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Boston & New England  + Metro Boston  + Finance  |  July 11, 2023
Greater Boston’s industrial market closed out 2022 with consistently strong fundamentals, concludes Newmark’s Boston Industrial Market Report 4Q22.
Emily Fu
By: Emily Fu

Boston Warehouse, Distribution, Office Remain Slow in Q2

Cushman & Wakefield recently released its second-quarter statistics for warehouse/distribution and office properties in Boston, showing a slowdown in leasing activity in both sectors. Warehouse/distribution leasing activity recorded 689,000 square feet of new demand, trailing the first quarter’s total by nearly 500,000 square feet.  

The market saw 13 lease renewals and five leases greater than 100,000 square feet. The warehouse/distribution market recorded nearly 338,000 square feet of positive net absorption during the second quarter, bringing year-to-date net absorption to 1.1 million square feet.  

Overall vacancy increased to 13.9%, the highest point in this economic cycle. The sublease market saw a record-high 9.3 million square feet of space available. Overall asking rents slightly decreased for Class A and B properties in the Boston Central Business District. Construction activity remained active, with 4,305,952 square feet of properties currently under construction in the Boston CBD. 

Read More News Stories About: Cushman & Wakefield
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About Emily Fu

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.
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