CBRE: Greater Boston Industrial Market Being Driven to Record Levels
A recent report from CBRE taps the greater Boston industrial market as one of the strongest in the nation with continued momentum at a record-setting pace in the second quarter of 2021.
After clocking a year-over-year rent growth of 14.8%, the sixth-largest growth in the nation for taking rents, the greater Boston industrial market finished the quarter at $10.53 per square foot. In addition, nearly 1.5 million square feet of positive absorption was recorded in the second quarter and 2.7 million square feet year-to-date, highlighting the marked growth in the region.
“This level of demand will continue to outpace existing supply at minimum for the next 18 to 24 months,” said Rachel Marks, industrial market practice leader at CBRE’s Greater Boston region. “With only 801,000 square feet of speculative development under construction, and potential future development sites dwindling, a supply crisis is on the horizon for the Greater Boston industrial market. This expected supply imbalance will put further pressure on rents and will ultimately drive them to new historic highs.”
- ◦Economy