Vacancy in Greater Boston’s commercial real estate office market has edged up 0.5 percent from the third quarter to 15.5 percent in the fourth quarter, and average asking lease rates dropped by $0.24 to $35.54, according to new research by Richards Barry Joyce & Partners.

During the fourth quarter, Greater Boston’s office market experienced 421,000 square feet of negative absorption.  While Class A asking lease rates dipped, the rate of decrease has deteriorated significantly. This quarter’s decrease of 0.7 percent in asking lease rates compares to a 3.4 percent average decrease during the preceding four quarters. 

According to the report, officeSTATus – Winter 2010, in areas such as the Financial District, East Cambridge and Waltham, lease rate declines have materially slowed or halted.

During the current economic slowdown, negative news has dominated the commercial real estate market, with a major focus on decreasing real estate values and lease rates.  However, many tenants approaching the end of three- to seven-year leases are looking at rents higher than their current agreement, according to the report.

"Although the findings don’t show a turnaround in the commercial real estate market, it’s good to see the slowdown in the rate of decline in the asking lease rates," said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners.  "This is positive news that gives us some level of optimism as we head into 2010."