BOSTON– Grubb Ellis Company released its First Quarter 2012 Industrial Market Trends report for the Boston market. Here are some of the highlights:
• Greater Boston’s overall industrial market began 2012 on an upbeat note, registering 520,000 square feet of positive net absorption in the first quarter. Tenant occupancies in newly constructed buildings carried the market improvement. Properties built since 2002 accounted for 615,000 square feet of positive net absorption, while those older than 10 years saw negative absorption of 95,000 square feet. Thanks to the strong occupancy gains in newer buildings, the market experienced its seventh quarter of positive absorption out of the past eight.
• Vacancy fell to its lowest level in three years, dropping 20 basis points to 13.3 percent.