Boston Industrial Market Shows Strong Fundamentals in Q4
In the final quarter of 2023, the Greater Boston industrial market, including the Worcester Metro, maintained its strong fundamentals despite global and domestic unrest, according to CBRE’s Industrial Figures Q4 2023. Robust leasing activity was observed at newly constructed speculative properties.
The year-to-date leasing activity for Greater Boston and Worcester surpassed 11.84 million square feet. This performance is comparable to the record-breaking transaction volumes seen in 2021 and 2022, with 13.49 million square feet leased in 2021 and 11.91 million square feet leased in 2022.
The continued demand for industrial space is attributed, in part, to the growing interest from life science-related users, robotics groups, and other high-technology companies. This diverse tenant landscape, coupled with sustained core demand for spaces under 150,000 square feet, is expected to keep leasing activity steady in 2024.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.