While demand is slowly starting to pick up in the Rte. 495/Metrowest office market, vacancy keeps rising, and rents keep falling, according to the latest market report from Boston-based CresaPartners.

In its latest market survey, the corporate real estate advisory firm reports the vacancy rate in the Metrowest area has reached 32 percent, the highest level since the start of the recession.

This is up 2 percent over last quarter in Framingham, Hopkinton, Hudson, Marlborough, Natick, Northborough, Southborough, Wayland, and Westborough.

At the same time, average asking rents for Class A and B office space are down slightly, $21.75 and $14.50, respectively.

Research and development space vacancy is currently at 23 percent, and average asking rental rates from $7.50 to $9.50 per square foot.

David Ross, CresaPartners market expert for this region, said more tenants are now deciding to renew leases at their current locations to take advantage of favorable market conditions. In this tenants’ market, he says that companies can expect free rent and/or generous tenant improvement allowances.

"The Metrowest market is recovering more slowly than most other suburban markets," said Ross. "But this is good news to tenants while they are still in the driver’s seat."