22Q1 Boston Industrial Market Report

Key Takeaways

Developers are converting underutilized buildings to deliver top-quality industrial space.
Vacancies ticked up slightly but finding large blocks of high-quality space remains challenging.
Rents continued to rise to $13.81 per square foot in Q1.
There is 12.2 million square feet of construction in the pipeline, with buildings set to deliver later this year.

Market Summary

Fundamentals in Greater Boston’s industrial market started out the year strong, with rents still rising and quality space remaining hard to find. Absorption for the quarter was negative, but the delivery of new properties later in the year will allow more absorption. At 5.3%, industrial vacancies increased by 0.1% after a year of decreases. Asking rates, however, haven’t slowed down in their quarter-over-quarter growth, ending Q1 at $13.81 per square foot for the overall market, 25% higher than in Q1 2021.

22Q1 Boston Industrial Market Report

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Jeffrey Myers

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+1 617 330 8148

As Research Director, Jeff Myers leads the research operation of the Boston office of Colliers. 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.

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Prior to joining Colliers, Jeff 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, he and his team managed 9+ million square feet of commercial real estate across 500 acres. Jeff 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 as a consultant and real estate economist at CoStar Portfolio Strategy. While there he developed extensive knowledge of the commercial real estate business as well as strong skills in client engagement and industry analysis. During his tenure with CoStar, Jeff provided strategic advice to institutional real estate investors across multiple sectors and geographies. Jeff also has municipal city planning experience in Indiana and Georgia.

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Kelly Doonan

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+1 617 330 8062

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