Monday, April 23, 2012, 10:44am
The first quarter was the Greater Boston industrial property market’s fifth consecutive period of positive absorption, according to a research report published by Boston commercial real estate firm Richards Barry Joyce Partners.
The “indSTATus – Spring 2012” report notes that warehouse market vacancy was up 2.7 percentage points to 19.6 percent for the quarter after 129,000 square feet of negative absorption. Asking lease rates in that market were up to $5.51 per square foot.
The flex market’s vacancy rate was 17.6 percent, down 0.7 points from the fourth quarter. The flex market saw 36,000 square feet of positive absorption and asking lease rates were $7.64 per square foot.
Manufacturing space was essentially flat at 17.8 percent vacancy, positive absorption of 164,000 square feet and average asking lease rates of $6.55 per square foot.