Suburban Industrial Space Takes Q4 Beating
More than 2 million more square feet of industrial space was vacated than was leased at the southern end of Interstate 495 in 2010, according to Boston commercial real estate firm Colliers Meredith & Grew.
That "negative absorption" outpaced every other region covered by the firm, including Boston, Cambridge and the Route 128 corridor. The I-495 south region is also the largest industrial property market in between Boston and I-495 and totals nearly 37 million square feet. Its vacancy rate ended the year at 22.4 percent.
The only region to report positive absorption of industrial space was the area around the intersection of Route 128 and the Massachusetts Turnpike, which managed to lease 109,234 square feet of space that had previously been vacant.
The I-495 north region saw negative absorption of 677,554 square feet. Its vacancy rate was 30.7 percent. Negative absorption at the western reaches of I-495 totaled 359,961 square feet, which ended the year 24 percent vacant.
WBJ Web Partners
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