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21Q4 Boston Industrial Market Report

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Key Takeaways

  • Vacancies hit a historical low, continuing the challenge to find large blocks of high-quality space.
  • Aggregate rental rates are also continuously growing, reaching $12.77 per square foot in Q4.
  • There is 3.9 million square feet of construction in the pipeline, a mixture of build-to-suit and speculative developments.
  • Developers are continuing to turn to biomanufacturing/cGMP spaces.

Market Summary

Greater Boston’s industrial market closed out 2021 with continued impressive numbers. The sector maintained positive growth in the fourth quarter as it has typically done quarter-after-quarter for the past few years. The quarter proved to be robust with over 1.28 million square feet leased, resulting in year-to-date net absorption reaching 4.7 million square feet. At 5.6%, industrial vacancy is at historical lows as new records are set quarter-after-quarter. Asking rates for the overall Boston market ended the quarter at $12.77 per square foot.


21Q4 Boston Industrial Market Report

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Related Experts

Jeffrey Myers

Research Director


A 20-year industry veteran, Jeff brings an extensive commercial real estate background that includes expertise in city planning, market research, landlord representation and more.

Myers most recently held the position of Deputy Director of Portfolio & Asset Management at Massport, the port authority in the Commonwealth of Massachusetts. During his time with the organization, Myers and his team managed 9+ million square feet of commercial real estate across 500 acres. Myers was heavily involved in lease negotiations, leasing strategies, tenant relations and market research to aid stakeholders by providing critical information needed for their decision-making processes.

Before joining Massport, Jeff spent more than 11 years at CoStar Portfolio Strategy where he oversaw the forecasting process for 200 metros and developed extensive knowledge of the commercial real estate business as well as strong skills in client engagement and industry analysis across sectors.

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Kelly Doonan

Research Analyst


I joined Colliers' Boston office as a Research Analyst in 2021. In this position, I contribute to the creation of the firm's quarterly Market Viewpoints, as well as the distribution of Week in Review, Colliers' weekly newsletter. I also collaborate across various brokerage and advisory teams on client work and presentations, including labor analytics and market trend analyses.

I assist in managing and upkeeping Colliers' Boston proprietary research database, which contains data on over 360 million square feet of commercial space in approximately 4,000 buildings in the Greater Boston area and the insights it delivers. I work with the rest of the research team to provide reliable data that proves critical when making well-informed market decisions.

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