- 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.
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.