in a year-low in the third quarter.

The vacancy rate for office and lab space in Worcester hit 10.1 percent in the third quarter, its best mark in the past year, according to a new report by the real estate firm Colliers International in Boston.

Worcester's vacancy rate bested the Boston suburbs' overall vacancy rate of 17.0 percent for the quarter. That broader rate improved from 17.9 percent in the prior quarter.

Worcester's improved vacancy rate comes as the state's Cannabis Control Commission is searching the city for at least 13,000 square feet of space in a 10-year lease for office space for about 50 employees. Sites under consideration by the state board include Union Station, the Guaranty Building at 370 Main St., the Commerce Building at 340 Main St., 13 Sudbury St., 10 Chestnut St., two locations on New Bond St., and locations at 144 Commercial St. and 324 Clark St.

Worcester's office and lab vacancy rate was 10.8 percent in the second quarter and 11.2 percent in the first quarter.

Colliers says its inventory of nearly 2.9 million square feet of space in Worcester includes major buildings it surveys.

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