Home > Press Releases > Strong Quarter Reported For Greater Boston Industrial Property Market, According To RBJ

Strong Quarter Reported For Greater Boston Industrial Property Market, According To RBJ

Richards Barry Joyce & Partners Publishes “indSTATus – Summer 2013” Report

BOSTON – July 30, 2013 – Greater Boston’s industrial property market closed another strong quarter, marking the fourth consecutive positive reporting period, according to Richards Barry Joyce & Partners (RBJ&P).

The firm published “indSTATus – Summer 2013” report, its quarterly report highlighting warehouse, flex and manufacturing property types.  All three property types have now posted positive absorption gains in each of the past four quarters.  The 2.3 million square feet of positive absorption during the four trailing quarters is the highest tally since 2007.

Brendan Carroll, Sr. Vice President

Brendan Carroll, Sr. Vice President

“We are pleased to see the continued positive momentum in the industrial market,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners.  “Perhaps unsurprisingly, the biggest occupancy gains have been seen in the more modern and better equipped buildings.  We’ve also witnessed selective rent increases in the top properties in each market.”

Following are highlights from Q4 for each of the industrial property types.

In the Warehouse market, the quarter closed with vacancy at 17.1 percent (down from 17.8 in Q1 2013), on positive absorption of 420,000 square feet.  Asking lease rates were down $0.05 to $5.21.  The 17.1 percent vacancy rate compares quite favorably to the rate posted just four quarters ago:  19.8 percent.

The Flex market closed the quarter at 18.0 percent (down from 18.3 percent last quarter), on 79,000 square feet of positive absorption.  Asking lease rates jumped seven cents to $8.08.  The market is on a six-quarter streak of positive, albeit moderate, absorption, averaging 89,000 square feet per quarter.

Vacancy dropped to 15.6 percent, from 16.0 percent, in the Manufacturing market, on 67,000 square feet of positive absorption.  Asking lease rates had a slight increase by three cents to $6.32.  Manufacturing tenants have driven positive absorption for seven consecutive quarters, during which time occupancy levels have increased by 537,000 square feet and vacancy has dropped from 18.5 percent to 15.6 percent.

To request a copy of indSTATus – Summer 2013, please send an email to research@rbjrealestate.com.

RBJ&P Research Publications
indSTATus is one of RBJ&P’s family of ten quarterly research reports.  The firm also publishes a quarterly office report (officeSTATus) and individual marketSTATus reports on nine critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year, after the first and third quarters.  In total, RBJ&P produces an industry-leading 42 reports per year, in addition to custom research projects for clients.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

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