Home > Research > Richards Barry Joyce & Partners Releases “indSTATus – Spring 2011”

Richards Barry Joyce & Partners Releases “indSTATus – Spring 2011”

November 4, 2011 Leave a comment Go to comments

Research Report Highlights Greater Boston’s Industrial Property Market – Warehouse, Flex And Manufacturing Buildings

BOSTON – May 6, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, has released “indSTATus – Spring 2011”, a quarterly research publication focused on Greater Boston’s industrial property market.

According to the report, the industrial market is experiencing positive momentum, shown by occupancy increases at many properties and a continued preference for desirable assets.  While large isolated corporate consolidation drove 940,000 sf of negative absorption across the combined property types – warehouse, flex and manufacturing – lease rates continue to come under pressure.

“Last quarter, Greater Boston’s industrial market was fairly stable, after two preceding quarters of positive growth,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners.  “Despite negative numeric absorption for the quarter, the growth in occupancy at the average property reflects underlying economic drivers, providing a better indication of the current trend.”

The Warehouse market closed the quarter with 18.5% vacancy, up from 17.5% in Q4 2010.  Asking lease rates remained stable, down $0.01 to $5.37.  The quarter’s negative absorption of 384,000 square feet was impacted significantly by P&G vacating 735,000 SF in Devens.

Vacancy rose to 18.3% from 18.1% in the Flex market, on negative absorption of 182,000 SF.  Asking lease rates dropped $0.16 to $7.61, the lowest since 1998.

In the Manufacturing market, vacancy rose from 15.7% to 18.0%.  Negative absorption of 374,000 square feet is the market’s highest since 2004.  Asking lease rates decreased by $0.13 to $6.58.  Nine fully vacant buildings account for more than a third of the market’s total vacancy.

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

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