Home > Press Releases > Richards Barry Joyce & Partners Releases “indSTATus – Summer 2011”

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

November 7, 2011 Leave a comment Go to comments

Research Report Shows Improvements In Greater Boston’s Industrial Property Types

BOSTON – July 14, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, has released “indSTATus – Summer 2011”, a quarterly research publication focused on Greater Boston’s industrial property market, including warehouse, flex and manufacturing buildings.

According to the report, absorption rates across all industrial property types totaled 690,000 square feet for the second quarter, with the biggest gains seen in warehouse and flex properties.  Availability has fallen by 1.8 million square feet from peak levels five quarters ago.  Due to an empty construction pipeline, space shortages are possible for users seeking state-of-the-art space, which are in higher demand in all property types.

“Greater Boston’s industrial properties are currently experiencing increasing occupancy trends, which should provide optimism for landlords in the market,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners.  “Warehouse and flex properties had a particularly good quarter and positive surveys from the Institute for Supply Management give reason to believe the manufacturing market will improve as well.”

The Warehouse market had 453,000 square feet of positive absorption, bringing vacancy down 0.8% to 17.7%.  Asking lease rates edged up by $0.06 to close the quarter at $5.43.  Since the first quarter of 2010, available square feet has fallen by 2.3 million square feet.

In the Flex market, vacancy declined by a full percentage point to 17.3% on positive absorption of 273,000 square feet.  Asking lease rates dropped slightly by $0.03 to $7.58, marking the seventh consecutive quarter of declines.

Vacancy rose to 18.2% from 18.0% in the Manufacturing market, on negative absorption of 36,000 SF.  Asking lease rates dropped $0.12 to $6.46, only three percent above ten-year lows.

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

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