BOSTON, Aug. 12, 2015 /PRNewswire/ -- The Greater Boston industrial market posted strong gains during second-quarter 2015, with 410,000 square feet of positive net absorption, according to Transwestern | RBJ's "indSTATus – Q2 2015." The publication concentrates on leasing activity at warehouse, flex and manufacturing properties.
"While not quite as strong as in some of our prior reporting periods, the industrial market maintained its positive momentum, reaching a fourth straight quarter of positive absorption," said Northeast Research Director Chase Bourdelaise. "Based on the related employment data, there's little reason to believe this won't continue."
Warehouse – Tenants absorbed 435,000 square feet of space, lowering vacancy to 11.8 percent from 12.6 percent last quarter. During the past three years, the vacancy rate has dropped 8.0 percent. Asking lease rates remained stable at $5.69 per square foot in the second quarter.
Flex – Boston added 301,000 square feet of positive absorption during the second quarter, pushing vacancy down to 14.8 percent from 15.9 percent last quarter. Asking lease rates increased to $8.56. Tenants have absorbed 1.8 million square feet of flex space during the past three years.
Manufacturing – This segment of the market experienced negative 25,000 square feet of absorption, raising vacancy to 10.3 percent from 10.1 percent last quarter. Asking lease rates rose to $7.33. Despite the second quarter's negative absorption, the flex market has notched 558,000 square feet of positive absorption during the past 12 months.
Download the full "indSTATus – Q2 2015" report at: http://twurls.com/5c.
In addition to "indSTATus," Transwestern | RBJ publishes 10 other quarterly research reports: "officeSTATus," which focuses on the office market and individual "marketSTATus" reports on nine crucial submarkets. The firm's biotechnology-focused report, "bioSTATus," is released twice a year. In total, the firm produces 46 reports per year, in addition to custom research projects for clients.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Boston office, follow @TranswesternBOS.
SOURCE Transwestern | RBJ