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22Q2 Boston Industrial Market Report

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Key Takeaways

  • Vacancy rates are down more than 1.5 percentage points year-over-year.
  • Construction is increasing, and large deliveries are in the pipeline for 2022.
  • Demand remains solid driven by mid-size requirements.

Macroeconomic factors such as high inflation, rising interest rates and falling stock values are impacting the local economy. Given that backdrop, demand has shifted to mid-size requirements as some larger potential distribution tenants are reevaluating their space needs. Despite the potential headwinds, vacancies shrank to 5.1% this quarter.

The industrial pipeline saw new projects added to the more than 15 million square feet underway already. The delivery of the majority of 2022 developments will take place in the second half of the year. Absorption was negative due to a large sublease instance in the Route 495 South Submarket. Despite that, direct space availably was down, and rents remain elevated. The industrial market continues to benefit from supply-side effects of the life science market as underutilized industrial product gets converted. 



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22Q2 Boston Industrial Market Report

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Related Experts

Jeffrey Myers

Research Director


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.

Since joining Colliers in September 2021, he has focused on synthesizing real estate, demographic, and economic variables to support brokers and provide clients with strategic and actionable insights. In addition to tracking and analyzing pertinent trends, Jeff leads the production of quarterly reports highlighting activity in the market.

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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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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