Vacancy rates in Greater Boston’s apartment buildings are expected to decline in 2010, pushing up rents slightly, according to a forecast by CB Richard Ellis.
The commercial real estate broker projects the region’s vacancy rate to drop to 4.6 percent this year from 5.4 percent at the close of 2009, while the average effective rents are expected to increase by nearly 3 percent to $1,458, up from $1,417.
“Boston is faring quite well, due in part to the fact that the residential housing market has held up compared to lots of other cities,” said Gleb Nechayev, senior economist at CB Richard Ellis.
I’m suprised by this article. For example, why are they interviewing a “commercial real estate brokerage firm” about residential apartment rents? With all do respect, I don’t see any indication that Boston apartment rents are on the rise now or in the near future.
I must confess, I wasn’t present when Gleb Nechayrv, the senior economist at CB Richards, was interviewed, but I think it might be similar to this one:
File Under: Dead pan genius!