Industrial Real Estate Has Unimpressive Q1
Industrial real estate in Greater Boston, which includes the Interstate 495 corridor, saw vacancy increase slightly as tenant demand and lease rates remained relatively stable during the first quarter.
Richards Barry Joyce & Partners, a Boston-based commercial real estate firm, said warehouse vacancy increased 0.4 percent to 17.9 percent during the quarter, its highest level in more than a year.
Vacancy among manufacturing properties increased by 1.2 percent to 16.6 percent. RBJ said that vacancy is concentrated in older buildings.
Flex space, which is so named for the variety of uses it can accommodate, saw vacancy drop by 0.5 percent to 18.8 percent.
The first quarter included some signs of overall economic improvement, but the optimism "has not translated as yet to the industrial real estate market," according to RBJ.
WBJ Web Partners
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