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New RBJ Report: Greater Boston’s Industrial Real Estate Market

November 4, 2011 Leave a comment Go to comments

“indSTATus – Winter 2011” Shows Stability In Boston’s Warehouse, Flex And Manufacturing Properties

BOSTON – January 19, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, has released its quarterly research report on Greater Boston’s industrial property market.  “indSTATus – Winter 2011” provides detailed analysis on warehouse, flex and manufacturing buildings.

According to the report, while not building on the previous two quarters of positive absorption, Greater Boston’s industrial market enjoyed a quarter of stabilization.  Vacancy rates for each property type were either flat or down negligibly.  Asking lease rates were fairly stable, edging down slightly in warehouse and flex properties and up slightly in manufacturing.

“Greater Boston’s industrial market had a solid second half of the year,” said Brendan Carroll, senior vice president of research, RBJ&P.  “While not showing significant growth, the three property types ended a long trend of negative absorption and closed the year a very stable fourth quarter.  Overall the outlook for industrial real estate in the region is improving.”

The Warehouse market maintained its vacancy rate at 17.5%, while asking lease rates dropped $0.11 to $5.38.  There was 164,000 square feet of negative absorption, in a quarter punctuated by several large moves and absorption shifts.

In the Flex market, vacancy dropped 0.1% to 18.1%, with the second consecutive quarter of positive absorption (+43,000 square feet).  Asking lease rates, which dropped during the quarter by $0.04 to $7.77, were down 8.0% for the year.

Vacancy remained steady at 15.7% in the Manufacturing market, alongside 2,000 square feet of positive absorption.  This flat demand contrasts with the previous quarter’s gain of 257,000 square feet of positive absorption, suggesting stabilized market conditions.  Asking lease rates increased by $0.13 to $6.71.

To request a copy of indSTATus – Winter 2011, please send an email to research@rbjrealestate.com.

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