Industrial remains leading asset in Greater Boston
Industrial property remains a leading asset in Greater Boston, boasting strong first quarter numbers after a banner year in 2020, according to Colliers. The first quarter saw 409,000 square feet of positive absorption, with leasing activity throughout the market.
Greater Boston maintains a record-low 8.2 percent vacancy for the market, as demand remains high and new construction is met with fast lease up. Aggregate asking rents have stabilized in recent quarters, hovering around the $10 per square foot mark as a market average. This stabilization can be attributed to much of the new construction leasing up by delivery or shortly thereafter with lease comps for spaces targeting high-bay and cGMP users posting market-leading rental rates.
Demand remains strong across the market as available space is in short supply, and the industrial market continues to push west, expanding into Worcester County where development sites are more abundant. Logistics and ecommerce users co