Rt. 128 sees reversal of leasing fortune.(Statistical Data Included)

In one of the most striking examples of how sharply the fortunes of the suburban commercial real estate market have turned, Waltham and Burlington are struggling with vacancy rates of 30 percent.

The situation is certainly bleak compared to just 12 months ago, when Waltham and Burlington boasted vacancy rates of 7.1 percent and 4.9 percent, respectively, according to John Boyle, a principal with Trammell Crow Co.'s Boston office.

In the Route 128 central market alone, there's 6 million square feet of direct office space available and another 2.8 million square feet of sublease space, putting this year's net absorption rate at a negative 2.9 million square feet. Last year, by contrast, saw the market absorb an additional 1.9 million square feet of leased space.

In the suburbs overall, there's a vacancy rate of more than 11 percent for directly leased space and 9 percent for sublease space, a stark contrast to last year's overall vacancy rate of 6.7 percent.

A year after the suburban market peaked, tenants are finding numerous options, lower rental rates and landlords willing to make concessions, even for small to midsize tenants.

And they're still not signing many deals.

"There may still be some right-sizing in the beginning of the year, and that's an area of concern," Boyle said.