Positive Gains In Greater Boston Industrial Market
Two Consecutive Quarters with Positive Absorption in All Three Industrial Property Types
BOSTON, Feb. 18, 2015 /PRNewswire/ -- Greater Boston's industrial property market continued its positive momentum with nearly 800,000 square feet of absorption in fourth-quarter 2014, according to "indSTATus – Winter 2015," a research publication from Transwestern | RBJ. The publication highlights warehouse, flex and manufacturing properties.
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"We are in the midst of a very strong period in the industrial market, with the second consecutive quarter of positive absorption in each of the three property types," said Transwestern's Chase Bourdelaise, Research director for the Northeast. "In fact, vacancy in the warehouse and flex markets have dropped to levels not seen since 2002 and 2008, respectively."
Warehouse – The quarter closed with vacancy at 12.4 percent, down from 13.2 percent the previous quarter and the lowest level since 2002. Asking lease rates of $5.76 per square foot are up from $5.73 the previous quarter. The market had 457,000 square feet of positive absorption, marking the 10th consecutive positive quarter.
Flex – The quarter closed with vacancy at 16.1 percent, down from 17.0 percent the preceding quarter and the lowest level since 2008. Flex tenants absorbed 189,000 square feet of space, while asking lease rates rose to $8.45 per square foot from $8.29 in third quarter.
Manufacturing – The quarter closed with vacancy at 12.0 percent, down from 12.9 percent the previous quarter. Manufacturing tenants absorbed 147,000 square feet of space, and asking lease rates are up to $7.16 per square foot from third quarter's $6.70. The asking lease rate has grown by 9.4 percent in the past 12 months.
Download the full report at http://twurls.com/boston-industrial-4q14.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 38 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern and @TranswesternBOS.
Media Contact:
Dan Foley
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SOURCE Transwestern | RBJ
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