Friday, April 20, 2012, 11:05am
The Greater Boston industrial property market had a positive start to 2012, with many properties seeing occupancy gains over the prior period, as conditions continued to improve for industrial tenants.
The findings were released in “indSTATus – Spring 2012,” Richards Barry Joyce Partners’ quarterly research publication highlighting Greater Boston’s industrial market. The report covers warehouse, flex and manufacturing properties across the region.
Buildings with positive absorption of at least 5,000 square feet outnumbered those losing that amount of occupancy 51 to 32. Additionally, there was 71,000 square feet of positive absorption across Greater Boston in all three industrial property types combined during the quarter. The number would have been higher, though it was offset by two singular, one-time consolidations in the warehouse market. The market has had five consecutive quarters of positive absorption across the three combined property types.
“The Greater Boston industrial market is in the midst of an extended period of positive momentum,” Brendan Carroll, senior vice president of research for Richards Barry Joyce Partners, said in a news release. “Some of the numbers from the first quarter belie the optimism, simply due to certain one-time events that took place. However, indicators from the Institute of Supply Management point to increased production and space needs for the remainder of the year.”