Boston commercial real estate market rates have leveled off and even begun to dip in certain sectors, according to GVA Williams' second half 2008 office market review.
 
Vacancy rates are down in Boston’s Financial District with downtown towers investing significant dollars into refurbishing to complete the development of Fan Pier, Russia Wharf, One Franklin Street and Two Financial Center. Vacancy rates are up, however, in the Fort Point and Back Bay neighborhoods.
 
The commercial market is comprised of 69.1 million square feet and overall vacancy is 9.9 percent. The average asking rent throughout the city is $50.65-per-square-foot.

The mortgage-backed securities meltdown and resulting credit crunch have drastically changed the climate for investors seeking to purchase and dispose of commercial real estate in Greater Boston, the company said.