Suburban Commercial Properties in Boston on the Decline

Commercial properties in the suburban fringe of Boston are headed on a downward spiral, as vacancy rates skyrocket.
October 16, 2003, 6am PDT | Connie Chung
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"Some Boston-area commercial property owners are doing what the local real estate market has not seen in more than a decade: turning their vacant and money-losing buildings over to their banks. A small but rising number of landlords, with suburban office buildings sitting at least half empty, are slowly losing their financial grip as properties generate less income and depreciate in value. The problem is most severe in the outer suburbs where high-technology job losses have shrunk demand for work space, and vacancy rates in some pockets are at all-time highs that exceed 30 percent."

Thanks to Connie Chung

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Published on Tuesday, October 14, 2003 in The Boston Globe
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