CBRE: Boston Industrial Leasing Surges with Insatiable E-Commerce Demand
The Boston industrial market experienced robust leasing activity as e-commerce and third-party logistics companies established or expanded their operations throughout the region, according to CBRE’s Boston Industrial Figures Q3 2021 report. As a result, the Greater Boston market posted a sub-2.0% vacancy rate for the first time ever.
The nearly 3.2 million square feet of positive absorption recorded in Q3 — and just under six million square feet year to date — marks Greater Boston’s position as one of the leading industrial markets in the nation.
“Vacancy rates, asking rents and absorption numbers in the industrial sector have hit record levels that in most cases we are seeing for the first time in history,” said Rachel Marks, industrial market practice leader for CBRE’s Greater Boston region. “We expect the level of demand to continue unabated, putting further stress on an already fragile supply/demand imbalance, with just 1.4 million square feet of of spec construction currently underway.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.