The commercial office market in Greater Boston has begun to feel the effects of the slowing economy in the fourth quarter, with vacancy rates creeping up and asking lease rates dropping, according to a recent report from Richards Barry Joyce & Partners (RBJ), a commercial real estate advisory firm. 

According to the report, vacancy in the Greater Boston office market increased 0.3 percent to 13.4 percent, while asking lease rates for Class A office space dropped by $1.76 to $39.34. 

“The third quarter figures did not yet reflect the impact the overall economy was having on the office market in Greater Boston, simply because the quarter ended before the credit crunch really took hold,” said Brendan Carroll, vice president of research, RBJ.  “Now the numbers are reflecting what we’ve already understood.  However, there are solid signs that the region is far better positioned to weather an economic slowdown than in similarly challenging periods in 1990 and 2001.”

Notably, the report said, it was the first time in 11 quarters that the market realized negative absorption.  Of the major submarkets – Boston CBD, Cambridge, Route 128 and Route I-495 – only the Route I-495 submarket saw vacancy decline (down 1.0 percent to 19.4 percent).