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22Q3 Boston Industrial Market Report

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Key Takeaways

  • Occupancies have improved over the past year.
  • The pace of construction will slow, but large deliveries are still in the pipeline for 2022 and early 2023.
  • Demand and leasing favor mid-size blocks.
  • Rents continue to rise but could stabilize in the coming quarters.

Despite uncertainty in the macroeconomy, Boston’s industrial fundamentals remained strong entering the second half of 2022. High inflation, increasing interest rates, and falling stock prices have dampened the outlook for business investment. Numerous companies have announced pull back in large space requirements in response to current economic trends. However, demand remains in firms targeting footprints in the small to mid-size range and in high-quality space. These factors contributed to metro Boston’s positive net absorption and vacancies declining to 4.8%, the lowest in recent quarters. Overall asking rates reached $14.10 per square foot, continuing seven quarters of positive gains, although they are predicted to start stabilizing. Industrial investment sales were down from the previous quarter. Between now and mid-year 2023 a lot of new space will be delivered that may impact the supply-demand balance in the market.



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22Q3 Boston Industrial Market Report

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Related Experts

Jeffrey Myers

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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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